A flow of funds analysis of the US quantitative easing

Kazusuke Tsujimura; Masako Tsujimura

doi:10.1080/09535314.2018.1443908

A flow of funds analysis of the US quantitative easing

Kazusuke Tsujimura, Masako Tsujimura

Department of Economic

Research output: Contribution to journal › Article › peer-review

5 Citations (Scopus)

Abstract

After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset–liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

Original language	English
Pages (from-to)	137-177
Number of pages	41
Journal	Economic Systems Research
Volume	30
Issue number	2
DOIs	https://doi.org/10.1080/09535314.2018.1443908
Publication status	Published - 2018 Apr 3

Keywords

Funds-flow method of national accounting
federal funds
open market operations
payer–payee relationship
subprime mortgage crisis

ASJC Scopus subject areas

Economics and Econometrics

Access to Document

10.1080/09535314.2018.1443908

Cite this

@article{1f3886314b394c5c8ec4e69e9adfb6b6,

title = "A flow of funds analysis of the US quantitative easing",

abstract = "After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan{\textquoteright}s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset–liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.",

keywords = "Funds-flow method of national accounting, federal funds, open market operations, payer–payee relationship, subprime mortgage crisis",

author = "Kazusuke Tsujimura and Masako Tsujimura",

note = "Publisher Copyright: {\textcopyright} 2018 The International Input–Output Association.",

year = "2018",

month = apr,

day = "3",

doi = "10.1080/09535314.2018.1443908",

language = "English",

volume = "30",

pages = "137--177",

journal = "Economic Systems Research",

issn = "0953-5314",

publisher = "Routledge",

number = "2",

}

TY - JOUR

T1 - A flow of funds analysis of the US quantitative easing

AU - Tsujimura, Kazusuke

AU - Tsujimura, Masako

PY - 2018/4/3

Y1 - 2018/4/3

N2 - After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset–liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

AB - After the Bank of Japan first introduced a quantitative easing policy in 2001, Tsujimura and Mizoshita [(2003) Asset-Liability-Matrix Analysis Derived From Flow-of-Funds Accounts: the Bank of Japan’s Quantitative Monetary Policy Examined. Economic Systems Research, 15, 51–67] applied input–output analysis to analyze its effects. Some central bankers criticized the analysis as misleading because it was based on the asset–liability matrix derived from the financial balance sheets. In this vein, the real policy effects on production and employment were overlooked. Herein, we answer such criticism by introducing a new method of tracking the flow of funds. It covers both real and financial transactions to show the mechanism and the effects of the US quantitative easing.

KW - Funds-flow method of national accounting

KW - federal funds

KW - open market operations

KW - payer–payee relationship

KW - subprime mortgage crisis

UR - http://www.scopus.com/inward/record.url?scp=85044065340&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85044065340&partnerID=8YFLogxK

U2 - 10.1080/09535314.2018.1443908

DO - 10.1080/09535314.2018.1443908

M3 - Article

AN - SCOPUS:85044065340

SN - 0953-5314

VL - 30

SP - 137

EP - 177

JO - Economic Systems Research

JF - Economic Systems Research

IS - 2

ER -

A flow of funds analysis of the US quantitative easing

Abstract

Keywords

ASJC Scopus subject areas

Access to Document

Other files and links

Fingerprint

Cite this