Monetary and Economic Studies

Monetary and Economic Studies is published each 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.

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List for Each Publishing Year (on the Bank of Japan Web Site)

Click the title to obtain an abstract of the thesis

Vol.34 / November 2016

Author(s)Title/KeywordsFull Text (PDF)
Tetsuya Adachi, Takashi Asano, Tatsushi Okuda Simultaneous Estimation of Cost of Equity and Expected Earnings of Individual Firms with the Residual Income Model
/Implied cost of equity; Residual income model; Quasimaximum likelihood approach
4,634 KB
Kenji Suganuma Upstreamness in the Global Value Chain:
Manufacturing and Services

/Upstreamness; Global value chain; Production fragmentation; I–O tables
1,995 KB
Naoshi Tsuchida, Toshiaki Watanabe, Toshinao Yoshiba The Intraday Market Liquidity of Japanese Government Bond Futures
/Japanese government bond (JGB); Market liquidity; Liquidity indicator; Transaction data
3,523 KB

Vol.33 / November 2015

Author(s)Title/KeywordsFull Text (PDF)
Yushi Endo, Takushi Kurozumi, Takemasa Oda, Kenichirou Watanabe Monetary Policy: Its Effects and Implementation:
Summary of the 2015 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan
128 KB
Haruhiko Kuroda Opening Remarks of the 2015 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 40 KB
Barry Eichengreen The Mayekawa Lecture: Wall of Worries: Reflections on the Secular Stagnation Debate
/Secular stagnation; Real interest rates; Economic growth
233 KB
Ichiro Fukunaga, Naoya Kato, Junko Koeda Maturity Structure and Supply Factors in Japanese Government Bond Markets
/Japanese Government Bonds; Term structure of interest rates; Preferred habitat; Unconventional monetary policy
3,676 KB
Masanao Itoh, Ryoji Koike, Masato Shizume Bank of Japan’s Monetary Policy in the 1980s: A View Perceived from Archived and Other Materials
/Monetary policy management; Price stability in the medium and long term; Financial imbalance; External imbalance; Financial deregulation
3,139 KB

Vol.32 / November 2014

Author(s)Title/KeywordsFull Text (PDF)
Ichiro Fukunaga, Daisuke Ikeda, Akira Otani Monetary Policy in a Post-Financial Crisis Era:
Summary of the 2014 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan
160 KB
Haruhiko Kuroda Opening Remarks of the 2014 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 27 KB
Marvin Goodfriend Monetary Policy as a Carry Trade
/Bond market carry trade; Federal Reserve surplus capital; Federal Reserve Treasury remittances; Inflation objective; Interest on reserves;Monetary policy at the zero interest bound; Term premium
93 KB
Hiroshi Fujiki Japanese Money Demand from the Regional Data:
An Update and Some Additional Results

/Demand for money; Income elasticity of money demand
1,022 KB

Vol.31 / November 2013

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Fujiki, Takushi Kurozumi, Azusa Takeyama, Tomoo Yoshida Financial Crises and the Global Financial System: Summary of the 2013 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 110 KB
Haruhiko Kuroda Opening Remarks of the 2013 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 45 KB
Maurice Obstfeld On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability
/Fiscal policy; Financial stability; Monetary policy; Financial crisis; Banking crisis; Bank resolution
223 KB
Guillermo A. Calvo The Mayekawa Lecture: Puzzling over the Anatomy of Crises—Liquidity and the Veil of Finance
/Financial crises; Bubbles; Sudden Stop
226 KB
Annelise Riles Is New Governance the Ideal Architecture for Global Financial Regulation?
/International financial regulation; Global systemically important financial institutions; Financial Stability Board; Regulatory reform; New Governance; Regulatory pluralism
283 KB

Vol.30 / November 2012

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Fujiki, Naohisa Hirakata, Kentaro Morishita, Tomoo Yoshida Demographic Changes and Macroeconomic Performance: Summary of the 2012 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 103 KB
Masaaki Shirakawa Demographic Changes and Macroeconomic Performance: Japanese Experiences 1,502 KB
Marvin Goodfriend The Elusive Promise of Independent Central Banking
/Bank of England; Central bank independence; Credit turmoil of 2007–08; Federal Reserve; Great Inflation; Lender of last resort; Monetary policy
99 KB
Otmar Issing The Mayekawa Lecture: Central Banks – Paradise Lost
/Central banking; Financial stability; Monetary policy
122 KB
Kentaro Kikuchi, Kohei Shintani Comparative Analysis of Zero Coupon Yield Curve Estimation Methods Using JGB Price Data
/Coupon-bearing government bond; Zero coupon yield; Piecewise polynomial function
824 KB

Vol.29 / November 2011

Author(s)Title/KeywordsFull Text (PDF)
Ryo Kato, Nobuyuki Oda, Nao Sudo, Tomoo Yoshida Real and Financial Linkage and Monetary Policy: Summary of the 2011 Annual International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 67 KB
Masaaki Shirakawa Bubbles, Demographic Change and Natural Disasters 476 KB
Maurice Obstfeld International Liquidity: The Fiscal Dimension
/International liquidity; Sovereign debt; Euro zone crisis; Fiscal union; International Monetary Fund; Special Drawing Rights
208 KB
Charles A. E. Goodhart, Dimitrios P. Tsomocos The Mayekawa Lecture: The Role of Default in Macroeconomics
/Default; Transversality; Money; Bankruptcy cost; Asset bubbles; Resolution mechanisms
109 KB
Selahattin Imrohoroglu, Nao Sudo Productivity and Fiscal Policy in Japan: Short-Term Forecasts from the Standard Growth Model
/Primary balance; Fiscal policy; Productivity; Growth theory
797 KB
Jouchi Nakajima Time-Varying Parameter VAR Model with Stochastic Volatility: An Overview of Methodology and Empirical Applications
/Bayesian inference; Markov chain Monte Carlo; Monetary policy; State space model; Structural vector autoregression; Stochastic volatility; Time-varying parameter
851 KB
Keisuke Otsu Accounting for Japanese Business Cycles: A Quest for Labor Wedges
/Business cycle accounting; Japanese labor market
497 KB

Vol.28 / November 2010

Author(s)Title/KeywordsFull Text (PDF)
Shigenori Shiratsuka, Wataru Takahashi, Yuki Teranishi, Kozo Ueda Future of Central Banking under Globalization: Summary of the 2010 International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan 60 KB
Masaaki Shirakawa Future of Central Banks and Central Banking 46 KB
Bennett T. McCallum The Future of Central Banking: A Lesson from United States History
/Metallic standard; Fiat money; U.S. Constitution; Legal tender cases; Monetary versus fiscal policy
41 KB
William R. White The Mayekawa Lecture: Some Alternative Perspectives on Macroeconomic Theory and Some Policy Implications
/Macroeconomics; Bubble; Financial crisis
127 KB
Shigeru Iwata Monetary Policy and the Term Structure of Interest Rates When Short-Term Rates are Close to Zero
/Zero interest rates; Yield curve; Liquidity trap
532 KB
Shigenori Shiratsuka Size and Composition of the Central Bank Balance Sheet: Revisiting Japan’s Experience of the Quantitative Easing Policy
/Quantitative easing; Credit easing; Unconventional monetary policy; Central bank balance sheet
1,311 KB
Kei Imakubo, Yutaka Soejima The Transaction Network in Japan's Interbank Money Markets
/Interbank market; Real-time gross settlement; Network; Small world; Core and periphery; Systemic risk
1,068 KB
Kei Imakubo, Yutaka Soejima The Microstructure of Japan's Interbank Money Market: Simulating Contagion of Intraday Flow of Funds Using BOJ-NET Payment Data
/Real-time gross settlement; Payment recycling; BOJ-NET
460 KB
Tetsuya Yamada Accelerated Investment and Credit Risk under a Low Interest Rate Environment: A Real Options Approach
/Low interest rate environment; Investment behavior; Credit risk; Real options model; Corporate finance; Time-inconsistent discount rate; Behavioral economics
694 KB

