Matches in SemOpenAlex for { <https://semopenalex.org/work/W2394872616> ?p ?o ?g. }
Showing items 1 to 63 of
63
with 100 items per page.
- W2394872616 abstract "Monetary policy has benefits such as seigniorage and an economic stimulus effect while government bonds held-appraisal loss, interest payments to current accounts, and increasing reserve deposit rates occur in the exit strategy. In particular, the expanded monetary base and prolonged average life resulting from quantitative and qualitative easing are risks for increasing the cost. In this paper, under such awareness of these problems, in terms of setting a model that takes into account the financial constraints on Tobin's q type capital investment function, the effect of monetary policy on corporate investment is examined using a multi-level analysis on firm-level panel data and macro level data. The following is a summary of this paper's results: (i) Policy interest rates have an effect on corporate investment in theory as expected, (ii) On the other hand, quantitative easing has a limited effect, (iii) However, if quantitative easing lowers the real interest rate, there is an effect on the expected inflation rate, (iv) In the case of a relatively higher debt company and/or a zero-interest-rate policy that was introduced later in 1999, quantitative easing has only a limited stimulus effect on corporate investment through the reduction of debt. Therefore, it is likely that the ripple effects of monetary policy differ depending on firm heterogeneity and differences in nominal interest rates, (v) As in the secular stagnation hypothesis which was proposed by Summers (2014), a lower natural interest rate seems likely to reduce corporate investment demand. Thus, judging its effects cautiously, quantitative easing should be restrained as much as possible from the perspective of its cost. Furthermore, it is important for the government to improve productivity through structural reforms such as deregulation." @default.
- W2394872616 created "2016-06-24" @default.
- W2394872616 creator A5018928808 @default.
- W2394872616 date "2016-03-01" @default.
- W2394872616 modified "2023-09-27" @default.
- W2394872616 title "Verification of Monetary Policy Effect through Corporate Debt: Empirical analysis using Japanese firm-level data (Japanese)" @default.
- W2394872616 hasPublicationYear "2016" @default.
- W2394872616 type Work @default.
- W2394872616 sameAs 2394872616 @default.
- W2394872616 citedByCount "0" @default.
- W2394872616 crossrefType "posted-content" @default.
- W2394872616 hasAuthorship W2394872616A5018928808 @default.
- W2394872616 hasConcept C120527767 @default.
- W2394872616 hasConcept C126285488 @default.
- W2394872616 hasConcept C139719470 @default.
- W2394872616 hasConcept C154815372 @default.
- W2394872616 hasConcept C162324750 @default.
- W2394872616 hasConcept C175025494 @default.
- W2394872616 hasConcept C2778489760 @default.
- W2394872616 hasConcept C2780089521 @default.
- W2394872616 hasConcept C29185160 @default.
- W2394872616 hasConcept C2992735868 @default.
- W2394872616 hasConcept C556758197 @default.
- W2394872616 hasConcept C84888623 @default.
- W2394872616 hasConceptScore W2394872616C120527767 @default.
- W2394872616 hasConceptScore W2394872616C126285488 @default.
- W2394872616 hasConceptScore W2394872616C139719470 @default.
- W2394872616 hasConceptScore W2394872616C154815372 @default.
- W2394872616 hasConceptScore W2394872616C162324750 @default.
- W2394872616 hasConceptScore W2394872616C175025494 @default.
- W2394872616 hasConceptScore W2394872616C2778489760 @default.
- W2394872616 hasConceptScore W2394872616C2780089521 @default.
- W2394872616 hasConceptScore W2394872616C29185160 @default.
- W2394872616 hasConceptScore W2394872616C2992735868 @default.
- W2394872616 hasConceptScore W2394872616C556758197 @default.
- W2394872616 hasConceptScore W2394872616C84888623 @default.
- W2394872616 hasLocation W23948726161 @default.
- W2394872616 hasOpenAccess W2394872616 @default.
- W2394872616 hasPrimaryLocation W23948726161 @default.
- W2394872616 hasRelatedWork W1525495677 @default.
- W2394872616 hasRelatedWork W2076128425 @default.
- W2394872616 hasRelatedWork W2182085443 @default.
- W2394872616 hasRelatedWork W2187960315 @default.
- W2394872616 hasRelatedWork W2252986644 @default.
- W2394872616 hasRelatedWork W2263973972 @default.
- W2394872616 hasRelatedWork W2386007457 @default.
- W2394872616 hasRelatedWork W2395363685 @default.
- W2394872616 hasRelatedWork W2592502854 @default.
- W2394872616 hasRelatedWork W2605014085 @default.
- W2394872616 hasRelatedWork W2624184171 @default.
- W2394872616 hasRelatedWork W2765984862 @default.
- W2394872616 hasRelatedWork W2766048466 @default.
- W2394872616 hasRelatedWork W3096510315 @default.
- W2394872616 hasRelatedWork W3123276037 @default.
- W2394872616 hasRelatedWork W3125423862 @default.
- W2394872616 hasRelatedWork W3125752776 @default.
- W2394872616 hasRelatedWork W3199659769 @default.
- W2394872616 hasRelatedWork W3202015081 @default.
- W2394872616 hasRelatedWork W459040 @default.
- W2394872616 isParatext "false" @default.
- W2394872616 isRetracted "false" @default.
- W2394872616 magId "2394872616" @default.
- W2394872616 workType "article" @default.