Monetary and Economic Studies 2006

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.24, No.S-1 / December 2006
Vol.24, No.2 / November 2006
Vol.24, No.1 / March 2006

* Files are best viewed with the newest version of Adobe Reader.

last year
next year

Vol.24, No.S-1 / December 2006

Author(s)	Title/Key words	Click to download (PDF files)
The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment"
Kunio Okina and Naohiko Baba	Introduction Summary	65KB
OPENING AND KEYNOTE SPEECHES
Toshihiko Fukui	Opening Speech	47KB
Bennett T. McCallum	Misconceptions Regarding the Zero Lower Bound on Interest Rates /Interest rates; Zero lower bound; Quantitative easing; Expectations; Deflation trap; Liquidity trap	131KB
Maurice Obstfeld	Implications for the Yen of Japanese Current Account Adjustment /Current account adjustment; International capital flows; Japanese yen exchange rate	111KB
SESSION 1
Naohiko Baba	Financial Market Functioning and Monetary Policy: Japan's Experience /Bank of Japan; Term structure of interest rates; Zero lower bound; Zero interest rates; Quantitative monetary easing policy; Bank risk premium	582KB
SESSION 2
Glenn D. Rudebusch, Eric T. Swanson, and Tao Wu	The Bond Yield "Conundrum" from a Macro-Finance Perspective /Term structure; Term premium; Bond pricing; Affine no-arbitrage model	371KB
SESSION 3
Jun Pan and Kenneth J. Singleton	Interpreting Recent Changes in the Credit Spreads of Japanese Banks /Default risk premium; Credit default swap; Japanese banks; Zero interest rate policy; Event risk	335KB
SESSION 4
Gauti B. Eggertsson and Benjamin Pugsley	The Mistake of 1937: A General Equilibrium Analysis /Deflation; Zero bound on interest rates; Regime changes; Great Depression	443KB
SESSION 5
Alessandra Fogli and Fabrizio Perri	The Great Moderation and the U.S. External Imbalance /Business cycle volatility; Precautionary saving; Current account; Net foreign asset position	219KB
CONCLUDING PANEL DISCUSSION
Stefan Ingves Christine M. Cumming Lucrezia Reichlin Masaaki Shirakawa Bennett T. McCallum Maurice Obstfeld	Concluding Panel Discussion: Financial Markets and the Real Economy in a Low Interest Rate Environment	409KB

* Click the title to obtain an abstract of the thesis

Vol.24, No.2 / November 2006

Author(s)	Title/Key words	Click to download (PDF files)
Takeshi Amemiya and Xinghua Yu	Endogenous Sampling and Matching Method in Duration Models /Duration models; Endogenous sampling with matching; Maximum likelihood estimator; Manski-Lerman estimator; Asymptotic distribution	322KB
Steven Li	The Arbitrage Efficiency of the Nikkei 225 Options Market: A Put-Call Parity Analysis /Put-call parity; Market efficiency; Nikkei 225 options	177KB
Andrew K. Rose	Well-Being in the Small and in the Large /Population; Empirical; Data; National; Country; Scale; Size	367KB
Hiroshi Fujiki and Etsuro Shioji	Bank Health Concerns, Low Interest Rates, and Money Demand: Evidence from the Public Opinion Survey on Household Financial Assets and Liabilities /Money demand; Low interest rates; Concern for the soundness of private financial institutions; Micro data; Self-selection bias; Personal financial education; Extensive margin; Intensive margin	787KB

* Click the title to obtain an abstract of the thesis

Vol.24, No.1 / March 2006

Author(s)	Title/Key words	Click to download (PDF files)
Luc Bauwens	Econometric Analysis of Intra-Daily Trading Activity on the Tokyo Stock Exchange /Autoregressive conditional duration; Trade durations; High-frequency data; Tokyo Stock Exchange	670KB
Jurgen von Hagen	Fiscal Rules and Fiscal Performance in the European Union and Japan /Fiscal policy; Political budget cycles; Government budgeting	255KB
Akira Otani, Shigenori Shiratsuka, and Toyoichiro Shirota	Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japan's Import Prices /Exchange rate pass-through; Pricing-to-market; Import structure; Expenditure-switching effect; Firms' sourcing decision	145KB

* Click the title to obtain an abstract of the thesis

last year
next year