Vol.27 / November 2009

Author(s)Title/KeywordsFull Text (PDF)
Shigenori Shiratsuka, Wataru Takahashi, Kozo Ueda 2009 International Conference "Financial System and Monetary Policy Implementation" Summary 77 KB
Masaaki Shirakawa 2009 International Conference "Financial System and Monetary Policy Implementation," Opening Speech Financial System and Monetary Policy Implementation: Long and Winding Evolution in the Way of Thinking 34 KB
Bennett T. McCallum 2009 International Conference "Financial System and Monetary Policy Implementation," Keynote Speech, The Role of "Determinacy" in Monetary Policy Analysis
/Determinacy; Learnability; Rational expectations; Multiple solutions; Monetary policy
184 KB
Maurice Obstfeld 2009 International Conference "Financial System and Monetary Policy Implementation," Keynote Speech, Lenders of Last Resort in a Globalized World
/Lender of last resort; Financial crisis; Central banking; International monetary system; International Monetary Fund
229 KB
Toshihiko Mukoyama On the Establishment Dynamics in the United States and Japan
/Establishment dynamics; Sectoral composition; Industry dynamics model; Reallocation
287 KB
Rasmus Fatum Official Japanese Intervention in the JPY/USD Exchange Rate Market: Is It Effective, and through Which Channel Does It Work?
/Exchange rates; Foreign exchange market intervention; Channels of transmission
309 KB
Patrick McGuire Bank Ties and Firm Performance in Japan: Some Evidence since Fiscal 2002
/Cross-shareholding; Main bank; Japanese banks; Firm performance
720 KB
Ichiro Fukunaga, Masashi Saito Asset Prices and Monetary Policy
/Asset prices; Monetary policy; Financial frictions; Policy trade-offs
421 KB
Shigeaki Fujiwara Credit Risk Assessment Considering Variations in Exposure: Application to Commitment Lines
/Commitment lines; Probability of default; Loss given default; Exposure at default; Expected loss; Unexpected loss
677 KB
Takashi Shibata, Tetsuya Yamada Dynamic Model of Credit Risk in Relationship Lending: A Game-Theoretic Real Options Approach
/Credit risk; Relationship lending; Real option; Game theory; Concentration risk
528 KB
Takashi Nanjo, Makoto Kasuya Part-Paid Stock, Corporate Finance, and Investment: Economic Consequences of the Part-Paid Stock System and Supplementary Installments in Early 1930s Japan
/Part-paid stock; Joint-stock company; Corporate finance; Investment; Financial system; Interwar period; Great Depression
273 KB

Vol.26 / December 2008

Author(s)Title/KeywordsFull Text (PDF)
Ippei Fujiwara, Kazuo Fukuda, Ichiro Muto, Yosuke Shigemi, Wataru Takahashi 2008 International Conference "Frontiers in Monetary Theory and Policy," Summary 109 KB
Masaaki Shirakawa 2008 International Conference "Frontiers in Monetary Theory and Policy," Opening Speech 35 KB
Bennett T. McCallum 2008 International Conference, Introductory Remarks 36 KB
John B. Taylor 2008 International Conference, The Mayekawa Lecture:The Way Back to Stability and Growth in the Global Economy 99 KB
Maurice Obstfeld 2008 International Conference, Concluding Remarks 52 KB
George W. Evans Monetary and Fiscal Policy under Learning in the Presence of a Liquidity Trap
/Adaptive learning; Monetary policy; Fiscal policy; Zero interest rate lower bound; Indeterminacy
2,125 KB
Laurence Ball Helicopter Drops and Japan's Liquidity Trap
/Helicopter drop; Liquidity trap; Deflation
357 KB
Graciela L. Kaminsky Crises and Sudden Stops:Evidence from International Bond and Syndicated-Loan Markets
/Contagion; Financial integration; Globalization; International primary issuance; Sudden stops
246 KB
Kiyohito Utsunomiya Economic Fluctuations in Japan during the Interwar Period:Re-Estimation of the LTES Personal Consumption Expenditures
/Japanese economy; Interwar period; Showa Depression; Great Depression; Personal consumption; National accounts; Deflator; Imputation
326 KB
Hiroshi Fujiki, Cheng Hsiao Aggregate and Household Demand for Money: Evidence from the Public Opinion Survey on Household Financial Assets and Liabilities
/Demand for money; Aggregation; Heterogeneity
299 KB

Vol.25, No.S-1 / December 2007

Author(s)Title/KeywordsFull Text (PDF)
Wataru Takahashi, Kenichiro Watanabe, Hiroshi Fujiki The Fourteenth International Conference "Growth, Integration and Monetary Policy in East Asia," Introduction Summary 68 KB
Toshihiko Fukui The Fourteenth International Conference "Growth, Integration and Monetary Policy in East Asia," Opening Speech 45 KB
Bennett T. McCallum Monetary Policy in East Asia : The Case of Singapore
/Exchange rate; Inflation targeting; Instrument variable; Target variable; Open economy; Monetary policy
139 KB
Maurice Obstfeld The Renminbi's Dollar Peg at the Crossroads
/Renminbi; China currency; China balance of payments; Fixed exchange rate exit strategy
347 KB
Hiroshi Fujiki, Akiko Terada-Hagiwara Financial Integration in East Asia
/Exchange rate regime; Financial integration; Risk sharing
352 KB
Michael B. Devereux Financial Globalization and Emerging Market Portfolios
/Asia; Financial globalization; Foreign direct investment; Foreign exchange rate reserves
227 KB
Sanghoon Ahn, Jong-Wha Lee Integration and Growth in East Asia
/Integration; Growth; Trade; Foreign direct investment; East Asia
281 KB
Christian Broda, David E. Weinstein Defining Price Stability in Japan: A View from America
/Inflation; Consumer price index bias; Monetary policy
280 KB
Marvin Goodfriend Monetary Policy in East Asia: Common Concerns
/East Asia; Monetary policy; Banking policy; Exchange rates; Trade balance; International reserves
196 KB
Akinari Horii, Leonardo Bartolini, Hans Genberg,Mar Gudmundsson, Bennett T. McCallum, Maurice Obstfeld, Yu Yongding The Fourteenth International Conference "Growth, Integration and Monetary Policy in East Asia," Concluding Panel Discussion: Growth, Integration, and Monetary Policy in East Asia 206 KB

Vol.25, No.2 / November 2007

Author(s)Title/KeywordsFull Text (PDF)
Kenshi Taketa, Gregory F. Udell Lending Channels and Financial Shocks: The Case of Small and Medium-Sized Enterprise Trade Credit and the Japanese Banking Crisis
/Trade credit; Credit crunch
301 KB
Sachiko Kuroda, Isamu Yamamoto Why Are Nominal Wages Downwardly Rigid, but Less So in Japan? An Explanation Based on Behavioral Economics and Labor Market/Macroeconomic Differences
/Downward nominal wage rigidity; Behavioral economics; Labor mobility; Employment protection legislation; Inflation rate; Indexation
335 KB
Ippei Fujiwara, Naoko Hara, Naohisa Hirakata, Takeshi Kimura, Shinichiro Watanabe Japanese Monetary Policy during the Collapse of the Bubble Economy: A View of Policymaking under Uncertainty
/Collapse of the bubble economy; Monetary policy; Uncertainty
342 KB
Kris James Mitchener, Mari Ohnuki Capital Market Integration in Japan
/Financial market development; Capital market integration; Economic integration; Japanese banks
237 KB

Vol.25, No.1 / March 2007

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Ugai Effects of the Quantitative Easing Policy: A Survey of Empirical Analyses
/Zero interest rate policy; Quantitative easing policy; Commitment; Zero bound constraint on interest rates; Deflation
345 KB
Juro Teranishi Were Banks Really at the Center of the Prewar Japanese Financial System?
/Prewar Japan; Financial system; Banking; Stock markets; Corporate governance; Risk bearing; Information production
210 KB
Kanji Ishii Equity Investments and Equity Investment Funding in Prewar Japan : Comments on "Were Banks Really at the Center of the Prewar Japanese Financial System?" 115 KB
Tetsuji Okazaki The Evolution of Corporate Finance and Corporate Governance in Prewar Japan : Comments on "Were Banks Really at the Center of the Prewar Japanese Financial System?" 80 KB
Mari Ohnuki The Bank of Japan Network and Financial Market Integration: From the Establishment of the Bank of Japan to the Early 20th Century
/Financial market integration; Payments network; Bank of Japan; Correspondent network funds transfers; Movement of funds
264 KB
Masashi Une, Masayuki Kanda Year 2010 Issues on Cryptographic Algorithms
/Cryptographic algorithm; Symmetric cipher; Asymmetric cipher; Security; Year 2010 issues; Hash function
250 KB

