This study examines the macroeconomic effects of monetary policy in Japan. We apply the new identification strategy proposed by Bu et al. (2021) to the Japanese case and estimate monetary policy shocks that bridge periods of conventional and unconventional monetary policymaking. We show the macroeconomic effects of monetary policy; a contractionary monetary policy shock significantly decreases output and inflation rates even under the effective lower bound. However, because the shorter-term and longer-term nominal interest rates are already close to zero, the magnitude of monetary policy shocks on the macroeconomic variables is modest.

中文翻译：

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货币政策的宏观经济效应：来自日本的证据

本研究考察了日本货币政策的宏观经济影响。我们应用 Bu 等人提出的新识别策略。(2021) 对日本的案例进行了分析，并估计了弥合常规和非常规货币政策制定时期的货币政策冲击。我们展示了货币政策的宏观经济影响；即使在有效下​​限之下，紧缩性货币政策冲击也会显着降低产出和通胀率。然而，由于短期和长期名义利率已经接近于零，货币政策对宏观经济变量的冲击幅度不大。