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Deutsches Institut für Japanstudien
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20. February 2022

Article co-authored by Markus Heckel investigates the complexity of monetary policy

© MIT Press

A new article co-authored by DIJ economist Markus Heckel and Kiyohiko G. Nishimura (GRIPS) examines the unconventional monetary policies of the Bank of Japan from 2002 to 2019 with a focus on open market operations. “Unconventional Monetary Policy through Open Market Operations: A Principal Component Analysis” (Asian Economic Papers, 21 (1), pp. 1–28) identifies four principal components that explain the variance of measures taken by the Bank of Japan and its operations of various facilities: asset purchase measures including Japanese Government Bonds (JGBs), Exchange-Traded Funds (ETFs), Japanese Real Estate Investment Trusts (J-REITs), and three different liquidity supply measures. Complexity differs substantially among different governorships of Fukui, Shirakawa (most complex), and Kuroda. The article is an outcome of Markus’ research project Economic Discourses of Monetary Policy – The Case of the Bank of Japan.