We present an original meta-probit analysis for the effect of the Bank of Japan monetary policy on economic growth for the period 2001–2020, using 45 studies. We use impulse response functions in VAR type models to assess if the effects on output of unconventional monetary policies are significant (positive or negative) or not. Funnel asymmetry and precision effect tests do not provide a striking evidence of publication bias. Additionally, we do not find a consensus regarding the output growth effects during the quantitative easing years. Besides variables linked with the studies’ methodological features, other variables such as industrial production and the price level have a greater effect on the probability of reporting statistically significant (positive) effects of quantitative easing on output growth. However, one of the most important (policy) implications of our study is that the evidence for a significant real effect of unconventional monetary policy is weak.

中文翻译：

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日本的量化宽松和经济增长：荟萃分析

我们使用 45 项研究对 2001-2020 年期间日本央行货币政策对经济增长的影响进行了原始元概率分析。我们在 VAR 类型模型中使用脉冲响应函数来评估非常规货币政策对产出的影响是否显着（正面或负面）。漏斗不对称和精确效应测试没有提供发表偏倚的明显证据。此外，我们没有就量化宽松期间的产出增长效应达成共识。除了与研究方法特征相关的变量外，工业生产和价格水平等其他变量对报告量化宽松对产出增长的统计显着（正）影响的概率有更大的影响。然而，