著者

木村 二郎

出版者

桃山学院大学

雑誌

桃山学院大学経済経営論集 (ISSN:02869721)

巻号頁・発行日

vol.43, no.3, pp.5-23, 2002-01

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BOJ changed the main operating target for money market operations from the current uncollateralized overnight call rate to the outstanding balance of the current accounts at the Bank of Japan on 19th March in 2001. This change in the main operating target is the first experience in the BOJ history. We will research the minutes of the monetary policy meeting and newspapers, and make clear the issues in the decision making of the policy change. As a result, we got the conclusion that there were some illusions on the quantity theory of money and the hard political pressure from outside of BOJ. So there were no rational reasons in the policy change except political reasons.