Konferensartikel

FRB adopted ”quantitative monetary easing” three times as QE1 (2008m11,2010m06), QE2 (2010m11,2011m06) and QE3 (2012m09,2014m12). In this paper, we showed that ”Reserve at the FRB“ is effective to the economy through a transmission path of a stock market in QE1, effective through housing price channel in QE2 and QE3, and effective through an exchange rate channel in QE3, where impulse responses in VAR model are calculated with ”reserve, stock prices, exchange rate, industrial production, and cpi_core (or housing price)“ in monthly data of USA. Furthermore, we investigated behaviors of M2 money in QEs periods. Decomposing M2 into transaction money demand and precautionary one, we estimated precautionary money demand as a function of industrial production, business condition denoted by napm and reserve at the FRB. We showed that increasing ”Reserve at the FRB“ is comparatively effective in QE1 rather than in QE2 and QE3 through the behavior of napm.

QE1, QE2, QE3, nontraditional monetary policies