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IMES Discussion Paper Series2014

IMES Discussion Paper Series (DPS) 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.

Click the title to obtain an abstract of the thesis

Table : IMES Discussion Paper Series
No./Main Category Author(s) Title/Keywords Date Full Text (PDF)
2014-E-17/Economics Vipul Bhatt, Masao Ogaki, Yuichi Yaguchi Normative Behavioral Economics Based on Unconditional Love and Moral Virtue
/Normative economics; Behavioral economics; Weak Pareto principle; Principle of learning to unconditionally love; Virtue ethics; Endogenous preferences
Dec. 24, 2014 346KB
2014-E-16/Economics Daisuke Ikeda, Takushi Kurozumi Post-Crisis Slow Recovery and Monetary Policy
/Financial shock; Endogenous TFP growth; Slow recovery; Monetary policy; Welfare cost of business cycle
Dec. 24, 2014 425KB
2014-E-15/Economics Ichiro Fukunaga, Naoya Kato Japanese Repo and Call Markets Before, During, and Emerging from the Financial Crisis
/repurchase agreement (repo); call markets; monetary policy implementation; financial crisis; market segmentation; vector error correction model; threshold ARCH
Dec. 24, 2014 534KB
2014-E-14/Economics Guillaume Plantin, Hyun Song Shin Destabilizing Carry Trades
/currency carry trades; inflation targeting; financial instability
Dec. 24, 2014 237KB
2014-E-13/Economics Tobias Adrian, Nellie Liang Monetary Policy, Financial Conditions, and Financial Stability
/risk taking channel of monetary policy; monetary policy transmission; monetary policy rules; financial stability; financial conditions; macroprudential policy
Dec. 9, 2014 446KB
2014-E-12/Economics Alicia Garcia-Herrero How Close is Asia to an Optimal Currency Area in Terms of Business Cycle Co-Movement?
/Business cycle synchronization; Optimal Currency Area; Asian economic integration; Structural Vector Auto Regression; ASEAN+3
Dec. 9, 2014 306KB
2014-E-11/Economics Theoharry Grammatikos, Thorsten Lehnert, Yoichi Otsubo Market Perceptions of US and European Policy Actions Around the Subprime Crisis
/Event study; Policy announcement; Subprime crisis
Nov. 10, 2014 251KB
2014-E-10/Accounting Makoto Nakano, Fumitaka Otsubo, Yusuke Takasu Effects of Accounting Conservatism on Corporate Investment Levels, Risk Taking, and Shareholder Value
/conditional conservatism; unconditional conservatism; neutrality; investment level; monitoring; risk taking; shareholder value (stock return)
Oct. 20, 2014 645KB
2014-E-9/Economics Yasuo Hirose, Atsushi Inoue The Zero Lower Bound and Parameter Bias in an Estimated DSGE Model
/Zero lower bound; DSGE model; Parameter bias; Bayesian estimation
Oct. 20, 2014 271KB
2014-E-8/Economics Marvin Goodfriend Monetary Policy as a Carry Trade
/bond market carry trade; Federal Reserve surplus capital; Federal Reserve Treasury remittances; inflation objective; interest on reserves; monetary policy at the zero interest bound; term premium
Sept. 8, 2014 187KB
2014-E-7/Economics Mark Gertler, Nobuhiro Kiyotaki Banking, Liquidity and Bank Runs in an Infinite Horizon Economy
/Financial Intermediation; Liquidity Mismatch; Financial Accelerator; Rollover Risk
Aug. 5, 2014 489KB
2014-E-6/Economics Pablo Federico, Carlos A. Vegh, Guillermo Vuletin Reserve Requirement Policy over the Business Cycle
/macroprudential; reserve requirement; monetary policy; exchange rate; business cycle
Aug. 5, 2014 219KB
2014-E-5/Economics Takatoshi Ito We Are All QE-sians Now
/Quantitative Easing; unconventional monetary policy; inflation targeting; inflation expectation; central bank balance sheet; zero interest rate policy
Aug. 5, 2014 857KB
2014-E-4/Economics Yoshihiko Uchida, Daisuke Yoshikawa A Pricing Theory under a Finite Number of Securities Issued: A Synthesis of "Market Microstructure" and "Mathematical Finance"
/Security price; Number of securities issued; Risk neutral pricing rule; Market microstructure; No-arbitrage; Quasi risk aversion; Quasi risk neutral measure
May 9, 2014 761KB
2014-E-3/Economics Akio Hattori, Kentaro Kikuchi, Fuminori Niwa, Yoshihiko Uchida A Survey of Systemic Risk Measures: Methodology and Application to the Japanese Market
/Systemic risk; Risk measure; Early warning indicators; Stress test; Scenario analysis; Macro-prudence; Financial crisis
Apr. 21, 2014 695KB
2014-E-2/Economics Vipul Bhatt, Masao Ogaki, Yuichi Yaguchi A Reformulation of Normative Economics for Models with Endogenous Preferences
/Moral virtue ethics; Welfarism; Cultural transmission of preferences; Tough love
Apr. 10, 2014 260KB
2014-E-1/Economics Olivier Jeanne Macroprudential Policies in a Global Perspective
/Macroprudential Policy; Capital Flows; Capital Controls; International Reserves; International Coordination; Liquidity Trap
Feb. 3, 2014 447KB