• Vol.22, No. S-1 / December 2004
• Vol.22, No.3 / October 2004
• Vol.22, No.2 / May 2004
• Vol.22, No.1 / March 2004

Monetary and Economic Studies is published each year, by the Bank of Japan's Institute for Monetary and Economic Studies (IMES). In line with IMES policy, the publication seeks to provide information on monetary and economic issues to the general public. Articles include research achievements by the staff and visiting scholars, and selected works from the proceedings of conferences sponsored by IMES.

Views expressed in Monetary and Economic Studies are those of the authors and do not necessarily reflect those of the Bank of Japan or IMES.

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Vol.22, No. S-1 / December 2004

Author(s)	Title/Keywords	Full Text (PDF)
Kunio Okina, Shigenori Shiratsuka	"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Introduction	72 KB
Kunio Okina, Kazuo Ueda, Vincent R. Reinhart, Otmar Issing. Maurice Obstfeld, Bennett T. McCallum	"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Concluding Panel Discussion: Sustained Economic Growth and Central Banking	231 KB
Toshihiko Fukui	"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Opening Speech	54 KB
Bennett T. McCallum	"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Keynote Speech, Long-Run Monetary Neutrality and Contemporary Policy Analysis /Superneutrality; Natural-rate hypothesis; Quantity theory of money; Cointegration	124 KB
Maurice Obstfeld	"Challenges for Sustained Economic Growth under Changing Economic, Social, and International Environments," Keynote Speech, Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies /Developing countries; Emerging markets; Convergence; Macroeconomic volatility; Exchange rate regimes; Institutions; Dollarization; Original sin	246 KB
William R. Easterly	Globalization, Inequality, and Development: The Big Picture /Globalization; Trade; Capital flows; Migration; Education; Development	291 KB
Franklin Allen, Hiroko Oura	Sustained Economic Growth and the Financial System /Growth; Crises; Bubbles; Contagion; Financial fragility	221 KB
Assaf Razin, Efraim Sadka	Privatizing Social Security: A Political-Economy Approach /Dependency ratio; Median voter; Privatization; Individual saving accounts	133 KB
Kunio Okina, Shigenori Shiratsuka	Asset Price Fluctuations, Structural Adjustments, and Sustained Economic Growth: Lessons from Japan's Experience since the Late 1980s /Asset price bubble; Relative price changes; Structural adjustments; Productivity growth	310 KB
Vincent R. Reinhart	Securing the Peace after a Truce in the War on Inflation /Monetary policy; Zero bound; Equilibrium interest rate	290 KB

Vol.22, No.3 / October 2004

Author(s)	Title/Keywords	Full Text (PDF)
Robert L. Hetzel	Price Stability and Japanese Monetary Policy /Japanese monetary policy; Bank of Japan; Deflation; Liquidity trap	217 KB
Hiroshi Fujiki, Kunio Okina, Shigenori Shiratsuka	Comments on "Price Stability and Japanese Monetary Policy" (1) /Quantitative easing; Deflation	294 KB
Kenneth N. Kuttner	Comments on "Price Stability and Japanese Monetary Policy" (2) /Quantity theory; Quantitative easing; Deflation	144 KB
Hiroshi Fujiki, Kiyoshi Watanabe	Japanese Demand for M1 and Demand Deposits: Cross-Sectional and Time-Series Evidence from Japan /Zero interest rate policy; Demand for money	362 KB
Hiroyuki Oi, Shigenori Shiratsuka, Toyoichiro Shirota	On Long-Run Monetary Neutrality in Japan /Long-run monetary neutrality; Long-term time-series data; Structural changes; Unit root tests; Bivariate structural vector autoregression (VAR)	403 KB
Yukinobu Kitamura	Information Content of Inflation-Indexed Bond Prices: Evaluation of U.S. Treasury Inflation-Protection Securities /Inflation-indexed bond; Expected inflation rate; Real yield	392 KB
Ryoji Koike	Japan's Foreign Direct Investment and Structural Changes in Japanese and East Asian Trade /Foreign direct investment (FDI); Gravity equation; Trade structure; Vertical specialization; Horizontal specialization; Fragmentation	306 KB

Vol.22, No.2 / May 2004

Author(s)	Title/Keywords	Full Text (PDF)
Andrew K. Rose	Equity Integration in Japan: An Application of a New Method /Stock prices; Risk; Portfolio	180 KB
Jun Nagayasu	The Term Structure of Interest Rates and Monetary Policy during a Zero Interest Rate Period /Monetary policy; Zero interest rates	242 KB
Daniel L. Thornton	Testing the Expectations Hypothesis: Some New Evidence for Japan /Expectations hypothesis; Nonstationarity; Vector autoregression; Lagrange multiplier test	210 KB
Masayuki Nakakuki, Akira Otani, Shigenori Shiratsuka	Distortions in Factor Markets and Structural Adjustments in the Economy /Structural problems; Heckscher-Ohlin model; Specific factor model; Production possibility frontier; Total factor productivity (TFP)	244 KB

Vol.22, No.1 / March 2004

Author(s)	Title/Keywords	Full Text (PDF)
Jaebeom Kim, Masao Ogaki	Purchasing Power Parity for Traded and Non-Traded Goods: A Structural Error Correction Model Approach /Structural error correction model (SECM); Purchasing power parity; Real exchange rate; Half-life; Convergence rate	211 KB
Hiroyuki Oi, Akira Otani, Toyoichiro Shirota	The Choice of Invoice Currency in International Trade: Implications for the Internationalization of the Yen /Invoice currency; Local currency pricing (LCP); Producer's currency pricing (PCP); Internationalization of the yen; New open-economy macroeconomics; Currency-basket regime	284 KB
Naohiko Baba, Yasunari Inamura	The Japanese Repo Market: Theory and Evidence /Repo; Government bond; No-arbitrage condition; Repo spread; On-the-run issues; Cheapest to deliver (CTD); Short sales	230 KB
Hiroatsu Tanaka, Naohiko Baba	Optimal Timing in Trading Japanese Equity Mutual Funds: Theory and Evidence /Mutual funds; Asset allocation; Fees; Uncertainty; Panel data	398 KB
Ippei Fujiwara, Maiko Koga	A Statistical Forecasting Method for Inflation Forecasting: Hitting Every Vector Autoregression and Forecasting under Model Uncertainty /Inflation; Forecast; Reduced rank VAR; Kernel smoothing; Mixture distribution; Nonparametric test	186 KB