Monetary and Economic Studies is published, in principle twice a year, by the Bank of Japan's Institute for Monetary and Economic Studies (IMES). In line with IMES policy, the publication seeks to provide information on monetary and economic issues to the general public. Articles include research achievements by the staff and visiting scholars, and selected works from the proceedings of conferences sponsored by IMES.

Views expressed in Monetary and Economic Studies are those of the authors and do not necessarily reflect those of the Bank of Japan or IMES.

INDEX
Vol.19, No. 3/ November 2001
Vol.19, No. 2/ May 2001
Vol.19, No. S-1 / February 2001
Vol.19, No.1 / February 2001

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Vol.19, No.3 / November 2001

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Technological Innovation and Banking Industry/Monetary Policy: Forum on the Development of Electronic Payment Technologies and Its Implications for Monetary Policy --Report
Takeshi Amemiya Endogenous Sampling in Duration Models
/Duration models; Endogenous sampling; Bank failure; Loan default; Insolvency; Maximum likelihood estimator; Asymptotic distribution
John A. Weinberg The Pricing of Interbank Payment Services in a Changing Competitive Environment
/Interbank payments; Interconnection pricing
Naohiko Baba Optimal Timing in Banksf Write-Off Decisions under the Possible Implementation of a Subsidy Scheme: A Real Options Approach
/Write-off; Nonperforming loans; Dynamic programming; Real options; Reputation; Forbearance policy
Shigenori Shiratsuka Information Content of Implied Probability Distributions: Empirical Studies of Japanese Stock Price Index Options
/Information content of option prices; Implied probability distribution; SUR estimation; Autocorrelation; Granger causality
* Click the title to obtain an abstract of the thesis

Vol.19, No.2 / May 2001

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Title/Key words

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Douglas W. Diamond Should Japanese Banks Be Recapitalized?
/Bank capital; Recapitalization; Relationship lending; Banking; Bank failure
Naohiko Baba Uncertainty, Monitoring Costs, and Private Banks' Lending Decisions in a Duopolistic Loan Market: A Game-Theoretic Real Options Approach
/Bank lending; Uncertainty; Entry decision; Monitoring costs; Duopolistic market; Real options; Stochastic game
Shigenori Shiratsuka Is There a Desirable Rate of Inflation? A Theoretical and Empirical Survey
/Ultimate objective of monetary policy; Welfare costs of inflation and deflation; Measured price stability; Sustainable price stability; Constrained discretion
Hitoshi Mio The Phillips Curve and Underlying Inflation
/Underlying inflation; Trimmed mean CPI; Price change distribution; Temporary relative price shock
Koichiro Kamada
and Kazuto Masuda
Effects of Measurement Error on the Output Gap in Japan
/Productivity; Output gap; Measurement errors
* Click the title to obtain an abstract of the thesis

Vol.19, No. S-1 (Special Edition) / February 2001

Author(s)

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The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses
Kunio Okina,
Hiroo Taguchi,
and Shigenori Shiratsuka
Introduction
PART I Opening and Keynote Speeches
Masaru Hayami Opening Speech
Allan H. Meltzer Monetary Transmission at Low Inflation: Some Clues from Japan in the 1990s
/Economic policy; Money; Deflation; Exchange rates; Recession
John B. Taylor Low Inflation, Deflation, and Policies for Future Price Stability
/Monetary policy; Inflation; Policy rule; Money growth; Zero interest rate policy
PART II An Overview of Monetary Policy under Asset Price Fluctuation and Deflation
Naruki Mori,
Shigenori Shiratsuka, and
Hiroo Taguchi
Policy Responses to the Post-Bubble Adjustments in Japan: A Tentative Review
/Monetary policy; Prudential policy; Bursting of bubble; Nonperforming assets; Credit channel; Management of failure in financial institutions; Structural problems
Thomas F. Cargill Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan
/Bank of Japan; Central bank independence; Deflation; Federal Reserve; Great Depression period; Inflation; Inflation targeting; Riksbank
PART III Transmission Mechanism and Structural Rigidities
Marvin Goodfriend Financial Stability, Deflation, and Monetary Policy
/Banking policy; Deflation; Financial distress; Financial stability; Liquidity; Monetary policy; Zero bound on interest rates
Hiroshi Fujiki,
Sachiko Kuroda Nakada, and
Toshiaki Tachibanaki
Structural Issues in the Japanese Labor Market: An Era of Variety, Equity, and Efficiency or an Era of Bipolarization?
/Part-time worker; Discouraged worker; Japanese employment system; Unemployment
PART IV Expectation Formation and Monetary Policy
Lars Peter Hansen and
Thomas J. Sargent
Acknowledging Misspecification in Macroeconomic Theory
/Robustness; Model misspecification; Monetary policy; Rational expectations
Makoto Saito and
Shigenori Shiratsuka
Financial Crises as the Failure of Arbitrage: Implications for Monetary Policy
/Financial market instability; Japan premium; Allocation of liquidity; Failure of arbitrage; Money market operation
PART V The Implications of Low Inflation and Interest Rates for the Conduct of Monetary Policy
Lars E. O. Svensson The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
/Deflation; Liquidity trap; Nominal interest rates
Nobuyuki Oda and
Kunio Okina
Further Monetary Easing Policies under the Non-Negativity Constraints of Nominal Interest Rates: Summary of the Discussion Based on Japanfs Experience
/Monetary policy; Zero interest rate; Long-term interest rate; Market operation of outright purchase of long-term government bonds; Foreign exchange market intervention; Inflation targeting
PART VI Concluding Panel Discussion
Vitor Gaspar
Donald L. Kohn
Yutaka Yamaguchi
Allan H. Meltzer
John B. Taylor
The Role of Monetary Policy under Low Inflation
PART VII Background Paper
Kunio Okina,
Masaaki Shirakawa, and
Shigenori Shiratsuka
The Asset Price Bubble and Monetary Policy: Japanfs Experience in the Late 1980s and the Lessons
/Asset prices; Bubble; Intensified bullish expectations; Monetary policy; Sustained price stability; Financial stability; Forward-looking monetary policy
* Click the title to obtain an abstract of the thesis

Vol.19, No.1 / February 2001

Author(s)

Title/Key words

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Takeo Hoshi What Happened to Japanese Banks?
/Financial deregulation; Bad loans; Real estate lending; Keiretsu loans
Shigeki Miyajima
and Warren E. Weber
A Comparison of National Banks in Japan and the United States between 1872 and 1885
/National banking; Banking history; Bank regulation
Hiroshi Fujiki Budget Deficits and Inflation: A Theoretical and Empirical Survey
/Hyperinflation; Sustainability of government debt; Budget institution; Central bank independence; Zero interest rate policy; Structural reform
Hiroshi Fujiki,
Kunio Okina, and
Shigenori Shiratsuka
Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists
/Zero interest rate policy; Quantitative easing; Open market operation of outright purchase of long-term government bonds; Dispelling deflationary concern; Styles of monetary policy management
Raj Bhala International Dimensions of Japanese Insolvency Law
/Japanese insolvency law; International insolvency law; Bank insolvencies
* Click the title to obtain an abstract of the thesis

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