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

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Naohiko Baba The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment," Introduction Summary 64 KB
Toshihiko Fukui The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment,"Opening Speech 46 KB
Bennett T. McCallum Misconceptions Regarding the Zero Lower Bound on Interest Rates
/Interest rates; Zero lower bound; Quantitative easing; Expectations; Deflation trap; Liquidity trap
130 KB
Maurice Obstfeld Implications for the Yen of Japanese Current Account Adjustment
/Current account adjustment; International capital flows; Japanese yen exchange rate
110 KB
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
581 KB
Glenn D. Rudebusch, Eric T. Swanson, Tao Wu The Bond Yield "Conundrum" from a Macro-Finance Perspective
/Term structure; Term premium; Bond pricing; Affine no-arbitrage model
370 KB
Jun Pan, 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
334 KB
Gauti B. Eggertsson, Benjamin Pugsley The Mistake of 1937: A General Equilibrium Analysis
/Deflation; Zero bound on interest rates; Regime changes; Great Depression
442 KB
Alessandra Fogli, Fabrizio Perri The Great Moderation and the U.S. External Imbalance 218 KB
Stefan Ingves, Christine M. Cumming, Lucrezia Reichlin, Masaaki Shirakawa, Bennett T. McCallum, Maurice Obstfeld The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment," Concluding Panel Discussion: Financial Markets and the Real Economy in a Low Interest Rate Environment 408 KB

Vol.24, No.2 / November 2006

Author(s)Title/KeywordsFull Text (PDF)
Takeshi Amemiya, Xinghua Yu Endogenous Sampling and Matching Method in Duration Models
/Duration models; Endogenous sampling with matching; Maximum likelihood estimator; Manski-Lerman estimator; Asymptotic distribution
321 KB
Steven Li The Arbitrage Efficiency of the Nikkei 225 Options Market: A Put-Call Parity Analysis
/Put-call parity; Market efficiency; Nikkei 225 options
176 KB
Andrew K. Rose Well-Being in the Small and in the Large
/Population; Empirical; Data; National; Country; Scale; Size
366 KB
Hiroshi Fujiki, 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
786 KB

Vol.24, No.1 / March 2006

Author(s)Title/KeywordsFull Text (PDF)
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
669 KB
Jurgen von Hagen Fiscal Rules and Fiscal Performance in the European Union and Japan
/Fiscal policy; Political budget cycles; Government budgeting
254 KB
Akira Otani, Shigenori Shiratsuka, 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
144 KB

Vol.23, No.S-1 / October 2005

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Hiroshi Fujiki The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers," Introduction, 65 KB
Toshihiko Fukui The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers,"Opening Speech 48 KB
Bennett T. McCallum The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers," Keynote Speech, What Is the Proper Perspective for Monetary Policy Optimality?
/Policy rules; Dynamic inconsistency; Timeless perspective
114 KB
Maurice Obstfeld The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers," Keynote Speech, America's Deficit, the World's Problem
/Current account adjustment; International capital flows; Exchange rates
116 KB
Hiroshi Fujiki The Monetary Policy Committee and the Incentive Problem: A Selective Survey
/Central bank independence; Monetary policy committee; Voting; Transparency; Commitment
379 KB
Jean-Charles Rochet Prudential Policy
/Banking supervision; Prudential regulation; Financial stability
283 KB
Guillaume Plantin, Haresh Sapra, Hyun Song Shin Marking to Market, Liquidity, and Financial Stability
/Marking to market; Accounting regime; Monetary policy; Financial stability
225 KB
Kenneth Kletzer International Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies
/International financial integration; Sovereignty; Tax smoothing; Nominal public debt; Monetary policy
218 KB
Francesco Giavazzi, Tullio Jappelli, Marco Pagano, Marina Benedetti Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence
/Fiscal policy; National saving
269 KB
Yasuhiro Maehara, Wolfgang Schill, Janet L. Yellen, Masaaki Shirakawa, Bennett T. McCallum, Maurice Obstfeld The Twelfth International Conference "Incentive Mechanisms for Economic Policymakers," Concluding Panel Discussion: Macroeconomic Policy and Central Banking 193 KB

Vol.23, No.2 / May 2005

Author(s)Title/KeywordsFull Text (PDF)
Sachiko Kuroda, Isamu Yamamoto Wage Fluctuations in Japan after the Bursting of the Bubble Economy: Downward Nominal Wage Rigidity, Payroll, and the Unemployment Rate
/Downward nominal wage rigidity; Inflation rate; Unemployment rate; Labor productivity; Phillips curve; Monetary policy
251 KB
Hiroshi Fujiki, Masayuki Nakakuki Asymmetric Shocks and Regional Risk Sharing: Evidence from Japan
/Regional shocks; Risk sharing
226 KB
Ippei Fujiwara, Naoko Hara, Yasuo Hirose, Yuki Teranishi The Japanese Economic Model (JEM)
/Large-scale macroeconomic model; Monetary policy; Numerical method; Projection
625 KB

Vol.23, No.1 / February 2005

Author(s)Title/KeywordsFull Text (PDF)
Yasushi Iwamoto Monetary and Fiscal Policy to Escape from a Deflationary Trap
/Monetary policy; Zero bound on interest rates; Liquidity trap; Deflationary trap; Non-Ricardian fiscal policy regime
311 KB
Naohiko Baba, Shinichi Nishioka, Nobuyuki Oda, Masaaki Shirakawa, Kazuo Ueda, Hiroshi Ugai Japan's Deflation, Problems in the Financial System, and Monetary Policy
/Zero interest rate policy; Quantitative monetary easing policy; Commitment; Deflation; Financial accelerator; Negative interest rate; Investor behavior
724 KB
Takuji Kawamoto What Do the Purified Solow Residuals Tell Us about Japan's Lost Decade?
/Productivity; Technology; Purified Solow residual; Japan
274 KB
Ulrike Schaede
The "Middle-Risk Gap" and Financial System Reform: Small-Firm Financing in Japan
/Middle market; Interest rates; Japan; Small-firm financing; Government lending; Securitization; Banking reform
243 KB

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

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Shigenori Shiratsuka "Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Introduction 72 KB
Kunio Okina, Kazuo Ueda, Vincent R. Reinhart, Otmar Issing. Maurice Obstfeld, Bennett T. McCallum "Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Concluding Panel Discussion: Sustained Economic Growth and Central Banking 231 KB
Toshihiko Fukui "Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Opening Speech 54 KB
Bennett T. McCallum "Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Keynote Speech, Long-Run Monetary Neutrality and Contemporary Policy Analysis
/Superneutrality; Natural-rate hypothesis; Quantity theory of money; Cointegration
124 KB
Maurice Obstfeld "Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Keynote Speech, Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
/Developing countries; Emerging markets; Convergence; Macroeconomic volatility; Exchange rate regimes; Institutions; Dollarization; Original sin
246 KB
William R. Easterly Globalization, Inequality, and Development: The Big Picture
/Globalization; Trade; Capital flows; Migration; Education; Development
291 KB
Franklin Allen, Hiroko Oura Sustained Economic Growth and the Financial System
/Growth; Crises; Bubbles; Contagion; Financial fragility
221 KB
Assaf Razin, Efraim Sadka Privatizing Social Security: A Political-Economy Approach
/Dependency ratio; Median voter; Privatization; Individual saving accounts
133 KB
Kunio Okina, 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
310 KB
Vincent R. Reinhart Securing the Peace after a Truce in the War on Inflation
/Monetary policy; Zero bound; Equilibrium interest rate
290 KB

Vol.22, No.3 / October 2004

Author(s)Title/KeywordsFull Text (PDF)
Robert L. Hetzel Price Stability and Japanese Monetary Policy
/Japanese monetary policy; Bank of Japan; Deflation; Liquidity trap
217 KB
Hiroshi Fujiki, Kunio Okina, Shigenori Shiratsuka Comments on "Price Stability and Japanese Monetary Policy" (1)
/Quantitative easing; Deflation
294 KB
Kenneth N. Kuttner Comments on "Price Stability and Japanese Monetary Policy" (2)
/Quantity theory; Quantitative easing; Deflation
144 KB
Hiroshi Fujiki, Kiyoshi Watanabe Japanese Demand for M1 and Demand Deposits: Cross-Sectional and Time-Series Evidence from Japan
/Zero interest rate policy; Demand for money
362 KB
Hiroyuki Oi, Shigenori Shiratsuka, 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)
403 KB
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
392 KB
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
306 KB

