How are residential property prices formed in Japan under different monetary policy regimes

Research output: Contribution to journalArticlepeer-review

Abstract

Three residential property prices in Tokyo, Nagoya, and Osaka comove in two monetary policy regimes. No causality is found in the first period, but causality from Tokyo to Osaka is found in the second period. The three residential property prices move together, but independently in the first period. After the BOJ introduces strong non-traditional monetary policies such as quantitative and qualitative easing (QQE) and negative interest rate policy (NIRP), the three residential property prices move together through the transmission from Tokyo to Osaka. This paper possibly gives an international policy implication for other countries suffering from asset deflation.

Original languageEnglish
Pages (from-to)306-313
Number of pages8
JournalInternational Journal of Monetary Economics and Finance
Volume14
Issue number4
DOIs
Publication statusPublished - 2021

Keywords

  • Central bank
  • Co-movement
  • Co-movement
  • Monetary policy
  • Non-traditional monetary policy
  • Residential property price
  • Residential property price
  • Transmission
  • Transmission

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