Monetary Policy and the Term Structure of Interest Rates in Japan
利用日本数据研究货币政策对收益率曲线的影响，发现不同假设下（流动性效应与价格调整成本）货币政策对收益率曲线的影响差异显著。
This paper uses Japanese data to investigate the relationship between monetary policy and the yield curve. We find that the response of the yield curve depends in an important way on the maintained hypothesis about how monetary policy affects the economy. Under the liquidity effect maintained hypothesis monetary policy only has transient effects on the yield curve. Under the costly price adjustment maintained hypothesis, however, monetary policy has large and persistent effects on yields of all maturities.