IMES Discussion Paper Series

From Institute for Monetary and Economic Studies, Bank of Japan
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09-E-22: Part-Paid Stock, Corporate Finance, and Investment: Economic Consequences of the Part-Paid Stock System and Supplementary Installments in the Early 1930s of Japan

Takashi Nanjo and Makoto Kasuya

09-E-21: Asset Prices and Monetary Policy

Ichiro Fukunaga and Masashi Saito

09-E-20: Financial System and Monetary Policy Implementation: Summary of the 2009 International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan

Shigenori Shiratsuka, Wataru Takahashi and Kozo Ueda

09-E-19: A Financial System Perspective on Japan's Experience in the Late 1980s

Masazumi Hattori, Hyun Song Shin and Wataru Takahashi

09-E-18: Lenders of Last Resort in a Globalized World

Maurice Obstfeld

09-E-17: The Role of "Determinacy" in Monetary Policy Analysis

Bennett McCallum

09-E-16: On the Establishment Dynamics in the United States and Japan

Toshihiko Mukoyama

09-E-15: Did the Structure of Trade and Foreign Debt Affect Reserve Currency Composition? Evidence form Interwar Japan

Mariko Hatase and Mari Ohnuki

09-E-14: Credit Spread and Monetary Policy

Yuki Teranishi

09-E-13: Bayesian Analysis of Time-Varying Parameter Vector Autoregressive Model for the Japanese Economy and Monetary Policy

Jouchi Nakajima, Munehisa Kasuya and Toshiaki Watanabe

09-E-12: Official Japanese Intervention in the JPY/USD Exchange Rate Market: Is It Effective and Through Which Channel Does It Work?

Rasmus Fatum

09-E-11: A State Space Approach to Estimating the Integrated Variance and Microstructure Noise Component

Daisuke Nagakura and Toshiaki Watanabe

09-E-10: The Evolution of Loan Rate Stickiness Across the Euro Area

Jouchi Nakajima and Yuki Teranishi

09-E-09: Financial Stability in Open Economies

Ippei Fujiwara and Yuki Teranishi

09-E-08: Determinants of Households' Inflation Expectations

Kozo Ueda

09-E-07: Dynamic Model of Credit Risk in Relationship Lending: A Game- theoretic Real Options Approach

Takashi Shibata and Tetsuya Yamada

09-E-06: A New Method for Identifying the Effects of Foreign Exchange Interventions

Chih-nan Chen, Tsutomu Watanabe and Tomoyoshi Yabu

09-E-05: Central Bank Communication and Multiple Equilibria

Kozo Ueda

09-E-04: Consumption Smoothing without Secondary Markets for Small Durable Goods

Michio Suzuki

09-E-03: Bank Ties and Firm Performance in Japan: Some Evidence since FY2002

Patrick McGuire

09-E-02: Dimensions of Inequality in Canada

Matthew Brzozowski, Martin Gervais, Paul Klein and Michio Suzuki

09-E-01: Accounting for Oil Price Variation and Weakening Impact of the Oil Crisis

Naohisa Hirakata and Nao Sudo

08-E-25: Optimal Monetary Policy under Imperfect Financial Integration

Nao Sudo and Yuki Teranishi

08-E-24: How Are Shocks to Trend and Cycle Correlated? A Simple Methodology for Unidentified Unobserved Components Models

Daisuke Nagakura

08-E-23: EGARCH and Stochastic Volatility: Modeling Jumps and Heavy-tails for Stock Returns

Jouchi Nakajima

08-E-22: The Global Impact of Chinese Growth

Ippei Fujiwara, Keisuke Otsu and Masashi Saito

08-E-21: Growth Expectation

Ippei Fujiwara

08-E-20: The Zero Interest Rate Policy

Tomohiro Sugo and Yuki Teranishi

08-E-19: Inventory-Theoretic Model of Money Demand, Multiple Goods, and Price Dynamics

Hirokazu Ishise and Nao Sudo

08-E-18: Frontiers in Monetary Theory and Policy: Summary of the 2008 International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan

Ippei Fujiwara, Kazuo Fukuda, Ichiro Muto, Yosuke Shigemi and Wataru Takahashi

08-E-17: Aggregate and Household Demand for Money: Evidence from Public Opinion Survey on Household Financial Assets and Liabilities

Hiroshi Fujiki and Cheng Hsiao

08-E-16: Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach

Ippei Fujiwara, Yasuo Hirose and Mototsugu Shintani

08-E-15: Sectoral Co-Movement, Monetary-Policy Shock, and Input-Output Structure

Nao Sudo

08-E-14: The Way Back to Stability and Growth in the Global Economy: The Mayekawa Lecture

John Taylor

08-E-13: Inflation Targeting and Monetary Policy Activism

Toshitaka Sekine and Yuki Teranishi

08-E-12: Institutions, Competition, and Capital Market Integration in Japan

Kris James Mitchener and Mari Ohnuki

08-E-11: Real Exchange Rate Dynamics under Staggered Loan Contracts

Ippei Fujiwara and Yuki Teranishi

08-E-10: Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets

Graciela Kaminsky

08-E-09: Spurious Regressions in Technical Trading: Momentum or Contrarian?

