一桥大学

Abstract:We evaluate the macroeconomic effects of unconventional monetary policy (UMP) in Japan, focusing in particular on the Quantitative and Qualitative Monetary Easing (QQE) implemented during Governor Haruhiko Kuroda’s tenure. To identify UMP shocks, we impose narrative sign restrictions on structural shocks and on historical decompositions, exploiting three major policy episodes that generated significant surprises in financial markets. Our

Abstract:This paper studies how currency conversion can disrupt relative prices by impairing the unit-ofaccountfunction of money. We examine Okinawa’s 1972 conversion from the U.S. dollar to theJapanese yen, following the collapse of a previously shared unit-of-account triggered by the Nixonshock. Using wholesale price data for perishable goods, we showthat relative prices exhibited sharpchanges despite flexible prices. By contrast, Okinawa’s 195