Monetary and Economic Studies

1988 - 2024

From Institute for Monetary and Economic Studies, Bank of Japan
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Volume 22, month December, 2004

"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Introduction pp. 1-8

Kunio Okina and Shigenori Shiratsuka

"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Opening Speech pp. 9-14

Toshihiko Fukui

Long-Run Monetary Neutrality and Contemporary Policy Analysis: Keynote Speech pp. 15-28

Bennett McCallum

Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies: Keynote Speech pp. 29-55

Maurice Obstfeld

Globalization, Inequality, and Development: The Big Picture pp. 57-87

William Easterly

Sustained Economic Growth and the Financial System pp. 95-119

Franklin Allen and Hiroko Oura

Privatizing Social Security: A Political-Economy Approach pp. 127-136

Assaf Razin and Efraim Sadka

Asset Price Fluctuations, Structural Adjustments, and Sustained Economic Growth: Lessons from Japan's Experience since the Late 1980s pp. 143-167

Kunio Okina and Shigenori Shiratsuka

Securing the Peace after a Truce in the War on Inflation pp. 179-201

Vincent Reinhart

"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Concluding Panel Discussion: Sustained Economic Growth and Central Banking pp. 217-248

Kunio Okina, Kazuo Ueda, Vincent Reinhart, Otmar Issing, Maurice Obstfeld and Bennett McCallum

Volume 22, month October, 2004

Price Stability and Japanese Monetary Policy pp. 1-23

Robert-L Hetzel

Comments on "Price Stability and Japanese Monetary Policy." pp. 25-36

Hiroshi Fujiki, Kunio Okina and Shigenori Shiratsuka

Comments on "Price Stability and Japanese Monetary Policy." pp. 37-46

Kenneth Kuttner

Japanese Demand for M1 and Demand Deposits: Cross-Sectional and Time-Series Evidence from Japan pp. 47-77

Hiroshi Fujiki and Kiyoshi Watanabe

On Long-Run Monetary Neutrality in Japan pp. 79-113

Hiroyuki Oi, Shigenori Shiratsuka and Toyoichiro Shirota

Information Content of Inflation-Indexed Bond Prices: Evaluation of U.S. Treasury Inflation-Protection Securities pp. 115-143

Yukinobu Kitamura

Japan's Foreign Direct Investment and Structural Changes in Japanese and East Asian Trade pp. 145-182

Ryoji Koike

Volume 22, month May, 2004

Equity Integration in Japan: An Application of a New Method pp. 1-17

Andrew Rose

The Term Structure of Interest Rates and Monetary Policy during a Zero Interest Rate Period pp. 19-43

Jun Nagayasu

Testing the Expectations Hypothesis: Some New Evidence for Japan pp. 45-69

Daniel Thornton

Distortions in Factor Markets and Structural Adjustments in the Economy pp. 71-99

Masayuki Nakakuki, Akira Otani and Shigenori Shiratsuka

Volume 22, month March, 2004

Purchasing Power Parity for Traded and Non-traded Goods: A Structural Error Correction Model Approach pp. 1-25

Jaebeom Kim and Masao Ogaki

The Choice of Invoice Currency in International Trade: Implications for the Internationalization of the Yen pp. 27-63

Hiroyuki Oi, Akira Otani and Toyoichiro Shirota

The Japanese Repo Market: Theory and Evidence pp. 65-90

Naohiko Baba and Yasunari Inamura

Optimal Timing in Trading Japanese Equity Mutual Funds: Theory and Evidence pp. 91-121

Hiroatsu Tanaka and Naohiko Baba

A Statistical Forecasting Method for Inflation Forecasting: Hitting Every Vector Autoregression and Forecasting under Model Uncertainty pp. 123-142

Ippei Fujiwara and Maiko Koga

Volume 21, month December, 2003

Monetary Implications of the Hayashi-Prescott Hypothesis for Japan pp. 1-20

David Andolfatto

Effects of External Debt on Domestic Resource Allocation in a Small Open Economy with Limited Access to the World Capital Market pp. 21-56

Hiroshi Fujiki and Kiyoshi Watanabe

The Impact of Downward Nominal Wage Rigidity on the Unemployment Rate: Quantitative Evidence from Japan pp. 57-85

Sachiko Kuroda and Isamu Yamamoto

Policy Debates on Public Finance between the Ministry of Finance and the Bank of Japan from 1930 to 1936 pp. 87-103

Eisaku Ide

Volume 21, month October, 2003

Precautionary Motives versus Waiting Options: Evidence from Aggregate Household Saving in Japan pp. 1-20

Makoto Saito and Shigenori Shiratsuka

Precautionary Savings and Income Uncertainty: Evidence from Japanese Micro Data pp. 21-52

Keiko Murata

The Decline in the Exchange Rate Pass-Through: Evidence from Japanese Import Prices pp. 53-81

Akira Otani, Shigenori Shiratsuka and Toyoichiro Shirota

On the Risk Capital Framework of Financial Institutions pp. 83-105

Tatsuya Ishikawa, Yasuhiro Yamai and Akira Ieda

Volume 21, month August, 2003

Are Japanese Nominal Wages Downwardly Rigid? (Part I): Examinations of Nominal Wage Change Distributions pp. 1-29

Sachiko Kuroda and Isamu Yamamoto

Are Japanese Nominal Wages Downwardly Rigid? (Part II): Examinations Using a Friction Model pp. 31-68