Vol.22, No.2 / May 2004

Author(s)Title/KeywordsFull Text (PDF)
Andrew K. Rose Equity Integration in Japan: An Application of a New Method
/Stock prices; Risk; Portfolio
180 KB
Jun Nagayasu The Term Structure of Interest Rates and Monetary Policy during a Zero Interest Rate Period
/Monetary policy; Zero interest rates
242 KB
Daniel L. Thornton Testing the Expectations Hypothesis: Some New Evidence for Japan
/Expectations hypothesis; Nonstationarity; Vector autoregression; Lagrange multiplier test
210 KB
Masayuki Nakakuki, Akira Otani, 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)
244 KB

Vol.22, No.1 / March 2004

Author(s)Title/KeywordsFull Text (PDF)
Jaebeom Kim, 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
211 KB
Hiroyuki Oi, Akira Otani, 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
284 KB
Naohiko Baba, 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
230 KB
Hiroatsu Tanaka, Naohiko Baba Optimal Timing in Trading Japanese Equity Mutual Funds: Theory and Evidence
/Mutual funds; Asset allocation; Fees; Uncertainty; Panel data
398 KB
Ippei Fujiwara, 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
186 KB

Vol.21, No.4 / December 2003

Author(s)Title/KeywordsFull Text (PDF)
David Andolfatto Monetary Implications of the Hayashi-Prescott Hypothesis for Japan
/Productivity slowdown; Money multiplier; Monetary policy; Liquidity trap
178 KB
Hiroshi Fujiki, Kiyoshi Watanabe Effects of External Debt on Domestic Resource Allocation in a Small Open Economy with Limited Access to the World Capital Market
/External debt; Two-sector economic models
272 KB
Sachiko Kuroda, Isamu Yamamoto The Impact of Downward Nominal Wage Rigidity on the Unemployment Rate: Quantitative Evidence from Japan
/Downward nominal wage rigidity; Unemployment rate; Inflation rate; Monetary policy; General equilibrium model with downward nominal wage rigidity
251 KB
Eisaku Ide Policy Debates on Public Finance between the Ministry of Finance and the Bank of Japan from 1930 to 1936
/Direct underwriting of deficit-financing bonds by the BOJ (BOJ underwriting); Joint Research Committee; Currency system; Market operation by selling government bonds; Continuing expenditure; Deferred fiscal burden
142 KB

Vol.21, No.3 / October 2003

Author(s)Title/KeywordsFull Text (PDF)
Makoto Saito, Shigenori Shiratsuka Precautionary Motives versus Waiting Options: Evidence from Aggregate Household Saving in Japan
/Precautionary savings; Waiting options; Flexibility; Risks; Resolution of uncertainty
184 KB
Keiko Murata Precautionary Savings and Income Uncertainty: Evidence from Japanese Micro Data
/Precautionary savings; Uncertainty; Income risks; Uncertainty over public pension benefits; Risk-sharing; Individual data; Longitudinal data
233 KB
Akira Otani, Shigenori Shiratsuka, Toyoichiro Shirota The Decline in the Exchange Rate Pass-Through: Evidence from Japanese Import Prices
/Exchange rate pass-through; Pricing-to-market; Import structure; Expenditure-switching effect; Firms' sourcing decision
244 KB
Tatsuya Ishikawa, Yasuhiro Yamai, Akira Ieda On the Risk Capital Framework of Financial Institutions
/Risk capital; Risk management; Capital structure; Capital budgeting; Risk-adjusted rate of return; Capital allocation; Deadweight cost
177 KB

Vol.21, No.2 / August 2003

Author(s)Title/KeywordsFull Text (PDF)
Sachiko Kuroda, Isamu Yamamoto Are Japanese Nominal Wages Downwardly Rigid? (Part I): Examinations of Nominal Wage Change Distributions
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Nominal wage change distributions
218 KB
Sachiko Kuroda, Isamu Yamamoto Are Japanese Nominal Wages Downwardly Rigid? (Part II): Examinations Using a Friction Model
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Measurement errors; Friction model; Simulated maximum likelihood
275 KB
Toshitaka Sekine, Keiichiro Kobayashi, Yumi Saita Forbearance Lending: The Case of Japanese Firms
/Forbearance lending; Nonperforming loan; Dynamic GMM
195 KB
Yasuo Hirose, Koichiro Kamada A New Technique for Simultaneous Estimation of Potential Output and the Phillips Curve
/Potential output; Phillips curve; Hodrick-Prescott filter
180 KB
Masahiro Fukuhara, Yasufumi Saruwatari An Analysis of Contagion in Emerging Currency Markets Using Multivariate Extreme Value Theory
/Contagion; Multivariate extreme value theory; Emerging market currencies
167 KB

Vol.21, No.1 / February 2003

Author(s)Title/KeywordsFull Text (PDF)
Kyungho Jang, Masao Ogaki The Effects of Japanese Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach
/Vector error correction model; Impulse response; Monetary policy shock; Cointegration; Identification; Long-run restriction
246 KB
Toshiaki Watanabe Measuring Business Cycle Turning Points in Japan with a Dynamic Markov Switching Factor Model
/Business cycles; Factor model; Gibbs sampling; Marginal likelihood; Markov switching; Particle filter
267 KB
Sachiko Kuroda Analysis of Changes in Japan's Unemployment Rate Using Gross Flow Data
/Unemployment rate; Flow data analysis; Discouraged worker effect; Added worker effect; Price-level projections using Phillips curve
285 KB
Tomiyuki Kitamura, Ryoji Koike The Effectiveness of Forecasting Methods Using Multiple Information Variables
/Information variable; Multivariate forecast; Out-of-sample forecast; Forecast combination
435 KB

Vol.20, No. S-1 / December 2002

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Hiroshi Fujiki, Akira Otani "Exchange Rate Regimes in the 21st Century," Introduction 54 KB
Kunio Okina, Allan H. Meltzer, Maurice Obstfeld, Roger W. Ferguson, Jr., Pierre van der Haegen, Yutaka Yamaguchi "Exchange Rate Regimes in the 21st Century," Concluding Panel Discussion: The Role of Central Banks in Exchange Rate Regimes in the 21st Century 167 KB
Kazuo Ueda "Exchange Rate Regimes in the 21st Century," Final Remarks 33 KB
Masaru Hayami "Exchange Rate Regimes in the 21st Century," Opening Speech 30 KB
Allan H. Meltzer "Exchange Rate Regimes in the 21st Century," Keynote Speech, New International Financial Arrangements
/Exchange rates; International monetary system; Debt restructuring; Sovereign bankruptcy
69 KB
Maurice Obstfeld "Exchange Rate Regimes in the 21st Century," Keynote Speech, Exchange Rates and Adjustment: Perspectives from the New Open-Economy Macroeconomics
/Exchange rate policy; International adjustment; Expenditure-switching effects; Elasticity pessimism; International competitiveness
147 KB
Hiroshi Fujiki, Akira Otani Do Currency Regimes Matter in the 21st Century? An Overview
/Bipolar view; Euro; Dollarization; Regional currency area
223 KB
Vittorio Corbo Exchange Rate Regimes in the Americas: Is Dollarization the Solution?
/Exchange rate systems; Inflation targeting; Dollarization
163 KB
Juergen von Hagen, Matthias Brueckner Monetary and Fiscal Policy in the European Monetary Union
/European Monetary Union; Monetary policy; Fiscal policy; Stability Pact
218 KB
Masahiro Kawai Exchange Rate Arrangements in East Asia: Lessons from the 1997-98 Currency Crisis
/East Asian currency crisis; Exchange rate arrangements; Two-corner solution approach; Fear of floating; Currency basket system
260 KB
Sebastian Edwards, I. Igal Magendzo Independent Currency Unions, Growth, and Inflation
/Currency unions; Dollarization; Inflation; GDP growth; GDP volatility; Treatment effects
135 KB

