Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/309131 
Year of Publication: 
2024
Series/Report no.: 
Working Paper No. 2024-8
Publisher: 
Federal Reserve Bank of Atlanta, Atlanta, GA
Abstract: 
This study evaluates the effectiveness of Japan's unconventional monetary policies over the past quarter century within a unified term structure framework. It specifically examines the impact of the Bank of Japan's (BOJ) outcome-based forward guidance and yield curve control (YCC) and incorporates other policy types into the framework. The findings show that the BOJ's forward guidance and YCC have both had a significant impact on the shadow rate. Forward guidance accounted for most of the policy impact in the early stages of unconventional monetary policies and remained influential throughout. YCC, since its introduction in 2016 until March 2022, contributed to more than a third of the policy impact. Furthermore, these policies have been effective in raising output and inflation.
Subjects: 
forward guidance
effective lower bound (ELB)
liftoff
term structure
shadow rate
macro finance
unspanned macro factors
yield curve control
Japan
JEL: 
E43
E44
E52
E58
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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