Mototsugu Shintani, Tomoyoshi Yabu and Daisuke Nagakura

08-E-08: Optimal Monetary Policy under Staggered Loan Contracts

Yuki Teranishi

08-E-07: Law and Systems for Intermediated Securities and the Relationship of Private Property Law to Securities Clearance and Settlement: United States, Japan, and the UNIDROIT Draft Convention

Charles W. Mooney, Jr.

08-E-06: Economic Fluctuations in Japan during the Interwar Period -- Re- estimations of the LTES Personal

Kiyohito Utsunomiya

08-E-05: Accounting for Persistence and Volatility of Good-level Real Exchange Rates: The Role of Sticky Information

Mario Crucini, Mototsugu Shintani and Takayuki Tsuruga

08-E-04: Helicopter Drops and Japan's Liquidity Trap

Laurence Ball

08-E-03: Credit Risk Assessment Considering Variations in Exposure: Application to Commitment Lines

Shigeaki Fujiwara

08-E-02: Deflation in Durable Goods Markets: An Empirical Model of the Tokyo Condominium Market

Migiwa Tanaka

08-E-01: Monetary Policy and Learning from the Central Bank's Forecast

Ichiro Muto

07-E-21: Analytical solutions for expected and unexpected losses with an additional loan

Satoshi Yamashita and Toshinao Yoshiba

07-E-20: Testing for Coefficient Stability of AR(1) Model When the Null is an Integrated or a Stationary Process

Daisuke Nagakura

07-E-19: The Broad Yen Carry Trade

Masazumi Hattori and Hyun Song Shin

07-E-18: Monetary Policy in East Asia: Common Concerns

Marvin Goodfriend

07-E-17: CAPITAL MARKET INTEGRATION IN JAPAN

Kris James Mitchener and Mari Ohnuki

07-E-16: A Neoclassical Analysis of the Asian Crisis: Business Cycle Accounting of a Small Open Economy

Keisuke Otsu

07-E-15: Monetary and Fiscal Policy under Learning in the Presence of a Liquidity Trap

George Evans

07-E-14: Integration and Growth in East Asia

Sanghoon Ahn and Jong-Wha Lee

07-E-13: Financial Globalization and Emerging Market Portfolios

Michael Devereux

07-E-12: Financial Integration in East Asia

Hiroshi Fujiki and Akiko Hagiwara

07-E-11: The Renminbi's Dollar Peg at the Crossroads

Maurice Obstfeld

07-E-10: Monetary Policy in East Asia: the Case of Singapore

Bennett McCallum

07-E-09: Japanese Monetary Policy during the Collapse of the Bubble Economy: A View of Policy-making under Uncertainty

Ippei Fujiwara, Naoko Hara, Naohisa Hirakata, Takeshi Kimura and Shinichiro Watanabe

07-E-08: Productivity Growth, Transparency, and Monetary Policy

Ichiro Muto

07-E-07: Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects"

Ippei Fujiwara and Naohisa Hirakata

07-E-06: Price Discovery of Credit Spreads for Japanese Mega-Banks: Subordinated Bond and CDS

Naohiko Baba and Masakazu Inada

07-E-05: Estimating Frisch Labor Supply Elasticity in Japan

Sachiko Kuroda and Isamu Yamamoto

07-E-04: A Dynamic New Keynesian Life-Cycle Model: Societal Ageing, Demographics and Monetary Policy

Ippei Fujiwara and Yuki Teranishi

07-E-03: Determinants of Subordinated Debt Issuance by Japanese Regional Banks

Naohiko Baba, Masakazu Inada and Yasuo Maeda

07-E-02: Fiscal Policy Switching: Evidence from Japan, the U.S., and the U.K

Arata Ito, Tsutomu Watanabe and Tomoyoshi Yabu

07-E-01: A Neoclassical Analysis of the Postwar Japanese Economy

Keisuke Otsu