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IMES Discussion Paper Series


IMES Discussion Paper Series is circulated in order to stimulate discussion and comments. Views expressed in Discussion Paper Series are those of authors and do not necessarily reflect those of the Bank of Japan or the Institute for Monetary and Economic Studies.

Table : IMES Discussion Paper Series
No. Author(s) Title/Keywords Date Full Text (PDF)
2003-E-15 Shigenori Shiratsuka Asset Price Bubble in Japan in the 1980s: Lessons for Financial and Macroeconomic Stability
/Asset price bubble; Financial stability; Macroeconomic stability, Sustainability
2003-12 263 KB
2003-E-14 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
2003-12 312 KB
2003-E-13 Hiroyuki OI, Akira OTANI, Toyoichirou SHIROTA The Choice of Invoice Currency in International Trade: Implications for the Internationalization of the Yen
/Invoice currency, LCP (local currency pricing), PCP (producer's currency pricing), internationalization of the yen, new open-economy macroeconomics, currency-basket regime
2003-10 360 KB
2003-E-12 Sachiko KURODA, Isamu YAMAMOTO The Impact of Downward Nominal Wage Rigidity on the Unemployment Rate: Quantitative Evidence from Japan
/Downward nominal wage rigidity; Unemployment rate; Inflation rate; Monetary policy; General equilibrium model with downward nominal wage rigidity
2003-10 434 KB
2003-E-11 Ryo KATO, Shin-Ichi NISHIYAMA Optimal Monetary Policy When Interest Rates are Bounded at Zero
/Deflation, Liquidity trap, Pre-emptive monetary policy, Zero bound
2003-10 459 KB
2003-E-10 Eisaku IDE Policy Debates on Public Finance between the Ministry of Finance and the Bank of Japan from 1930 to 1936
/the direct underwriting of deficit-financing bonds by the BOJ (BOJ underwriting); The Joint Research Committee; currency system; market operation by selling government bonds; continuing expenditure; deferred fiscal burden
2003-08 179 KB
2003-E-9 Keiko MURATA Precautionary Savings and Income Uncertainty: Evidence from Japanese Micro Data
/Precautionary savings; Uncertainty; Income risks; Uncertainty over public-pension benefits; Risk-sharing; Individual data; Longitudinal data
2003-07 327 KB
2003-E-8 Shin-Ichi NISHIYAMA Inflation Target as a Buffer against Liquidity Trap
/Deflation; Inflation Target; Liquidity Trap; Zero-Bound
2003-07 470 KB
2003-E-7 Tatsuya Ishikawa, Yasuhiro Yamai, Akira Ieda On the Risk Capital Framework of Financial Institutions
/Risk capital, risk management, capital structure, capital budgeting, risk-adjusted rate of return, capital allocation, deadweight cost.
2003-07 146 KB
2003-E-6 David Andolfatto Monetary Implications of the Hayashi-Prescott Hypothesis for Japan
/Productivity Slowdown; Money Multiplier; Monetary Policy; Liquidity Trap
2003-07 240 KB
2003-E-5 Kunio OKINA, Shigenori SHIRATSUKA Policy Commitment and Expectation Formations: Japan's Experience under Zero Interest Rates
/Zero Interest Rate Policy; Quantitative Monetary Easing; Policy Duration Effects; Policy Commitment
2003-06 888 KB
2003-E-4 Sachiko KURODA, Isamu YAMAMOTO Are Japanese Nominal Wages Downwardly Rigid? (Part II): Examinations using a Friction Model
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Measurement errors; Friction model; Simulated maximum likelihood
2003-06 512 KB
2003-E-3 Sachiko KURODA, Isamu YAMAMOTO Are Japanese Nominal Wages Downwardly Rigid? (Part I): Examinations of Nominal Wage Change Distributions
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Nominal wage change distributions
2003-06 369 KB
2003-E-2 Makoto Saito, Shigenori Shiratsuka Precautionary Motives versus Waiting Options: Evidence from Aggregate Household Saving in Japan
/Precautionary savings, Waiting options, Flexibility, Risks, The resolution of uncertainty
2003-06 291 KB
2003-E-1 Akira Otani, Shigenori Shiratsuka, Toyoichiro Shirota The Decline in the Exchange Rate Pass-Through: Evidence from Japanese Import Prices
/Exchange rate pass-through, Pricing-to-market, Import structure, Expenditure-switching effect, Firms' sourcing decision
2003-05 304 KB