While inflation continues to slow, the Bank of Japan(BOJ)is the only central bank still engaged in quantitative easing(QE).
量的緩和の実績が表れると、金融政策は名目金利がゼロ制約にあるときでも効果がありえる。
As the experience with quantitative easing has shown, monetary policy can be effective even when nominal interest rates are at the zero bound.
これは完全な量的緩和第3弾(QE3)ではない。
Now is not the time for quantitative easing three(QE3)!
量的緩和解除後は、「透明性と機動性のバランスがとれた金融政策運営」を目指すべきだと思います。
I believe that with the termination of quantitative monetary easing, the Bank should now aim for a healthy balance between transparency and flexibility in its monetary policy conduct.
日銀はどのようにして量的緩和の枠組みを構築していくのか。
How will the Bank of Japan construct the framework for quantitative easing?
After 25 years of stagnation,Japan is attempting to reinvigorate its economy by engaging in quantitative easing on an unprecedented scale.
その後も、操作目標を日本銀行の当座預金残高とする「量的緩和政策」2001年3月に開始。
Thereafter, in March 2001, it introduced a quantitative easing policy, in which the operating target was the outstanding balance of current accounts at the Bank.
Because the effects of quantitative easing on growth and inflation are qualitatively similar to those of more conventional monetary policies, the same concerns about the potentially adverse effects of short-term political influence on these decisions apply.
The last arrow in their quiver is called quantitative easing(QE), and it is likely to be almost as ineffective in reviving the US economy as anything else the Fed has tried in recent years.
And there is also no way that the FED andthe global central bankers through QE can continue to buy such toxic wastes without showing their hands and exposing the lie that these banks are solvent.
A principal aim of first quantitative easing and now negative interest rates is to drive money into financial assets, making money cheaper and easier to borrow and, hopefully, enticing companies to invest and expand.
And that, thanks to nearly $8 trillion of QE asset purchases from major central banks and the holding of short-term borrowing rates near zero or even negative, has made this secular shift in monetary policy extremely profitable.
However, it is also likely that the"zero" interest rate policy will eventually end,as the United States decided to wind down its quantitative easing policy at the end of last year.
But the evidence suggests that moderately lower estimates, such as those employed by staff at the Federal Reserve in recent years,are reliable measures of the effect of QE in normal times.
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