Vol.20, No.3 / October 2002

Author(s)Title/KeywordsFull Text (PDF)
Akira Otani Pricing-to-Market (PTM) and the International Monetary Policy Transmission: The 'New Open-Economy Macroeconomics' Approach
/New open-economy macroeconomics; PPP (purchasing power parity); PTM (pricing-to-market); Monetary policy; Beggar-thy-neighbor effect
176 KB
Kunio Okina, Shigenori Shiratsuka Asset Price Bubbles, Price Stability, and Monetary Policy: Japan's Experience
/Monetary policy; Asset price bubble; Price stability; Financial stability
305 KB
Masato Shizume Economic Developments and Monetary Policy Responses in Interwar Japan: Evaluation Based on the Taylor Rule
/Monetary policy; Monetary regime; Gold standard system; Interwar economy; Taylor rule
240 KB
Takashi Nanjo Developments in Land Prices and Bank Lending in Interwar Japan: Effects of the Real Estate Finance Problem on the Banking Industry
/Interwar economy; Financial crisis; Showa depression; Asset prices; Stability of the financial system
147 KB
Mariko Hatase Devaluation and Exports in Interwar Japan: The Effects of Sharp Depreciation of the Yen in the Early 1930s
/Exchange rate; Export; Gold embargo; Interwar economy
240 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk (3): Their Validity under Market Stress
/Value-at-risk; Expected shortfall; Market stress; Tail risk; Multivariate extreme value theory; Tail dependence
292 KB

Vol.20, No.2 / April 2002

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Fujiki, Cheng Hsiao, Yan Shen Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis
/Money demand; Interest rate; Panel data; Prefecture data
119 KB
Hiroshi Fujiki Money Demand near Zero Interest Rate: Evidence from Regional Data
/Zero interest rate policy; Demand for money
117 KB
Naohiko Baba, Takamasa Hisada Japan's Financial System: Its Perspective and the Authorities' Roles in Redesigning and Administering the System
/Japan's financial system; Main bank system; IT innovation; Financial deregulation; Bank supervision; Public finance; Corporate governance
197 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk (2): Expected Utility Maximization and Tail Risk
/Expected shortfall; Value-at-risk; Tail risk; Stochastic dominance; Expected utility maximization
87 KB
Howard J. Wall Has Japan Been Left Out in the Cold by Regional Integration?
/Regional integration; Japanese trade; Gravity model
79 KB

Vol.20, No.1 / January 2002

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Fujiki, Shigenori Shiratsuka Policy Duration Effect under the Zero Interest Rate Policy in 1999-2000: Evidence from Japan's Money Market Data
/Zero interest rate policy; Policy duration effect; Liquidity constraint; Forward interest rates
297 KB
Hitoshi Mio Identifying Aggregate Demand and Aggregate Supply Components of Inflation Rate: A Structural Vector Autoregression Analysis for Japan
/Aggregate demand and aggregate supply shocks; Decomposition of inflation rate; Identification of structural VAR
171 KB
Yasuhiro Yamai, Toshinao Yoshiba On the Validity of Value-at-Risk: Comparative Analyses with Expected Shortfall
/Value-at-risk; Expected shortfall; Tail risk; Subadditivity
155 KB
Yasuhiro Yamai, Toshinao Yoshiba Comparative Analyses of Expected Shortfall and Value-at-Risk: Their Estimation Error, Decomposition, and Optimization
/Expected shortfall; Value-at-risk; Optimization
186 KB
Ronald J. Mann Credit Cards and Debit Cards in the United States and Japan
/Credit cards; Debit cards
217 KB

Vol.19, No.3 / November 2001

Author(s)Title/KeywordsFull Text (PDF)
Technological Innovation and Banking Industry/Monetary Policy: Forum on the Development of Electronic Payment Technologies and Its Implications for Monetary Policy --Report 277 KB
Takeshi Amemiya Endogenous Sampling in Duration Models
/Duration models; Endogenous sampling; Bank failure; Loan default; Insolvency; Maximum likelihood estimator; Asymptotic distribution
86 KB
John A. Weinberg The Pricing of Interbank Payment Services in a Changing Competitive Environment
/Interbank payments; Interconnection pricing
64 KB
Naohiko Baba Optimal Timing in Banks' 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
137 KB
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
371 KB

Vol.19, No.2 / May 2001

Author(s)Title/KeywordsFull Text (PDF)
Douglas W. Diamond Should Japanese Banks Be Recapitalized?
/Bank capital; Recapitalization; Relationship lending; Banking; Bank failure
105 KB
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
150 KB
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
263 KB
Hitoshi Mio The Phillips Curve and Underlying Inflation
/Underlying inflation; Trimmed mean CPI; Price change distribution; Temporary relative price shock
179 KB
Koichiro Kamada, Kazuto Masuda Effects of Measurement Error on the Output Gap in Japan
/Productivity; Output gap; Measurement errors
237 KB

Vol.19, No.1 / February 2001

Author(s)Title/KeywordsFull Text (PDF)
Takeo Hoshi What Happened to Japanese Banks?
/Financial deregulation; Bad loans; Real estate lending; Keiretsu loans
168 KB
Shigeki Miyajima, Warren E. Weber A Comparison of National Banks in Japan and the United States between 1872 and 1885
/National banking; Banking history; Bank regulation
119 KB
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
267 KB
Hiroshi Fujiki, Kunio Okina, 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
265 KB
Raj Bhala International Dimensions of Japanese Insolvency Law
/Japanese insolvency law; International insolvency law; Bank insolvencies
220 KB

Vol.19, No. S-1 / February 2001

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Hiroo Taguchi, Shigenori Shiratsuka "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Introduction 30 KB
Makoto Saito, 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
481 KB
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
184 KB
Nobuyuki Oda, Kunio Okina Further Monetary Easing Policies under the Non-Negativity Constraints of Nominal Interest Rates: Summary of the Discussion Based on Japan's 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
196 KB
Vitor Gaspar, Donald L. Kohn, Yutaka Yamaguchi, Allan H. Meltzer, John B. Taylor "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Concluding Panel Discussion: The Role of Monetary Policy under Low Inflation 95 KB
Kunio Okina, Masaaki Shirakawa, Shigenori Shiratsuka "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Background Paper: The Asset Price Bubble and Monetary Policy: Japan's 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
342 KB
Masaru Hayami "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Opening Speech 16 KB
Allan H. Meltzer "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Keynote Speeches, Monetary Transmission at Low Inflation: Some Clues from Japan in the 1990s
/Economic policy; Money; Deflation; Exchange rates; Recession
94 KB
John B. Taylor "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Keynote Speeches, Low Inflation, Deflation, and Policies for Future Price Stability
/Monetary policy; Inflation; Policy rule; Money growth; Zero interest rate policy
73 KB
Naruki Mori, Shigenori Shiratsuka, Hiroo Taguchi "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," 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
379 KB
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
129 KB
Marvin Goodfriend Financial Stability, Deflation, and Monetary Policy
/Banking policy; Deflation; Financial distress; Financial stability; Liquidity; Monetary policy; Zero bound on interest rates
127 KB
Hiroshi Fujiki, Sachiko Kuroda Nakada, 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
181 KB
Lars Peter Hansen, Thomas J. Sargent Acknowledging Misspecification in Macroeconomic Theory
/Robustness; Model misspecification; Monetary policy; Rational expectations
105 KB

Vol.18, No.2 / December 2000

Author(s)Title/KeywordsFull Text (PDF)
James Dow What Is Systemic Risk? Moral Hazard, Initial Shocks, and Propagation
/Systemic risk; Moral hazard; Bank solvency; Financial system stability; Bank capital regulation
211 KB
Jon Danielsson, Yuji Morimoto Forecasting Extreme Financial Risk: A Critical Analysis of Practical Methods for the Japanese Market
/Risk; Regulation; Extreme value theory; Volatility; Value-at-risk
262 KB
Akira Ieda, Kohei Marumo, Toshinao Yoshiba A Simplified Method for Calculating the Credit Risk of Lending Portfolios
/Credit risk; Lending portfolio; Monte Carlo simulation; Credit concentration/diversification; Correlation between default events
434 KB
Yoshifumi Hisata, Yasuhiro Yamai Research Toward the Practical Application of Liquidity Risk Evaluation Methods
/Liquidity risk; Value at risk; Market risk; Market impact; Optimal execution strategy; Optimal holding period
473 KB
Toshiyasu Kato, Toshinao Yoshiba Model Risk and Its Control
/Model risk; Pricing model; Risk measurement model; Risk management systems; Reserves; Scenario analysis; Position limits
325 KB
Naohiko Baba Exploring the Role of Money in Asset Pricing in Japan: Monetary Considerations and Stochastic Discount Factors
/Asset pricing; CAPM; Money-in-the-utility; Cash-in-advance; Habit formation; Volatility bound; Market frictions
440 KB

