Empirical Research On Unconventional Interest Rate Policy Of Japan

In recent years,face the difficult situation of global economic growth slowed down,the lack of new impetus to the growth,The world's economies continue to innovate in monetary policy,from "quantity" to "price",from the traditional zero interest rate constraint to the current negative interest rate innovation carried out by some central banks,monetary policy has become the focus of debate in academic circles.After the European Central Bank,the Danish Central Bank,the Swedish central bank,the Swiss central bank has announced the implementation of the negative interest rate policy,The Bank of Japan also announced in January 2016 that the excess reserves of commercial banks to the central bank to apply the negative interest rate of-01%,become the first country that practice of negative interest rate policy in Asia.Japan is also one of the world's longest practice of zero interest rate policy.The practice of negative interest rate policy,the same is to solve the problem of Japan's economic stagnation and deflation for many years.Although the negative interest rate policy is different from the previous zero interest rate policy,the transmission mechanism,policy objectives are still similar with the previous quantitative easing and zero interest rate policy,Therefore,in order to systematically comb the Bank of Japan in the past two decades of interest rate policy background,practical reasons and effects,in this paper,the zero interest rate policy and the negative interest rate policy in the past period are collectively referred to as Japan's unconventional interest rate policy.This paper uses the chart to explain the practice background and practice process of Japan's unconventional interest rate policy.In addition,this paper uses the time series model,from the perspective of the micro actors,analyzes the relationship between the core rate of interest rate of Japanese banks' unsecured overnight call rate and the Japanese consumer confidence index and the investment climate index of manufacturing enterprises,and the introduction of the real effective exchange rate of the yen as an important indicator of the level of net exports in Japan.Grainger causality test and impulse effect are used to explain the order of action and the degree of influence of the variables.According to the selection of the variables in the model,the paper analyzes the reasons of the low interest rate policy effects in the past.Results show that Japan's central bank's negative interest rate policy is still difficult to produce a significant positive impact,however,consumers and enterprises become more negative.There is a further deterioration of the domestic consumer demand and domestic investment environment.Therefore,Japan's economic structural reform is imminent,narrow the gap between rich and poor,labor remuneration income,increase residents increase the marginal propensity to consume of the whole society is the top priority facing with the plight of insufficient aggregate demand.