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Monetary and Economic Studies

1999

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.

Click the title to obtain an abstract of the thesis

Vol.17, No.3 / December 1999

Table : Vol.17, No.3 / December 1999
Author(s) Title/Keywords Full Text (PDF)
Kunio Okina, Masaaki, Shirakawa, Shigenori Shiratsuka Financial Market Globalization: Present and Future
/Globalization; Central bank; International capital mobility; Risk diversification; Monetary policy; Stability of fiancial system		 384 KB
Robert J. Gordon The Boskin Commission Report and Its Aftermath
/Inflation; Price measurement; Quality change; New products		 331 KB
Shigenori Shiratsuka Measurement Errors in the Japanese Consumer Price Index
/Consumer price index; Measurement errors; Cost of living index; Quality changes; Boskin Report		 334 KB
Shigenori Shiratsuka Asset Price Fluctuation and Price Indices
/Asset price; Intertemporal cost of living index; Dynamic equilibrium price index; Monetary policy; Information variable		 283 KB
Masahiro Higo, Sachiko Kuroda Nakada What Determines the Relation between the Output Gap and Inflation? An International Comparison of Inflation Expectations and Staggered Wage Adjustment
/Phillips Curve; NAIRU; Expected inflation rate; Price adjustment; Output gap; Inflation; Monetary policy		 328 KB
Kunio Okina (Comments; Ronald I. McKinnon, Allan H. Meltzer, Rejoinder; Kunio Okina) Monetary Policy under Zero Inflation: A Response to Criticisms and Questions Regarding Monetary Policy
/Monetary policy; Zero interest rates; Long-term interest rates; Inflation targeting; Outright purchase of government bonds; Quantitative easing; Excess reserves; Base money; Balance sheet problem; Liquidity trap		 397 KB

Vol.17, No.2 / August 1999

Table : Vol.17, No.2 / August 1999
Author(s) Title/Keywords Full Text (PDF)
Milton H. Marquis The Joint and Several Effects of Liquidity Constraints, Financing Constraints, and Financial Intermediation on the Welfare Cost of Inflation
/Financing constraints; Financial intermediation; Welfare costs of inflation		 218 KB
Curtis J. Milhaupt Japan's Experience with Deposit Insurance and Failing Banks: Implications for Financial Regulatory Design?
/Deposit insurance; Bank failure		 275 KB
Fuminobu Ohtake, Nobuyuki Oda, Toshinao Yoshiba Market Price Analysis and Risk Management for Convertible Bonds
/Convertible bond; Implied volatility; Historical volatility; Market risk; Arbitrage; Issuing conditions		 291 KB
Akira Ieda, Toshikazu Ohba Risk Management for Equity Portfolios of Japanese Banks
/Equity portfolio; Loan; Expected default probability; Spread over Libor; Equity price risk; Credit risk; Sensitivity		 261 KB

Vol.17, No.1 / May 1999

Table : Vol.17, No.1 / May 1999
Author(s) Title/Keywords Full Text (PDF)
Hisashi Nakamura, Shigenori Shiratsuka Extracting Market Expectations from Option Prices: Case Studies in Japanese Option Markets
/Option prices; Implied probability distribution; Market expectations; Monetary policy; Information variables		 967 KB
Makoto Saito Dynamic Allocation and Pricing in Incomplete Markets: A Survey
/Incomplete markets; Asset pricing		 211 KB
Michael F. Bryan, Stephen G. Cecchetti The Monthly Measurement of Core Inflation in Japan
/Inflation measurement; Core inflation; Trimmed means; Median		 206 KB
Hitoshi Mio, Masahiro Higo Underlying Inflation and the Distribution of Price Change: Evidence from the JapaneseTrimmed-Mean CPI
/Underlying inflation; Trimmed CPI; Price change distribution; Temporary relative price shock		 327 KB
Nobuyuki Oda Estimating Fair Premium Rates for Deposit Insurance Using Option Pricing Theory: An Empirical Study of Japanese Banks
/Deposit insurance; Variable deposit insurance rates; Option pricing theory; Stock price; Credit risk; Bankruptcy forecasting; Forbearance		 400 KB