Vol.18, No.1 / May 2000

Author(s)Title/KeywordsFull Text (PDF)
Forum on the Development of Electronic Payment Technologies and Its Implications for Monetary Policy: Interim Report 170 KB
Naohiko Baba Testing the Ex Ante Relationship between Asset and Investment Returns in Japan: An Application of the P-CAPM to Japanese Asset Returns
/Asset pricing; P-CAPM; GMM; Equity premium puzzle; Risk-free rate puzzle; Volatility bound test; q theory of investment
205 KB
Patricia Hagan Kuwayama Postal Banking in the United States and Japan: A Comparative Analysis
/U.S. postal savings; Japanese postal savings; Deposit insurance; Narrow bank
163 KB
Shuji Kobayakawa, Hisashi Nakamura A Theoretical Analysis of Narrow Banking Proposals
/Narrow bank; Bank run; Integrated operation of deposit-taking and lending services; Liquidity
80 KB
Nobuyuki Oda, Tokiko Shimizu Prospects for Prudential Policy: Toward Achieving an Efficient and Stable Banking System
/Prudential policy; Market discipline; Lender of last resort;Deposit insurance; Capital adequacy rule; Systemic risk
94 KB

Vol.17, No.3 / December 1999

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina, Masaaki, Shirakawa, Shigenori Shiratsuka Financial Market Globalization: Present and Future
/Globalization; Central bank; International capital mobility; Risk diversification; Monetary policy; Stability of fiancial system
384 KB
Robert J. Gordon The Boskin Commission Report and Its Aftermath
/Inflation; Price measurement; Quality change; New products
331 KB
Shigenori Shiratsuka Measurement Errors in the Japanese Consumer Price Index
/Consumer price index; Measurement errors; Cost of living index; Quality changes; Boskin Report
334 KB
Shigenori Shiratsuka Asset Price Fluctuation and Price Indices
/Asset price; Intertemporal cost of living index; Dynamic equilibrium price index; Monetary policy; Information variable
283 KB
Masahiro Higo, 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
328 KB
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
397 KB

Vol.17, No.2 / August 1999

Author(s)Title/KeywordsFull Text (PDF)
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
218 KB
Curtis J. Milhaupt Japan's Experience with Deposit Insurance and Failing Banks: Implications for Financial Regulatory Design?
/Deposit insurance; Bank failure
275 KB
Fuminobu Ohtake, Nobuyuki Oda, Toshinao Yoshiba Market Price Analysis and Risk Management for Convertible Bonds
/Convertible bond; Implied volatility; Historical volatility; Market risk; Arbitrage; Issuing conditions
291 KB
Akira Ieda, 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
261 KB

Vol.17, No.1 / May 1999

Author(s)Title/KeywordsFull Text (PDF)
Hisashi Nakamura, 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
967 KB
Makoto Saito Dynamic Allocation and Pricing in Incomplete Markets: A Survey
/Incomplete markets; Asset pricing
211 KB
Michael F. Bryan, Stephen G. Cecchetti The Monthly Measurement of Core Inflation in Japan
/Inflation measurement; Core inflation; Trimmed means; Median
206 KB
Hitoshi Mio, 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
327 KB
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
400 KB

Vol.16, No.2 / December 1998

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Meltzer Monetary Policy and the Quality of Information
/Monetary policy; Demand for monetary base; Japan; United States; Germany
172 KB
John B. Taylor Information Technology and Monetary Policy
/Monetary policy rules; Robustness; Information Technology
68 KB
Tetsuya Inoue Impact of Information Technology and Implications for Monetary Policy
/Information Technology; IT paradox; Mismeasurement in economic statistics; Network externalities; Adjustment cost; Relative price; Policy commitment
243 KB
Masahiro Higo, Sachiko Kuroda Nakada How Can We Extract a Fundamental Trend from an Economic Time-Series?
/Fundamental trend; Time-series analysis; X-12-ARIMA; DECOMP; HP Filter; Fourier transformation; Beveridge and Nelson decomposition
589 KB
Akira Ieda, Toshikazu Ohba Recent Trends in the Spread over Libor on the Domestic Straight Bond Trading Market in Japan
/Domestic straight bonds; LS (spread over Libor); Credit risk
148 KB

Vol.16, No.1 / May 1998

Author(s)Title/KeywordsFull Text (PDF)
Yoshinao Kiyama, Tsukasa Yamashita, Tohsinao Yoshiba, Toshihiro Yoshida Interest Rate Risk of Banking Accounts: Measurement Using the VaR Framework
/Value at risk; Monte Carlo simulation; Holding period; Term-structure model; Heath-Jarrow-Morton model; Administered rate; Prepayment
351 KB
Toshitaka Sekine Financial Liberalization, the Wealth Effect, and the Demand for Broad Money in Japan
/Demand for money; Monetary policy; Wealth effect; Cointegration; Error correction; Exogeneity; Japan
272 KB
Cheng Hisao, Hiroshi Fujiki Nonstationary Time-Series Modeling versus Structural Equation Modeling: With an Application to Japanese Money Demand
/Nonstationary time series; Structural model; Identi-fication; Estimation; Prior information
276 KB

Vol.15, No.2 / December 1997

Author(s)Title/KeywordsFull Text (PDF)
Shigenori Shiratsuka Inflation Measures for Monetary Policy: Measuring the Underlying Inflation Trend and Its Implication for Monetary Policy Implementation
/Monetary policy; Price stability; Underlying inflation; Limited influence estimator; Skewed and fat-tailed distribution of individual price changes
351 KB
Nobuyuki Oda, Jun Muranaga A New Framework for Measuring the Credit Risk of a Portfolio: The "ExVaR" Model
/Value at risk; Credit risk; Risk integration; Default probability; Diversification/concentration; Collateral effect
382 KB
Susanne Lohmann Is Japan Special? Monetary Linkages and Price Stability
/Design of central banking institutions; Linkage politics; Japanese political economy
210 KB
Menzie D.Chinn, Michael P.Dooley Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration
/Capital mobility; Monetary transmission; Bank credit
293 KB

Vol.15, No.1 / May 1997

Author(s)Title/KeywordsFull Text (PDF)
Yukinobu Kitamura Indexed Bonds and Monetary Policy: The Real Interest Rate and the Expected Rate of Inflation
/Indexed bond; Real interest rate; Expected rate of inflation
171 KB
Naohiko Baba Markup Pricing and Monetary Policy: A Reexamination of the Effectiveness of Monetary Policy under Imperfect Competition
/Markup pricing; Monetary policy; Welfare cost of inflation
263 KB
Edward J. Green Money and Debt in the Structure of Payments
/Payments; Settlement; Clearinghouse; Central bank; Novation and substitution
185 KB
Carl E. Walsh Inflation and Central Bank Independence: Is Japan Really an Outlier?
/Central banks; Monetary policy; Inflation
203 KB

Vol.14, No.2 / December 1996

Author(s)Title/KeywordsFull Text (PDF)
Peter M. Garber The Use of the Yen as a Reserve Currency
/Reserve currency;Internationalization;Market liquidity;Transaction tax;Securities settlement
1,569 KB
Yutaka Soejima The Long-Run Relationship between Real GDP, Money Supply, and Price Level: Unit Root and Cointegration Tests with Structual Changes
/Structural change;Deterministic cointegration;Stochastic cointegration;Money demand function
1,748 KB
Hiroshi Fujiki, Casey B. Mulligan A Structural Analysis of Money Demand: Cross-Sectional Evidence from Japan
/Demand for money;Monetary policy
1,575 KB
Hiroshi Fujiki Central Bank Independence Indexes in Economic Analysis: A Reappraisal
/Central bank independence indexes;Panel data;Cross-country comparison
1,401 KB

