Comunicação em evento científico
A Meta-analysis on the Effects of Quantitative-Easing on Japanese Economic Growth
Alexandra Ferreira-Lopes (Ferreira-Lopes, A.); Pedro Linhares (Linhares, P.); Luís Martins (Martins, L.F.); Tiago Miguel Neves Guterres Sequeira (Sequeira, T. N.);
Título Evento
50th Anniversary of the Money, Macro, and Finance (MMF)
Ano
2019
Língua
Inglês
País
Reino Unido
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Abstract/Resumo
We present an original meta-probit analysis that focuses on the literature that has been studying the effectiveness of the Bank of Japan’s unconventional monetary policies during the 2001 to 2016 period. We measure effectiveness by overall significant and positive effects of the Impulse Response Functions in VAR-type models. The analysis based on funnel asymmetry and precision effect tests provides evidence of neither publication bias nor a consensus over the output growth effects during the quantitative easing years. A thorough meta-probit analysis suggests that certain variables included in the primary studies models (industrial output, price level, bond yield, and either the money base or the money supply – as well as different specifications in the data used – increasing the number of observations used or choosing quarterly data) affect the probability of reporting statistically significant (positive) effects of quantitative easing on output growth.
Agradecimentos/Acknowledgements
The authors would like to thank participants at the 25th Annual Conference of the Computing in Economics and Finance Society and the 50th Annual Conference of the Money, Macro, and Finance Society, as well as Joaquim Ramalho for very useful suggestions.
Palavras-chave
Quantitative-easing,Bank of Japan,Monetary Policy,Economic Growth,Meta-Probit.
Registos de financiamentos
Referência de financiamento Entidade Financiadora
UID/GES/00315/2019 FCT