Monetary and Economic Studies

1988 - 2023

From Institute for Monetary and Economic Studies, Bank of Japan
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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

Volume 19, month November, 2001

Endogenous Sampling in Duration Models pp. 77-96

Takeshi Amemiya

The Pricing of Interbank Payment Services in a Changing Competitive Environment pp. 97-111

John Weinberg

Optimal Timing in Banks' Write-Off Decisions under the Possible Implementation of a Subsidy Scheme: A Real Options Approach pp. 113-141

Naohiko Baba

Information Content of Implied Probability Distributions: Empirical Studies of Japanese Stock Price Index Options pp. 143-170

Shigenori Shiratsuka

Volume 19, month May, 2001

Should Japanese Banks Be Recapitalized? pp. 1-19

Douglas Diamond

Uncertainty, Monitoring Costs, and Private Banks' Lending Decisions in a Duopolistic Loan Market: A Game-Theoretic Real Options Approach pp. 21-47

Naohiko Baba

Is There a Desirable Rate of Inflation? A Theoretical and Empirical Survey pp. 49-83

Shigenori Shiratsuka

The Phillips Curve and Underlying Inflation pp. 85-107

Hitoshi Mio

Effects of Measurement Error on the Output Gap in Japan pp. 109-154

Koichiro Kamada and Kazuto Masuda

Volume 19, month February, 2001

"The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Introduction pp. 1-8

Kunio Okina, Hiroo Taguchi and Shigenori Shiratsuka

What Happened to Japanese Banks? pp. 1-29

Takeo Hoshi

"The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Opening Speech pp. 9-12

Masaru Hayami

Monetary Transmission at Low Inflation: Some Clues from Japan in the 1990s pp. 13-34

Allan Meltzer

A Comparison of National Banks in Japan and the United States between 1872 and 1885 pp. 31-48

Shigeki Miyajima and Warren Weber

Low Inflation, Deflation, and Policies for Future Price Stability pp. 35-51

John Taylor

Budget Deficits and Inflation: A Theoretical and Empirical Survey pp. 49-87

Hiroshi Fujiki

Policy Responses to the Post-bubble Adjustments in Japan: A Tentative Review pp. 53-102

Naruki Mori, Shigenori Shiratsuka and Hiroo Taguchi

Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists pp. 89-130

Hiroshi Fujiki, Kunio Okina and Shigenori Shiratsuka

Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan pp. 113-134

Thomas-F Cargill

International Dimensions of Japanese Insolvency Law pp. 131-179

Raj Bhala

Financial Stability, Deflation, and Monetary Policy pp. 143-167

Marvin Goodfriend

Structural Issues in the Japanese Labor Market: An Era of Variety, Equity, and Efficiency or an Era of Bipolarization? pp. 177-208

Hiroshi Fujiki, Sachiko Kuroda and Toshiaki Tachibanaki

Acknowledgement Misspecification in Macroeconomic Theory pp. 213-227

Lars Hansen and Thomas Sargent

Financial Crises As the Failure of Arbitrage: Implications for Monetary Policy pp. 239-270

Makoto Saito and Shigenori Shiratsuka

The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap pp. 277-312

Lars Svensson

Further Monetary Easing Policies under the Non-negativity Constraints of Nominal Interest Rates: Summary of the Discussion Based on Japan's Experience pp. 323-360

Nobuyuki Oda and Kunio Okina

Concluding Panel Discussion: The Role of Monetary Policy under Low Inflation pp. 371-394

Vitor Gaspar

The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons: Background Paper pp. 395-450

Kunio Okina, Masaaki Shirakawa and Shigenori Shiratsuka