Sachiko Kuroda and Isamu Yamamoto

Forbearance Lending: The Case of Japanese Firms pp. 69-92

Toshitaka Sekine, Keiichiro Kobayashi and Yumi Saita

A New Technique for Simultaneous Estimation of Potential Output and the Phillips Curve pp. 93-112

Yasuo Hirose and Koichiro Kamada

An Analysis of Contagion in Emerging Currency Markets Using Multivariate Extreme Value Theory pp. 113-131

Masahiro Fukuhara and Yasufumi Saruwatari

Volume 21, month February, 2003

The Effects of Japanese Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach pp. 1-34

Kyungho Jang and Masao Ogaki

Measuring Business Cycle Turning Points in Japan with a Dynamic Markov Switching Factor Model pp. 35-68

Toshiaki Watanabe

Analysis of Changes in Japan's Unemployment Rate Using Gross Flow Data pp. 69-104

Sachiko Kuroda

The Effectiveness of Forecasting Methods Using Multiple Information Variables pp. 105-143

Tomiyuki Kitamura and Ryoji Koike

Volume 20, month December, 2002

"Exchange Rate Regimes in the 21st Century," Introduction pp. 1-8

Kunio Okina, Hiroshi Fujiki and Akira Otani

"Exchange Rate Regimes in the 21st Century," Opening Speech pp. 9-10

Masaru Hayami

New International Financial Arrangements pp. 11-22

Allan Meltzer

Exchange Rates and Adjustment: Perspectives from the New Open- Economy Macroeconomics pp. 23-46

Maurice Obstfeld

Do Currency Regimes Matter in the 21st Century? An Overview pp. 47-79

Hiroshi Fujiki and Akira Otani

Exchange Rate Regimes in the Americas: Is Dollarization the Solution? pp. 91-111

Vittorio Corbo

Monetary and Fiscal Policy in the European Monetary Union pp. 123-154

Jurgen von-Hagen and Matthias Bruckner

Exchange Rate Arrangements in East Asia: Lessons from the 1997-98 Currency Crisis pp. 167-204

Masahiro Kawai

Independent Currency Unions, Growth, and Inflation pp. 215-232

Sebastian Edwards and I-Igal Magendzo

"Exchange Rate Regimes in the 21st Century," Concluding Panel Discussion: The Role of Central Banks in Exchange Rate Regimes in the 21st Century pp. 241-274

Kunio Okina, Allan Meltzer, Maurice Obstfeld, Roger W. Ferguson, Jr., Pierre van der Haegen and Yutaka Yamaguchi

"Exchange Rate Regimes in the 21st Century," Final Remarks pp. 275-278

Kazuo Ueda

Volume 20, month October, 2002

Pricing-to-Market (PTM) and the International Monetary Policy Transmission: The "New Open-Economy Macroeconomics" Approach pp. 1-34

Akira Otani

Asset Price Bubbles, Price Stability, and Monetary Policy: Japan' s Experience pp. 35-76

Kunio Okina and Shigenori Shiratsuka

Economic Developments and Monetary Policy Responses in Interwar Japan: Evaluation Based on the Taylor Rule pp. 77-116

Masato Shizume

Developments in Land Prices and Bank Lending in Interwar Japan: Effects of the Real Estate Finance Problem on the Banking Industry pp. 117-142

Takashi Nanjo

Devaluation and Exports in Interwar Japan: The Effects of Sharp Depreciation of the Yen in the Early 1930s pp. 143-180

Mariko Hatase

Comparative Analyses of Expected Shortfall and Value-at-Risk (3): Their Validity under Market Stress pp. 181-237

Yasuhiro Yamai and Toshinao Yoshiba

Volume 20, month April, 2002

Is There a Stable Money Demand Function under the Low Interest Rate Policy? A Panel Data Analysis pp. 1-23

Hiroshi Fujiki, Cheng Hsiao and Yan Shen

Money Demand near Zero Interest Rate: Evidence from Regional Data pp. 25-41

Hiroshi Fujiki

Japan's Financial System: Its Perspective and the Authorities' Roles in Redesigning and Administering System pp. 43-93

Naohiko Baba and Takamasa Hisada

Comparative Analyses of Expected Shortfall and Value-at-Risk (2): Expected Utility Maximization and Tail Risk pp. 95-115

Yasuhiro Yamai and Toshinao Yoshiba

Has Japan Been Left Out in the Cold by Regional Integration? pp. 117-134

Howard Wall

Volume 20, month January, 2002

Policy Duration Effect under the Zero Interest Rate Policy in 1999-2000: Evidence from Japan's Money Market Data pp. 1-31

Hiroshi Fujiki and Shigenori Shiratsuka

Identifying Aggregate Demand and Aggregate Supply Components of Inflation Rate: A Structural Vector Autoregression Analysis for Japan pp. 33-56

Hitoshi Mio

On the Validity of Value-at-Risk: Comparative Analyses with Expected Shortfall pp. 57-85

Yasuhiro Yamai and Toshinao Yoshiba

Comparative Analyses of Expected Shortfall and Value-at-Risk: Their Estimation Error, Decomposition, and Optimization pp. 87-121

Yasuhiro Yamai and Toshinao Yoshiba

Credit Cards and Debit Cards in the United States and Japan pp. 123-159

Ronald J. Mann