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.17, No.3 / December 1999
Vol.17, No.2 / August 1999
Vol.17, No.1 / May 1999

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Vol.17, No.3 / December 1999

Author(s)

Title/Key words

Click to download
(PDF files)
Kunio Okina, Masaaki Shirakawa, and Shigenori Shiratsuka Financial Market Globalization: Present and Future
/Globalization; Central bank; International capital mobility; Risk diversification; Monetary policy; Stability of fiancial system

385KB
Robert J. Gordon The Boskin Commission Report and Its Aftermath
/Inflation; Price measurement; Quality change; New products

332KB
Shigenori Shiratsuka Measurement Errors in the Japanese Consumer Price Index
/Consumer price index; Measurement errors; Cost of living index; Quality changes; Boskin Report

335KB
Shigenori Shiratsuka Asset Price Fluctuation and Price Indices
/Asset price; Intertemporal cost of living index; Dynamic equilibrium price index; Monetary policy; Information variable

284KB
Masahiro Higo and Sachiko Kuroda Nakada What Determines the Relation between the Output Gap and Inflation? An International Comparison of Inflation Expectations and Staggered Wage Adjustment
/Phillips Curve; NAIRU; Expected inflation rate; Price adjustment; Output gap; Inflation; Monetary policy

325KB
Kunio Okina
(Comments; Ronald I. McKinnon, Allan H. Meltzer,
Rejoinder; Kunio Okina)
Monetary Policy under Zero Inflation: A Response to Criticisms and Questions Regarding Monetary Policy
/Monetary policy; Zero interest rates; Long-term interest rates; Inflation targeting; Outright purchase of government bonds; Quantitative easing; Excess reserves; Base money; Balance sheet problem; Liquidity trap

Comments on "Monetary Policy under Zero Inflation"
Comments: What More Can the Bank of Japan Do?
Rejoinder to Comments Made by Professors McKinnon and Meltzer

398KB
* Click the title to obtain an abstract of the thesis

Vol.17, No.2 / August 1999

Author(s)

Title/Key words

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(PDF files)
Milton H. Marquis The Joint and Several Effects of Liquidity Constraints, Financing Constraints, and Financial Intermediation on the Welfare Cost of Inflation
/Financing constraints; Financial intermediation; Welfare costs of inflation

219KB
Curtis J. Milhaupt Japan's Experience with Deposit Insurance and Failing Banks: Implications for Financial Regulatory Design?
/Deposit insurance; Bank failure

276KB
Fuminobu Ohtake, Nobuyuki Oda and Toshinao Yoshiba Market Price Analysis and Risk Management for Convertible Bonds
/Convertible bond; Implied volatility; Historical volatility; Market risk; Arbitrage; Issuing conditions

292KB
Akira Ieda and Toshikazu Ohba Risk Management for Equity Portfolios of Japanese Banks
/Equity portfolio; Loan; Expected default probability; Spread over Libor; Equity price risk; Credit risk; Sensitivity

262KB
* Click the title to obtain an abstract of the thesis

Vol.17, No.1 / May 1999

Author(s)

Title/Key words

Click to download
(PDF files)
Hisashi Nakamura and Shigenori Shiratsuka Extracting Market Expectations from Option Prices: Case Studies in Japanese Option Markets
/Option prices; Implied probability distribution; Market expectations; Monetary policy; Information variables

968KB
Makoto Saito Dynamic Allocation and Pricing in Incomplete Markets: A Survey
/Incomplete markets; Asset pricing

212KB
Michael F. Bryan and Stephen G. Cecchetti The Monthly Measurement of Core Inflation in Japan
/Inflation measurement; Core inflation; Trimmed means; Median

207KB
Hitoshi Mio and Masahiro Higo Underlying Inflation and the Distribution of Price Change: Evidence from the JapaneseTrimmed-Mean CPI
/Underlying inflation; Trimmed CPI; Price change distribution; Temporary relative price shock

328KB
Nobuyuki Oda Estimating Fair Premium Rates for Deposit Insurance Using Option Pricing Theory: An Empirical Study of Japanese Banks
/Deposit insurance; Variable deposit insurance rates; Option pricing theory; Stock price; Credit risk; Bankruptcy forecasting; Forbearance

401KB
* Click the title to obtain an abstract of the thesis

Copyright1999 Bank of Japan All Rights Reserved.

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