Vol.14, No.1 / July 1996

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Meltzer On Making Monetary Policy More Effective Domestically and Internationally
/Price stability;Inflation;Monetary policy;Central banks;Credibility;Adaptive rules
1,856 KB
John B. Taylor Policy Rules as a Means to a More Effective Monetary Policy
/Monetary policy;Policy rule;Inflation target;Price stability;Output stability;Time inconsistency
836 KB
Tommaso Padoa-Schioppa Styles of Monetary Management
/Central banking;Styles of monetary policy
1,750 KB
Hiroshi Fujiki, Casey B. Mulligan Production, Financial Sophistication, and the Demand for Money by Households and Firms
/Demand for money;Consumer economics;Household production;Firm behavior
1,888 KB
Manfred J. M. Neumann A Comparative Study of Seigniorage: Japan and Germany
/Seigniorage;Inflation tax;Bank of Japan;Bundesbank;Foreign exchange losses
1,829 KB
Takatoshi Ito, Tokuo Iwaisako Explaining Asset Bubbles in Japan
/Stock price;Land price;Asset bubbles;Bank lending to the real estate sector
2,676 KB

Vol.13, No.2 / December 1995

Author(s)Title/KeywordsFull Text (PDF)
Shigenori Shiratsuka Automobile Prices and Quality Changes : A Hedonic Price Analysis of Japanese Automobile Market
/Hedonic Price Index; Quality Changes; Measurement Errors; Automobiles; Multicollinearity; Principal Components.
2,826 KB
Naohiko Baba On the Cause of Price and Differentials between Domestic and Overseas Markets : Approach Through Empirical Analyses of Markup Pricing
/Markup Pricing; Market Power; Price Differentials
1,849 KB
Tetsuya Sakamoto Collateralization of Derivative Transaction in Japan : A Comparison of Two Methods
/Collateralization; Derivatives; Netting.
852 KB
Yosuke Shigemi Asset Inflation in Selected Countries
/Asset Price Inflation; Tax Wedge.
2,654 KB

Vol.13, No.1 / July 1995

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Fujiki, Yukinobu Kitamura Feldstein-Horioka Paradox Revisited
/Panel Data; International Capital Mobility; Feldstein-Horioka Paradox.
741 KB
Shigenori Shiratsuka Effects of Quality Changes on the Price Index: A Hedonic Approach to the Estimation of a Quality Adjusted Price Index for Personal Computers in Japan
/Hedonic Price Index; Personal Computers; Measurement Errors; Quality Changes
1,945 KB
Yutaka Soejima A Unit Root Test with Structural Change for Japanese Macroeconomic Variables
/Unit Root; Deterministic Trend; Structural Break; Null Hypothesis.
980 KB
Marie Ogawa, Takashi Kubota Bank Accounting and Market Valuation in Japan: An Overview of Accounting Issues of Financial Instruments
/Accounting; Financial Instruments; Market Valuation; Market Value Accounting.
1,054 KB

Vol.12, No.2 / December 1994

Author(s)Title/KeywordsFull Text (PDF)
Kyoji Fukao, Toshiyasu Izawa, Morio Kuninori, Toru Nakakita R&D Investment and Overseas Production: An Empirical Analysis of Japan's Electric Machinery Industry Based on Corporate Data 3,828 KB
Michael M. Hutchison Asset Price Fluctuations in Japan: What Role for Monetary Policy? 1,709 KB
Paul Sheard Bank Executives on Japanese Corporate Boards 2,520 KB

Vol.12, No.1 / July 1994

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Meltzer Regulatory Arrangements, Financial Stability, and Regulatory Reform 1,175 KB
Stanley Fischer International Capital Flows, the International Agencies, and Financial Stability 967 KB
Akio Kuroda, Masataka Kotani, Marie Ogawa Features and Problems of Bank Accounting System in Japan 2,949 KB
Satoru Kanoh, Saibi Saito Extracting Actuality from Judgement: A New Index of the Business Cycle 1,120 KB

Vol.11, No.2 / December 1993

Author(s)Title/KeywordsFull Text (PDF)
Bennett T. McCallum "Specification and Analysis of a Monetary Policy Rule for Japan" 2,597 KB
Kunio Okina Comments on "Specification and Analysis of a Monetary Policy Rule for Japan":A Central Banker's View 457 KB
Bennett T. McCallum "Specification and Analysis of a Monetary Policy Rule for Japan" Reply to Comments by Kunio Okina 160 KB
Koichiro Kamada The Real Value of Postal Savings Certificates 1,828 KB
Osamu Saito New Developments in Arguments on Legal Liability of Financial Institutoins 2,792 KB
Masao Ogaki Unit Roots in Macroeconometrics: A Survey 1,535 KB

Vol.11, No.1 / July 1993

Author(s)Title/KeywordsFull Text (PDF)
Takatoshi Ito, Keiko Nosse Hirono Efficiency of the Tokyo Housing Market 2,061 KB
Richard C. Marston Determinants of Short-Term Real Interest Differentials between Japan and the United States 1,762 KB
Mitsuru Iwamura Deposit Insurance and Moral Hazard 1,398 KB
Kiminori Matsuyama Modelling Complementarity in Monopolistic Competition 1,451 KB

Vol.10, No.2 / November 1992

Author(s)Title/KeywordsFull Text (PDF)
Kenneth Rogoff Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate 1,659 KB
Tsutomu Watanabe The Optimal Currency Composition of Government Debt 2,272 KB
Fumio Hayashi Explaining Japan's Saving: A Review of Recent Literature 1,079 KB
Paul D. McNelis, Naoyuki Yoshino Monetary Stabilization with Interest Rate Instruments in Japan: A Linear Quadratic Control Analysis 1,629 KB

Vol.10, No.1 / February 1992

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Melzer Some Lessons from the Great Inflations 1,364 KB
Stanley Fischer Lessons from Moderate Inflations 944 KB
John B. Taylor Price Stabilization in the 1990s: An Overview 531 KB
Kazuhito Ikeo Information Technology and the Restructuring of Banking Services 1,514 KB
Mitsuru Iwamura The Determination of Monetary Aggregates and Interest Rates 1,646 KB
Hiroshi Shibuya Dynamic Equilibrium Price Index: Asset Price and Inflation 794 KB

Vol.9, No.2 / September 1991

Author(s)Title/KeywordsFull Text (PDF)
Kumiharu Shigehara Evolving International Trade and Monetary Regimes and Related Policy Issues 764 KB
Ralph C. Bryant Model Representations of Japanese Monetary Policy 3,294 KB
Robert Dekle, Lawrence Summers Japan's High Saving Rate Reaffirmed 1,503 KB
Fumio Hayashi Rejoinder to Dekle and Summers 1,503 KB
Mitsuhiro Fukao Exchange Rate Movements and Capital-Asset Ratio of Banks: On the Conept of Structural Positions 833 KB

Vol.9, No.1 / March 1991

Author(s)Title/KeywordsFull Text (PDF)
Kumiharu Shigehara Japan's Experience with Use of Monetary Policy and the Process of Liberalization 1,378 KB
Toshiaki Tachibanaki, Atsuhiro Taki Shareholding and Lending Activity of Financial Institutions in Japan 2,618 KB
Kengo Kato The Information Content of Financial and Economic Variables: Empirical Tests of Information Variables in Japan 1,449 KB
Kumiharu Shigehara External Dimension of Europe 1992: Its Effests on the Relationship between Europe, the United States and Japan 1,142 KB
Charles W. Mooney, JR. Transfer, Pledge, Clearance and Settlement in the Japanese and United States Government Securities Markets 3,785 KB

Vol.8, No.2 / September 1990

Author(s)Title/KeywordsFull Text (PDF)
Kumiharu Shigehara Some Reflections on Monetary Policy Issues in Japan 531 KB
Tomoo Yoshida, Robert H. Rasche The M2 Demand in Japan: Shifted and Unstable? 1,299 KB
Robert H. Rasche Equilibrium Income and Interest Elasticities of the Demand for M1 in Japan 1,538 KB
Sawaichiro Kamata Measuring "Herstatt Risk" 945 KB
Gene M. Grossman Explaining Japan's Innovation and Trade: A Model of Quality Competition and Dynamic Comparative Advantage 1,740 KB
Mitsuhiro Fukao Liberalization of Japan's Foreign Exchange Controls and Structural Changes in the Balance of Payments 4,471 KB

Vol.8, No.1 / January 1990

Author(s)Title/KeywordsFull Text (PDF)
Tomoo Yoshida On the Stability of the Japanese Money Demand Function: Estimation Results Using the Error Correction Model 3,132 KB
Kenneth J. Singleton Interpreting Changes in the Volatility of Yields on Japnanese Long-term Bonds 1,778 KB
Hirochika Nishikawa Influence of Exchange Rate Fluctuation on Japan's Manufacturing Industry - Empirical Analysis : 1980-88 3,360 KB

