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

页码：137 / 177

页数：41