Wednesday , December 2 2020
Home / Video

Blog Archives

Bank of Japan Accounts (November 30)

December 2, 2020 Bank of Japan Assets (thousand yen) Gold 441,253,409 Cash1 160,499,870 Japanese government securities 539,197,115,952 Commercial paper2 4,180,002,572 Corporate bonds3 6,192,936,928 Pecuniary trusts (stocks held as trust property)4 608,222,073 Pecuniary trusts (index-linked exchange-traded funds held as trust property)5 35,138,919,530 Pecuniary trusts (Japan real estate investment trusts held as...

Read More »

What Has Central Bank Independence Ever Done for Us?

Andy Haldane in this speech summarizes the views on central bank independence so far: This year has seen central bank balance sheets expand further. Global QE now stands at around $17 trillion and is set to rise further. For some, this has blurred the distinction between monetary and fiscal policies to an even greater extent than in the past. It has also intensified the debates and concerns around central bank independence expressed at the Bank’s conference three years ago. Against that...

Read More »

Firms facing negative deposit rates invest more and create more jobs

Evidence from Denmark: The extent to which negative monetary policy interest rates stimulate the economy has a subject of recent discussion among academics and policymakers. Using new comprehensive Danish microdata, this column shows that firms exposed to negative deposit rates to a higher degree than other firms increase their fixed investments and employment – after due control for changes in the level of interest rates. These findings are suggestive of an additional monetary...

Read More »