@techreport{NBERw3823, title = "An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990", author = "Kenneth D. West", institution = "National Bureau of Economic Research", type = "Working Paper", series = "Working Paper Series", number = "3823", year = "1994", month = "April", URL = "http://www.nber.org/papers/w3823", abstract = {An aggregate demand - aggregate supply framework is used to analyze the effects of Japanese monetary policy, 1973:1-1990:8. It is found that money supply shocks contribute relatively little to output variability over the sample as a whole. Nor do these shocks seem to be particularly marked during business cycle contractions. The effects of monetary policy on prices and output appear to be quite similar to those of a constant money growth rule.}, }