IMES Discussion Paper Series

From Institute for Monetary and Economic Studies, Bank of Japan
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21-E-01: Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs

Daisuke Ikeda and Hidehiko Matsumoto

20-E-15: Digital Money as a Unit of Account and Monetary Policy in Open Economies

Daisuke Ikeda

20-E-14: Necessities, Home Production, and Economic Impacts of Stay-at-Home Policies

Makoto Nirei and Nao Sudo

20-E-13: Productivity and Trade Dynamics in Sudden Stops

Felipe Benguria, Hidehiko Matsumoto and Felipe Saffie

20-E-12: Sustainability of Social Security in the Aging Economy from the Perspective of Improving Health

Tomoaki Kotera

20-E-11: Disagreement between Human and Machine Predictions

Daisuke Miyakawa and Kohei Shintani

20-E-10: Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States

Daisuke Ikeda, Shangshang Li, Sophocles Mavroeidis and Francesco Zanetti

20-E-09: Stock Return Predictability and Variance Risk Premia around the ZLB

Toshiaki Ogawa, Masato Ubukata and Toshiaki Watanabe

20-E-08: Investment-Specific Technology Shocks Revisited

Shingo Watanabe

20-E-07: A Global Look into Corporate Cash after the Global Financial Crisis

Kei-Ichiro Inaba

20-E-06: Monetary Policy in the 1990s: Bank of Japan's Views Summarized Based on the Archives and Other Materials

Masanao Itoh, Yasuko Morita and Mari Ohnuki

20-E-05: Liquidity Management of Heterogeneous Banks during the Great Recession

Toshiaki Ogawa

20-E-04: Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc

20-E-03: Welfare Implications of Bank Capital Requirements under Dynamic Default Decisions

Toshiaki Ogawa

20-E-02: Looking into the Rear-View Mirror: Lessons from Japan for the Eurozone and the U.S?

Pierre L. Siklos

20-E-01: The Integration of Countries' Sovereign Bond Markets: An Empirical Illustration of a Global Financial Cycle

Kei-Ichiro Inaba

19-E-21: Prolonged Low Interest Rates and Banking Stability

Kosuke Aoki, Ko Munakata and Nao Sudo

19-E-20: The Disclosure of Non-GAAP Performance Measures and the Adoption of IFRS: Evidence from Japanese Firms' Experience

Yuta Shibasaki and Chikara Toyokura

19-E-19: Household Income, Portfolio Choice and Heterogeneous Consumption Responses to Monetary Policy Shocks

Fumitaka Nakamura

19-E-18: Search Complementarities, Aggregate Fluctuations, and Fiscal Policy

Jesus Fernandez-Villaverde, Federico Mandelman, Yang Yu and Francesco Zanetti

19-E-17: Tax Incentives for Investment: Evidence from Japan's High-Growth Era

Mariko Hatase and Yoichi Matsubayashi

19-E-16: The Effects of Asset Purchases and Normalization of US Monetary Policy

Naoko Hara, Ryuzo Miyao and Tatsuyoshi Okimoto

19-E-15: Imperfect Information, Shock Heterogeneity, and Inflation Dynamics

Tatsushi Okuda, Tomohiro Tsuruga and Francesco Zanetti

19-E-14: Central Bank Design under a Continued Low Inflation and Interest Rate Environment Summary of the 2019 BOJ-IMES Conference

Shigenori Shiratsuka, Nao Sudo and Shingo Watanabe

19-E-13: Alternatives to Inflation Targeting in Low Interest Rate Environments

Carl Walsh

19-E-12: The Euro Area Economic, Fiscal and Financial Governance: Difficulties and Successes in the Past - Present Challenges - Future Steps

Jean-Claude Trichet

19-E-11: Self-Organization of Inflation Volatility

Makoto Nirei and José A. Scheinkman

19-E-10: Sovereign Default Triggered by Inability to Repay Debt

Michinao Okachi

19-E-09: Central Bank Swap Lines: Evidence on the Effects of the Lender of Last Resort

Saleem Bahaj and Ricardo Reis

19-E-08: Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies

Julio Carrillo, Enrique Mendoza, Victoria Nuguer and Jessica Roldán-Peña

19-E-07: Interpolation of Japan's Household Consumption during World War II

Ryoji Koike

19-E-06: The Reversal Interest Rate

Markus Brunnermeier and Yann Koby

19-E-05: Security Analysis of Machine Learning Systems for the Financial Sector

Shiori Inoue and Masashi Une

19-E-04: Foreign Reserve Accumulation, Foreign Direct Investment, and Economic Growth

Hidehiko Matsumoto

19-E-03: State Dependence in Labor Market Fluctuations: Evidence, Theory, and Policy Implications

Carlo Pizzinelli, Konstantinos Theodoridis and Francesco Zanetti

19-E-02: Negative Interest Rate Policy and the Influence of Macroeconomic News on Yields

Rasmus Fatum, Naoko Hara and Yohei Yamamoto

19-E-01: Wrong-way Risk in Credit Valuation Adjustment of Credit Default Swap with Copulas

Tetsuya Adachi, Takumi Sueshige and Toshinao Yoshiba

18-E-17: Black Market Prices during World War II in Japan: An Estimate Using the Hedonic Approach

Masato Shizume

18-E-16: Macroeconomic Effects of Quantitative and Qualitative Monetary Easing Measures

Junko Koeda

18-E-15: Redistribution and Fiscal Uncertainty Shocks

Hikaru Saijo

18-E-14: Scarcity and Spotlight Effects on Liquidity and Yield: Quantitative Easing in Japan

Loriana Pelizzon, Marti G. Subrahmanyam, Reiko Tobe and Jun Uno

18-E-13: Monetary Policy Announcement and Algorithmic News Trading in the Foreign Exchange Market

Keiichi Goshima and Yusuke Kumano

18-E-12: Unconventional Monetary Policy and the Bond Market in Japan: A New-Keynesian Perspective

Parantap Basu and Kenji Wada

18-E-11: Central Banking in a Changing World Summary of the 2018 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan

Shigenori Shiratsuka

18-E-10: The Boundaries of Central Bank Independence: Lessons from Unconventional Times

Athanasios Orphanides

18-E-09: Whither Bank Regulation: Current Debates and Challenges

Raghuram Rajan

18-E-08: Missing Wage Inflation? Estimating the Natural Rate of Unemployment in a Nonlinear DSGE Model

Yuto Iwasaki, Ichiro Muto and Mototsugu Shintani

18-E-07: Optimal Trend Inflation

Klaus Adam and Henning Weber

18-E-06: Speed Limit Policy and Liquidity Traps

Taisuke Nakata, Sebastian Schmidt and Paul Yoo

18-E-05: A Survey-based Shadow Rate and Unconventional Monetary Policy Effects

Hibiki Ichiue and Yoichi Ueno