著者

中尾 将人

出版者

日本EU学会

雑誌

日本EU学会年報 (ISSN:18843123)

巻号頁・発行日

vol.2016, no.36, pp.169-195, 2016-05-30 (Released:2018-05-30)

参考文献数

22

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This paper considers the significance of unconventional monetary policies, in particular, Quantitative Easing implemented by European Central Bank during the post-euro crisis. There are problems in Euro area such as disinflation, low economic growth and interest rate spread between core and periphery country. The ECB deal with these problems by lower interest rate, portfolio rebalance and signal effect caused by QE.There are some discussions about QE by the ECB. We can consider two types of typical discussions. The first type is the discussion on QE in general, and the second type is that on QE peculiar to Euro area. The discussions about the former include the problem of monetary finance and impediment to a structural reform. However, it is confirmed from the result of implements by Federal Reserve Bank and Bank of Japan that QE has a stimulative effect on the economy. The discussions about the later include the problem of fiscal burden transfer from core countries to periphery countries that have a vulnerable fiscal base. However, buying government bond by QE lead to interest payment from each country to the ECB, and lead to interest income to these. Thus, there is not the burden of core countries. In addition, QE is able to help periphery countries that suffer not only national government debt burden but also the above problems in Euro area. Some of these discussions have common characteristics, that is, they under-evaluate the roles of the central bank. In fact, however, in Euro area, the role of monetary policy by ECB is very important. By contrast, the use of expansionary fiscal policy in Euro area is limited. Thus, the importance of monetary policy as macroeconomic policy by supranational central bank such as ECB is increasing. In this paper, we investigate the problems and the solutions in Euro area, by considering the positive effect of QE as unconventional monetary policy.

著者

中尾 将人

出版者

中央大学経済学研究会

雑誌

経済学論纂 (ISSN:04534778)

巻号頁・発行日

vol.57, no.3・4, pp.397-416, 2017-03-01