The Japanese Economic Model: JEM

Ippei Fujiwara, Naoko Hara, Yasuo Hirose and Yuki Teranishi

No 04-E-3, Bank of Japan Working Paper Series from Bank of Japan

Abstract: In this paper, we set out the JEM (Japanese Economic Model), a large 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 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.

Keywords: Large Macroeconomic Model; Monetary Policy; Numerical Method; Projection (search for similar items in EconPapers)
JEL-codes: C30 E10 E17 E50 (search for similar items in EconPapers)
Date: 2004-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.boj.or.jp/en/research/wps_rev/wps_2004/data/wp04e03.pdf (application/pdf)

Related works:
Journal Article: The Japanese Economic Model (JEM) (2005)
Working Paper: The Japanese Economic Model: JEM (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:boj:bojwps:04-e-3

Access Statistics for this paper

More papers in Bank of Japan Working Paper Series from Bank of Japan Contact information at EDIRC.
Bibliographic data for series maintained by Bank of Japan ().