TY - JOUR
T1 - A flow of funds analysis of the US quantitative easing
AU - Tsujimura, Kazusuke
AU - Tsujimura, Masako
N1 - Publisher Copyright:
© 2018 The International Input–Output Association.
PY - 2018/4/3
Y1 - 2018/4/3
N2 - 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.
AB - 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.
KW - Funds-flow method of national accounting
KW - federal funds
KW - open market operations
KW - payer–payee relationship
KW - subprime mortgage crisis
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U2 - 10.1080/09535314.2018.1443908
DO - 10.1080/09535314.2018.1443908
M3 - Article
AN - SCOPUS:85044065340
VL - 30
SP - 137
EP - 177
JO - Economic Systems Research
JF - Economic Systems Research
SN - 0953-5314
IS - 2
ER -