著者

大越 利之 Toshiyuki Okoshi

出版者

麗澤大学経済学会

雑誌

麗澤経済研究 = Reitaku International Journal of Economic Studies (ISSN:09196706)

巻号頁・発行日

vol.19, no.1, pp.73-101, 2011-03-10

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This paper examines how monetary policy has variant impacts on regional economies in Japan.Estimating VECM for the endogenous macro and regional variables.I find that(1)the depth and the duration of monetary policy shock's effects on each prefecture's bank lending and real output varies,and(2)the lower the value of mortgage the larger monetary policy effect regional economy experiences.This empirical evidence indicates the "balance sheet channel"of monetary policy functions well in Japan.