IMES Discussion Paper Series

From Institute for Monetary and Economic Studies, Bank of Japan
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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

18-E-04: The Effects of the Bank of Japan fs Corporate and Government Bond Purchases on Credit Spreads

Kenji Suganuma and Yoichi Ueno

18-E-03: The Implied Bail-in Probability in the Contingent Convertible Securities Market

Masayuki Kazato and Tetsuya Yamada

18-E-02: Central Bank Policy Announcements and Changes in Trading Behavior: Evidence from Bond Futures High Frequency Price Data

Koichiro Kamada, Tetsuo Kurosaki, Ko Miura and Tetsuya Yamada

18-E-01: Does Sovereign Risk in Local and Foreign Currency Differ?

Marlene Amstad, Frank Packer and Jimmy Shek

17-E-12: The Effect of Bank Monitoring on the Demand for Earnings Quality in Bond Contracts

Akinobu Shuto, Norio Kitagawa and Naoki Futaesaku

17-E-11: Market Concentration and Sectoral Inflation under Imperfect Common Knowledge

Ryo Kato and Tatsushi Okuda

17-E-10: Trend Inflation and Evolving Inflation Dynamics: A Bayesian GMM Analysis of the Generalized New Keynesian Phillips Curve

Yasufumi Gemma, Takushi Kurozumi and Mototsugu Shintani

17-E-09: Monetary Policy: Lessons Learned and Challenges Ahead. Summary of the 2017 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan

Ko Nakayama and Shigenori Shiratsuka

17-E-08: Rethinking the Power of Forward Guidance: Lessons from Japan

Mark Gertler

17-E-07: Fiscal Space under Demographic Shift

Christine Ma and Chung Tran

17-E-06: The Transactions Demand for Paper and Digital Currencies

Koichiro Kamada

17-E-05: Japanese and U.S. Inflation Dynamics in the 21st Century

Jeff Fuhrer

17-E-04: Monetary Policy According to HANK

Greg Kaplan, Benjamin Moll and Giovanni L. Violante

17-E-03: Guiding the Economy Toward the Target Inflation Rate: An Evolutionary Game Theory Approach

Yasushi Asako and Tatsushi Okuda

17-E-02: Banking Crises and the Japanese Legal Framework

Ignacio Tirado

17-E-01: Term Structure Models with Negative Interest Rates

Yoichi Ueno