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IMES Discussion Paper Series 2017

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.

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IMES Discussion Paper Series
No./Main Category Author(s) Title/Keywords Date Full Text (PDF)
2017-E-9/Economics Ko Nakayama, Shigenori Shiratsuka Monetary Policy: Lessons Learned and Challenges Ahead
Summary of the 2017 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan
2017-10-13 281KB
2017-E-8/Economics Mark Gertler Rethinking the Power of Forward Guidance: Lessons from Japan
/Forward guidance; Inflation targeting; Hybrid adaptive/rational expectations
2017-10-05 1,680KB
2017-E-7/Economics Christine Ma, Chung Tran Fiscal Space under Demographic Shift
/Population Ageing; Laffer Curve; Fiscal Limit; Sustainability; Heterogeneity; Dynamic General Equilibrium
2017-09-15 518KB
2017-E-6/Economics Koichiro Kamada The Transactions Demand for Paper and Digital Currencies
/Digital currency; Money demand; Network externality; Negative interest rate; Currency tax
2017-07-13 616KB
2017-E-5/Economics Jeff Fuhrer Japanese and U.S. Inflation Dynamics in the 21st Century
/Inflation dynamics; Intrinsic Persistence; Survey expectations
2017-06-27 1,297KB
2017-E-4/Economics Greg Kaplan, Benjamin Moll, Giovanni L. Violante Monetary Policy According to HANK
/Monetary Policy; Heterogeneous Agents; New Keynesian; Consumption; Liquidity; Inequality
2017-06-20 1,228KB
2017-E-3/Economics Yasushi Asako, Tatsushi Okuda Guiding the Economy Toward the Target Inflation Rate:
An Evolutionary Game Theory Approach

/Target inflation rate; Evolutionary game; Best-response dynamics; Perfect-foresight dynamics; Multiple long-run equilibria; Capital-skill complementarity; Demand-creating innovation
2017-05-23 832KB
2017-E-2/Law and Central Banking Ignacio Tirado Banking Crises and the Japanese Legal Framework
/Bank Resolution; Financial Crisis; Preventive Corrective Action; General Bankruptcy Proceedings; Systemic Risk
2017-03-23 1,221KB
2017-E-1/Economics Yoichi Ueno Term Structure Models with Negative Interest Rates
/Term Structure Model; Monetary Policy; Negative Interest Rate; Basis Swap Spreads
2017-03-16 1,783KB