Ogawa.

• Position: Overview of monetary transmission in Japan - Brief Article

Ogawa analyzes the mechanism of monetary transmission in the Japanese economy. Using quarterly time-series data disaggregated by firm size, he examines the channels through which monetary policy influences the important items on the firms' balance sheets: land stock, long-term loans, and capital stock. His evidence supports the credit channel of monetary transmission. He also finds that land has played a vital role in...