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IMES Discussion Paper Series

2004

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.

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Table : IMES Discussion Paper Series
No. Author(s) Title/Keywords Date Full Text (PDF)
2004-E-23 Kenshi Taketa A Large Speculator in Contagious Currency Crises:
A Single "George Soros" Makes Countries More Vulnerable to Crises, but Mitigates Contagion

/Contagion; Currency Crises; Global Game
2004-12 305 KB
2004-E-22 Kenshi Taketa Contagion of Currency Crises across Unrelated Countries
/Contagion; Currency Crises; Global Game.
2004-12 246 KB
2004-E-21 Yasushi Iwamoto Monetary and Fiscal Policy to Escape from a Deflationary Trap
/Monetary policy, zero bound on interest rates, liquidity trap, deflationary trap, non-Ricardian fiscal policy regime.
2004-10 386 KB
2004-E-20 William R. Easterly Globalization, Inequality and Development: The Big Picture
/Globalization, Trade, Capital flows, Migration, Education, Development.
2004-10 235 KB
2004-E-19 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
2004-09 259 KB
2004-E-18 Bennett T. McCallum Long-Run Monetary Neutrality and Contemporary Policy Analysis
/Superneutrality, Natural-rate hypothesis, Quantity theory of money, Cointegration
2004-08 168 KB
2004-E-17 Franklin Allen, Hiroko Oura Sustained Economic Growth and the Financial System
/Growth, Crises, Bubbles, Contagion, Financial fragility
2004-08 251 KB
2004-E-16 Assaf Razin, Efraim Sadka Privatizing Social Security: A Political-Economy Approach
/Dependency ratio, Median voter, Privatization, Individual saving accounts
2004-08 170 KB
2004-E-15 Vincent R. Reinhart Securing the Peace after a Truce in the War on Inflation
/Monetary policy, Zero bound, Equilibrium interest rate
2004-08 477 KB
2004-E-14 Maurice Obstfeld
Globalization, Macroeconomic Performance,
and the Exchange Rates of Emerging Economies

/Developing Countries, Emerging Markets, Convergence, Macroeconomic Volatility, Exchange-rate Regimes, Institutions, Dollarization, Original Sin.
2004-08 466 KB
2004-E-13 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 VAR
2004-08 503 KB
2004-E-12 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
2004-08 347 KB
2004-E-11 Ulrike Schaede
The "Middle Risk Gap" and Financial System Reform: Small Firm Financing in Japan
/Middle market, Interest rates, Japan, small firm financing, government lending, securitization, banking reform.
2004-07 254 KB
2004-E-10 Takuji Kawamoto Technology Shocks and the Role of Monetary Policy in the Beauty Contest Monetarist Model
/Technology Shocks; Imperfect Common Knowledge; Employment; Inflation; and Monetary Policy
2004-07 391 KB
2004-E-9 Ryoji KOIKE Japan's Foreign Direct Investment and Structural Changes in Japan and East Asia Trade
/Foreign direct investment (FDI), gravity equation, trade structure, vertical specialization, horizontal specialization, fragmentation
2004-06 353 KB
2004-E-8 Yukinobu Kitamura Information Contents of Inflation Indexed Bond Prices: Evaluation of U.S. Treasury Inflation-Protection Securities
/Inflation Indexed Bond; Expected Inflation Rate; Real Yield
2004-06 394 KB
2004-E-7 Hiroshi Fujiki, Kunio Okina, Shigenori Shiratsuka Comments on "Price Stability and Japanese Monetary Policy"
/quantitative easing, deflation
2004-06 503 KB
2004-E-6 Robert L. Hetzel Price Stability and Japanese Monetary Policy
/Quantity theory view, liquidity view, quantitative easing, expectation, price stability, Japanese monetary policy
2004-06 584 KB
2004-E-5 Takuji Kawamoto What Do the Purified Solow Residuals Tell Us about Japan's Lost Decade?
/Productivity; Technology; Purified Solow Residual; and Japan
2004-04 317 KB
2004-E-4 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; and Total Factor Productivity (TFP)
2004-03 293 KB
2004-E-3 Daniel L. Thornton Testing the Expectations Hypothesis: Some New Evidence for Japan
/Expectations hypothesis, Nonstationarity, Vector autoregression, Lagrange multiplier test
2004-02 149 KB
2004-E-2 Jun Nagayasu The Term Structure of Interest Rates and Monetary Policy During a Zero-Interest-Rate Period
/Monetary policy; Zero interest rates
2004-01 173 KB
2004-E-1 Andrew K. Rose Equity Integration in Japan: An Application of a New Method
/Risk-free, Intertemporal, Asset, Financial, Market, Expected, Price, Stock, Tokyo
2004-01 120 KB