Japan is the country with the longest history of implementing unconventional monetary policies, which were first introduced more than fifteen years ago and have been expanded several times since then. This study attempts to assess the overall macroeconomic effects of Japan's unconventional monetary policies based on a stylized block‐recursive vector autoregression with a smooth transition. The results suggest that expansionary unconventional monetary policy shocks have clear macroeconomic effects, leading to a persistent rise in real output and inflation. In addition, we demonstrate that these macroeconomic effects have become more persistent for output as well as stronger and more persistent for inflation in recent years, including in the quantitative and qualitative monetary easing period.

中文翻译：

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日本非常规货币政策影响下的政权转移

日本是实施非常规货币政策的历史最悠久的国家，日本是在15年前开始实施的，此后又扩大了数倍。这项研究试图通过平稳过渡的程式化块递归向量自回归来评估日本非常规货币政策的整体宏观经济影响。结果表明，扩张性的非常规货币政策冲击具有明显的宏观经济影响，导致实际产出和通货膨胀率持续上升。此外，我们证明，近年来这些宏观经济效应对产出的影响越来越持久，对通货膨胀的影响也越来越强，包括定量和定性的货币宽松时期。