Monetary and Economic Studies is published, in principle four times 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.22, NoS-1 / December 2004
Vol.22, No.3 / October 2004
Vol.22, No.2 / May 2004
Vol.22, No.1 / March 2004

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Vol.22, No.S-1 / December 2004

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Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments
Kunio Okina and Shigenori Shiratsuka Introduction
OPENING AND KEYNOTE SPEECHES
Toshihiko Fukui Opening Speech
Bennett T. McCallum Long-Run Monetary Neutrality and Contemporary Policy Analysis
/Superneutrality; Natural-rate hypothesis; Quantity theory of money; Cointegration
Maurice Obstfeld Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
/Developing countries; Emerging markets; Convergence; Macroeconomic volatility; Exchange rate regimes; Institutions; Dollarization; Original sin
SESSION 1
William R. Easterly Globalization, Inequality, and Development: The Big Picture
/Globalization; Trade; Capital flows; Migration; Education; Development
SESSION 2
Franklin Allen and Hiroko Oura Sustained Economic Growth and the Financial System
/Growth; Crises; Bubbles; Contagion; Financial fragility
SESSION 3
Assaf Razin and Efraim Sadka Privatizing Social Security: A Political-Economy Approach
/Dependency ratio; Median voter; Privatization; Individual saving accounts
SESSION 4
Kunio Okina and Shigenori Shiratsuka Asset Price Fluctuations, Structural Adjustments, and Sustained Economic Growth: Lessons from Japan's Experience since the Late 1980s
/Asset price bubble; Relative price changes; Structural adjustments; Productivity growth
SESSION 5
Vincent R. Reinhart Securing the Peace after a Truce in the War on Inflation
/Monetary policy; Zero bound; Equilibrium interest rate
CONCLUDING PANEL DISCUSSION

Kunio Okina
Kazuo Ueda
Vincent R. Reinhart
Otmar Issing
Maurice Obstfeld
Bennett T. McCallum

Concluding Panel Discussion: Sustained Economic Growth and Central Banking
* Click the title to obtain an abstract of the thesis

Vol.22, No.3 / October 2004

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Robert L. Hetzel Price Stability and Japanese Monetary Policy
/Japanese monetary policy; Bank of Japan; Deflation; Liquidity trap
Hiroshi Fujiki, Kunio Okina, and Shigenori Shiratsuka Comments on "Price Stability and Japanese Monetary Policy" (1)
/Quantitative easing; Deflation
Kenneth N. Kuttner Comments on "Price Stability and Japanese Monetary Policy" (2)
/Quantity theory; Quantitative easing; Deflation

Hiroshi Fujiki and Kiyoshi Watanabe

Japanese Demand for M1 and Demand Deposits: Cross-Sectional and Time-Series Evidence from Japan
/Zero interest rate policy; Demand for money
Hiroyuki Oi, Shigenori Shiratsuka, and Toyoichiro Shirota On Long-Run Monetary Neutrality in Japan
/Long-run monetary neutrality; Long-term time-series data; Structural changes; Unit root tests; Bivariate structural vector autoregression (VAR)
Yukinobu Kitamura Information Content of Inflation-Indexed Bond Prices: Evaluation of U.S. Treasury Inflation-Protection Securities
/Inflation-indexed bond; Expected inflation rate; Real yield
Ryoji Koike Japan's Foreign Direct Investment and Structural Changes in Japanese and East Asian Trade
/Foreign direct investment (FDI); Gravity equation; Trade structure; Vertical specialization; Horizontal specialization; Fragmentation
* Click the title to obtain an abstract of the thesis

Vol.22, No.2 / May 2004

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Andrew K. Rose Equity Integration in Japan: An Application of a New Method
/Stock prices; Risk; Portfolio
Jun Nagayasu The Term Structure of Interest Rates and Monetary Policy during a Zero Interest Rate Period
/Monetary policy; Zero interest rates
Daniel L. Thornton Testing the Expectations Hypothesis: Some New Evidence for Japan
/Expectations hypothesis; Nonstationarity; Vector autoregression; Lagrange multiplier test
Masayuki Nakakuki,
Akira Otani, and
Shigenori Shiratsuka
Distortions in Factor Markets and Structural Adjustments in the Economy
/Structural problems; Heckscher-Ohlin model; Specific factor model; Production possibility frontier; Total factor productivity (TFP)
* Click the title to obtain an abstract of the thesis

Vol.22, No.1 / March 2004

Author(s)

Title/Key words

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Jaebeom Kim and Masao Ogaki Purchasing Power Parity for Traded and Non-Traded Goods: A Structural Error Correction Model Approach
/Structural error correction model (SECM); Purchasing power parity; Real exchange rate; Half-life; Convergence rate
Hiroyuki Oi, Akira Otani, and Toyoichiro Shirota The Choice of Invoice Currency in International Trade: Implications for the Internationalization of the Yen
/Invoice currency; Local currency pricing (LCP); Producer's currency pricing (PCP); Internationalization of the yen; New open-economy macroeconomics; Currency-basket regime
Naohiko Baba and Yasunari Inamura The Japanese Repo Market: Theory and Evidence
/Repo; Government bond; No-arbitrage condition; Repo spread; On-the-run issues; Cheapest to deliver (CTD); Short sales
Hiroatsu Tanaka and Naohiko Baba Optimal Timing in Trading Japanese Equity Mutual Funds: Theory and Evidence
/Mutual funds; Asset allocation; Fees; Uncertainty; Panel data
Ippei Fujiwara and Maiko Koga A Statistical Forecasting Method for Inflation Forecasting: Hitting Every Vector Autoregression and Forecasting under Model Uncertainty
/Inflation; Forecast; Reduced rank VAR; Kernel smoothing; Mixture distribution; Nonparametric test
* Click the title to obtain an abstract of the thesis

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