IMES Discussion Paper Series

From Institute for Monetary and Economic Studies, Bank of Japan
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15-E-06: Forward Guidance and Asset Prices

Yıldız Akkaya, Refet Gürkaynak, Burçin Kısacıkoğlu and Jonathan Wright

15-E-05: Wall of Worries: Reflections on the Secular Stagnation Debate

Barry Eichengreen

15-E-04: The ICA-based Factor Decomposition of the Eurozone Sovereign CDS Spreads

Frank Fabozzi, Rosella Giacometti and Naoshi Tsuchida

15-E-03: What Determines Institutional Arrangements for Macroprudential Policy?

Eri Egawa, Akira Otani and Toshiyuki Sakiyama

15-E-02: Revisiting the Model of Credit Cycles with Good and Bad Projects

Kiminori Matsuyama, Iryna Sushko and Laura Gardini

15-E-01: Risk Aggregation with Copula for Banking Industry

Toshinao Yoshiba

14-E-17: Normative Behavioral Economics Based on Unconditional Love and Moral Virtue

Vipul Bhatt, Masao Ogaki and Yuichi Yaguchi

14-E-16: Post-Crisis Slow Recovery and Monetary Policy

Daisuke Ikeda and Takushi Kurozumi

14-E-15: Japanese Repo and Call Markets Before, During, and Emerging from the Financial Crisis

Ichiro Fukunaga and Naoya Kato

14-E-14: Destabilizing Carry Trades

Guillaume Plantin and Hyun Song Shin

14-E-13: Monetary Policy, Financial Conditions, and Financial Stability

Tobias Adrian and Nellie Liang

14-E-12: How Close is Asia to an Optimal Currency Area in Terms of Business Cycle Co-Movement?

Alicia Garcia-Herrero

14-E-11: Market Perceptions of US and European Policy Actions Around the Subprime Crisis

Theoharry Grammatikos, Thorsten Lehnert and Yoichi Otsubo

14-E-10: Effects of Accounting Conservatism on Corporate Investment Levels, Risk Taking, and Shareholder Value

Makoto Nakano, Fumitaka Otsubo and Yusuke Takasu

14-E-09: The Zero Lower Bound and Parameter Bias in an Estimated DSGE Model

Yasuo Hirose and Atsushi Inoue

14-E-08: Monetary Policy as a Carry Trade

Marvin Goodfriend

14-E-07: We Are All QE-sians Now

Takatoshi Ito

14-E-06: Reserve Requirement Policy over the Business Cycle

Pablo Federico, Carlos Vegh and Guillermo Vuletin

14-E-05: Banking, Liquidity and Bank Runs in an Infinite Horizon Economy

Mark Gertler and Nobuhiro Kiyotaki

14-E-04: A Pricing Theory under a Finite Number of Securities Issued: A Synthesis of "Market Microstructure" and "Mathematical Finance"

Yoshihiko Uchida and Daisuke Yoshikawa

14-E-03: A Survey of Systemic Risk Measures: Methodology and Application to the Japanese Market

Akio Hattori, Kentaro Kikuchi, Fuminori Niwa and Yoshihiko Uchida

14-E-02: A Reformulation of Normative Economics for Models with Endogenous Preferences

Vipul Bhatt, Masao Ogaki and Yuichi Yaguchi

14-E-01: Macroprudential Policies in a Global Perspective

Olivier Jeanne

13-E-14: Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy

Michael Klein and Jay Shambaugh

13-E-13: Aging and Deflation from a Fiscal Perspective

Hideki Konishi and Kozo Ueda

13-E-12: The International Finance Multiplier in Business Cycle Fluctuations

Naohisa Hirakata and Takushi Kurozumi

13-E-11: Influence of the Expansion of Fair Valuation on the Contracting Role of Accounting: A Normative Study

Yoshihiro Tokuga and Yoko Ota

13-E-10: Fiscal Reform and Government Debt in Japan: A Neoclassical Perspective

Gary Hansen and Selahattin Imrohoroglu

13-E-09: Puzzling over the Anatomy of Crises: Liquidity and the Veil of Finance

Guillermo Calvo

13-E-08: On Keeping Your Powder Dry: Fiscal Foundations of Financial and Price Stability

Maurice Obstfeld

13-E-07: Institutional Designs to Alleviate Liquidity Shortages in a Two- Country Model

Hiroshi Fujiki

13-E-06: Financial Frictions, Capital Misallocation, and Structural Change

Naohisa Hirakata and Takeki Sunakawa

13-E-05: Capital Flow, Foreign Direct Investment and Home Market Effect

Naohisa Hirakata and Mitsuru Katagiri

13-E-04: Japanese Money Demand from the Regional Data: An Update and Some Additional Results

Hiroshi Fujiki

13-E-03: Disentangling the Effects of Multiple Treatments - Measuring the Net Economic Impact of the 1995 Great Hanshin-Awaji Earthquake

Hiroshi Fujiki and Cheng Hsiao

13-E-02: Real Exchange Rates in a Model of Structural Change: Applications to the Real Yen-Dollar and Chinese RMB-Dollar Exchange Rates

Robert Dekle

13-E-01: Is New Governance the Ideal Architecture for Global Financial Regulation?

Annelise Riles

12-E-17: Aging and Household Stockholdings: Evidence from Japanese Household Survey Data

Hiroshi Fujiki, Naohisa Hirakata and Etsuro Shioji

12-E-16: Managing Financial Crises: Lean or Clean?

Mitsuru Katagiri, Ryo Kato and Takayuki Tsuruga

12-E-15: Credit Risk Contagion and the Global Financial Crisis

Azusa Takeyama, Nick Constantinou and Dmitri Vinogradov

12-E-14: A Framework for Extracting the Probability of Default from Stock Option Prices

Azusa Takeyama, Nick Constantinou and Dmitri Vinogradov

12-E-13: Demographics, Redistribution, and Optimal Inflation

James Bullard, Carlos Garriga and Christopher Waller

12-E-12: Societal Aging: Implications for Fiscal Policy

Alan Auerbach

12-E-11: Macroeconomic Implications of Demographic Changes: A Global Perspective

Ronald Lee

12-E-10: Central Banks - Paradise Lost

Otmar Issing

12-E-09: The Elusive Promise of Independent Central Banking

Marvin Goodfriend

12-E-08: Design and Estimation of a Quadratic Term Structure Model with a Mixture of Normal Distributions

Kentaro Kikuchi

12-E-07: Authority and Soft Information Production within a Bank Organization

Masazumi Hattori, Kohei Shintani and Hirofumi Uchida

12-E-06: Financial Markets Forecasts Revisited: Are they Rational, Herding or Bold?

Ippei Fujiwara, Hibiki Ichiue, Yoshiyuki Nakazono and Yosuke Shigemi

12-E-05: Seniority, Term Limits, and Government Spending: Theory and Evidence from the United States

Yasushi Asako, Tetsuya Matsubayashi and Michiko Ueda