A flow of funds analysis of the US quantitative easing

被引：7
作者：
Tsujimura, Kazusuke [1 ]
Tsujimura, Masako [2 ,3 ]
机构：
[1] Keio Univ, Fac Econ, Tokyo, Japan
[2] Rissho Univ, Fac Econ, Tokyo, Japan
[3] Keio Univ, Keio Econ Observ, Tokyo, Japan
来源：
ECONOMIC SYSTEMS RESEARCH | 2018年 / 30卷 / 02期
关键词：
Funds-flow method of national accounting; subprime mortgage crisis; open market operations; federal funds; payer-payee relationship; UNITED-STATES; BALANCE-SHEET;
D O I：
10.1080/09535314.2018.1443908
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan's Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51-67] applied input-output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset-liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.
引用
收藏
页码：137 / 177
页数：41
相关论文
共 52 条
  • [1] [Anonymous], REV INCOME WEALTH
  • [2] [Anonymous], 1933, Economic Essays in Honour of Gustav Cassel
  • [3] [Anonymous], 2012, Monetary economics. An Integrated Approach to Credit, Money, Income, Production and Wealth
  • [4] [Anonymous], 1908, VALUE DISTRIBUTION
  • [5] [Anonymous], 1913, EC ENTERPRISE
  • [6] Bernanke B., 2009, SPEECH STAMP LECT
  • [7] Board of Governors of the Federal Reserve System, 1955, FLOW FUNDS US 1939 1
  • [8] Bonis Riccardo De, 2012, FINANCIAL SYSTEMS IN, P15
  • [9] Burger A.E., 1975, FEDERAL BANK ST LOUI, V57, P18
  • [10] Burton Maureen., 2009, The Financial System and the Economy: Principles of Money and Banking, V5th
123456