摘要：Using the interest rates on negotiable certificates of deposit issued by
individual banks, we first show that under the Bank of Japan's zero interest
rate policy and quantitative monetary easing policy, not just the levels of
money market rates but also the dispersion of rates across banks have fallen to
near zero. We next show that the fall in the dispersion of the rates is not
fully explained by a fall in the dispersion of credit ratings of the banks. We
also present some evidence on the role of the Bank of Japan's monetary policy in
reducing risk premiums.
