The Japanese Economic Model (JEM)

Ippei Fujiwara, Naoko Hara, Yasuo Hirose and Yuki Teranishi

Monetary and Economic Studies, 2005, vol. 23, issue 2, 61-142

Abstract: In this paper, we set out the Japanese Economic Model (JEM), a large-scale macroeconomic model of the Japanese economy. Although the JEM is a theoretical model designed with a view to overcoming the Lucas ( 1976) critique of traditional large-scale macroeconomic models, it can also be used for both projection and simulation analysis. This is achieved by embedding a mechanism within which "short-run dynamics," basically captured by a vector autoregression model, eventually converge to a "short-run equilibrium," which is defined using a dynamic general equilibrium-type model.

JEL-codes: C51 E17 E52 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (22)

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Related works:
Working Paper: The Japanese Economic Model: JEM (2004)
Working Paper: The Japanese Economic Model: JEM (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:ime:imemes:v:23:y:2005:i:2:p:61-142

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