Vol.7, No.2 / August 1989

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Meltzer Efficiency and Stability in World Finance 1,112 KB
Stanley Fischer Factor Mobility and the International Monetary System 665 KB
Mitsuhiro Fukao Exchange Rate Fluctuations, Balance of Payments Imbalances and Internationalization of Financial Markets
2,767 KB
Charles R. Nelson Implict Estimates of the Natural and Cyclical Components of Japan's Real GNP 1,135 KB
Keizo Takagi The Rise of Land Prices in Japan: The Determination Mechanism and the Effect of Taxation System 3,121 KB

Vol.7, No.1 / April 1989

Author(s)Title/KeywordsFull Text (PDF)
Hiroshi Yoshikawa, Yoshiyuki Takeuchi Real Wages and the Japanese Economy 2,150 KB
Helmut M. Wagner Alternatives of Disinflation and Stability Policy - Costs, Efficiency and Implementability: A Comparison Between Japan and West Germany 4,004 KB
Masahiko Takeda Bank Failures and Optimal Bank Audit Policy 2,095 KB
Hiromichi Shirakawa Bond Futures Market in Japan
-Its Structure and Some Empirical Tests-
1,524 KB

Vol.6, No.2 / November 1988

Author(s)Title/KeywordsFull Text (PDF)
Yoshio Suzuki, Akio Kuroda, Hiromichi Shirakawa Monetary Control Mechanism in Japan 1,698 KB
William D. Harrington The Developing Legal and Regulatory Status of Foreign Currency Options: A Comparative Study 3,855 KB
Robert F. Owen The Evolution in Japan's Relative Technological Competitiveness Since the 1960s: A Cross-Sectional, Time-Series Analysis 3,612 KB

Vol.6, No.1 / May 1988

Author(s)Title/KeywordsFull Text (PDF)
John B. Taylor Japanese Macroeconomic Policy and the Current Account Under Alternative International Monetary Regimes 1,835 KB
Paul De Grauwe The Long Swings in Real Exchange Rates
-Do They Fit into Our Theories?
1,449 KB
Shinji Takagi On the Statistical Properties of Floating Exchange Rates: A Reassessment of Recent Experience and Literature 2,160 KB
Adrian E. Tschoegl Foreign Banks in Japan 1,789 KB

Vol.5, No.3 / December 1987

Author(s)Title/KeywordsFull Text (PDF)
Eduard J. Bomhoff The Dollar-Yen Exchange Rate 2,079 KB
Yoshio Suzuki Financial Reform in Japan
-Development and Prospects
1,185 KB
Yasuhiro Horiye, Sadao Naniwa, Suzu Ishihara The Changes of Japanese Business Cycles 2,782 KB
Chihiro Sakuraba The Asset Pricing Mechanism in Japan's Stock Market: A New Test of Arbitrage Pricing Theory 2,020 KB

Vol.5, No.2 / September 1987

Author(s)Title/KeywordsFull Text (PDF)
James Tobin Are There Reliable Adjustment Mechanisms? 985 KB
Allan H. Meltzer On Monetary Stability and Monetary Reform 1,568 KB
Kanji Yoshioka, Takanobu Nakajima Economies of Scale in Japan's Banking Industry 2,150 KB
Hiromichi Shirakawa Fluctuations in Yields on Bonds
-A Reassessment of the Expectations Theory Based on Japanese and U.S. Data
2,699 KB

Vol.5, No.1 / May 1987

Author(s)Title/KeywordsFull Text (PDF)
Carl F. Christ The Financing of the Government Budget in Japan and Its Relation to Macroeconomic Variables 1,932 KB
Yasuhiro Horiye Export Behavior of Japanese Firms 5,580 KB
Victor Argy International Financial Liberalisation
-The Australian and Japanese Experiences Compared
3,741 KB
Kazumi Asako, Yuko Uchino Bank Loan Market of Japan
-A New View on the Disequilibrium Analysis
2,835 KB
Sadao Naniwa Nonstationary Covariance Structure of Detrended Economic Time Series: a Time Varying Model Approach 2,592 KB

Vol.4, No.2 / October 1986

Author(s)Title/KeywordsFull Text (PDF)
Philp P. Turner Savings, Investment and the Current Accout: An Empirical Study of Seven Major Countries 1965-84 3,633 KB
Munehisa Kasuya Economies of Scope: Theory and Application to Banking 2,274 KB
Michael Dotsey Japanese Monetary Policy, a Comparative Analysis 1,439 KB
Allan H. Meltzer Lessons from the Experience of Japan and the United States under Fixed and Fluctuating Exchange Rates 915 KB
Yoshio Suzuki A comparative Study of Financial Innovation, Deregulation and Reform in Japan and the United States 1,078 KB

Vol.4, No.1 / April 1986

Author(s)Title/KeywordsFull Text (PDF)
Masahiro Kuroda, Takashi Kaneko Economies of Scale and Lending Behavior in the Banking Industry 2,064 KB
Kunio Okina Relationship between Money Stock and Real Output in the Japanese Economy
-Survey on the Empirical Tests of the LSW Proposition
2,075 KB
Sadao Naniwa Trend Estimation via Smoothness Priors-State Space Modeling 1,588 KB

Vol.3, No.3 / December 1985

Author(s)Title/KeywordsFull Text (PDF)
Allan H. Meltzer Variability of Prices, Output and Money Under Fixed and Fluctuating Exchange Rates: An Empirical Study of Monetary Regimes in Japan and the United States 2,897 KB
Yasuhiro Horiye Savings Behavior of the Japanese Households 5,921 KB
Kunio Okina Reexamination of Empirical Studies Using Granger Causality -"Causality" Between Money Supply and Nominal Income- 1,801 KB

Vol.3, No.2 / September 1985

Author(s)Title/KeywordsFull Text (PDF)
Yoshio Suzuki Japan's Monetary Policy Over the Past 10 Years 626 KB
Milton Friedman Monetary Policy in a Fiat World 656 KB
James Tobin Finaicial Innovation and Deregulation in Perspective 838 KB
Masatoshi Kinoshita Bank Management and Financial Order in the Phase of Liberalization and Internationalization of Financial Markets 3,143 KB

Vol.3, No.1 / May 1985

Author(s)Title/KeywordsFull Text (PDF)
Kunio Okina Empirical Tests of "Bubbles" in the Foreign Exchange Market 2,265 KB
Yoshiaki Shikano Expectations Theory and Term Structure of Interest Rates 1,292 KB
Masahiko Takeda A Theory of Loan Rate Determination in Japan 2,439 KB
Thomas F. Cargill A U.S. Perspective on Japanese Financial Liberalization 3,380 KB

Vol.2, No.2 / December 1984

Author(s)Title/KeywordsFull Text (PDF)
Yoshio Suzuki Monetary Policy in Japan: Transmission Mechanism and Effectiveness 1,313 KB
Michael Parkin Discriminating between Keynesian and Classical Theories of the Business Cycle: Japan 1967-1982 2,055 KB
Yasuhiro Horiye "Service Economy" in Japan 3,480 KB

Vol.2, No.1 / June 1984

Author(s)Title/KeywordsFull Text (PDF)
Yoshio Suzuki Financial Innovation and Monetary Policy in Japan 2,970 KB
Kazuhiko Ishida Divisia Monetary Aggregates and Demand for Money: A Japanese Case 1,500 KB
Kunio Okina Rational Expectation, Bubbles and Foreign Exchange Market 2,109 KB

Vol.1, No.2 / October 1983

Author(s)Title/KeywordsFull Text (PDF)
Milton Friedman Monetarism in Rhetoric and in Practice 960 KB
James Tobin Monetary Policy in an Uncertain World 1,027 KB
Yoshio Suzuki Changes in Financial Asset Selection and the Development of Financial Markets in Japan 1,314 KB
Mitsuhiro Fukao The Theory of Exchange Rate Determination in a Multi-Currency World 2,807 KB
Takashi Okubo Money, Interest, Income, and Prices 1,787 KB

Vol.1, No.1 / June 1983

Author(s)Title/KeywordsFull Text (PDF)
Yoshio Suzuki Interest Rate Decontrol, Financial Innovation, and the Effectiveness of Monetary Policy 2,126 KB
Akio Kuroda Expected Inflation Rates and the Term Structure of Interest Rates 2,073 KB
Haruo Mayekawa The Way Back to the Growth of the World Economy 912 KB

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