IMES Discussion Paper Series 2019
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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| No./Main Category | Author(s) | Title/Keywords | Date | Full Text (PDF) |
|---|---|---|---|---|
| 2019-E-21/Economics | Kosuke Aoki, Ko Munakata, Nao Sudo | Prolonged Low Interest Rates and Banking Stability
/Prolonged low interest rates; Bank profits; Banking stability |
Nov. 27, 2019 | 5,698KB |
| 2019-E-20/Accounting | Yuta Shibasaki, Chikara Toyokura | The Disclosure of Non-GAAP Performance Measures and the Adoption of IFRS: Evidence from Japanese Firms' Experience
/Non-GAAP performance measures; IFRS; Primary Financial Statements project |
Nov. 8, 2019 | 884KB |
| 2019-E-19/Economics | Fumitaka Nakamura | Household Income, Portfolio Choice and Heterogeneous Consumption Responses to Monetary Policy Shocks
/Consumption; Household income; Monetary policy; Liquidity |
Nov. 8, 2019 | 2,307KB |
| 2019-E-18/Economics | Jesus Fernandez-Villaverde, Federico Mandelman, Yang Yu, Francesco Zanetti | Search Complementarities, Aggregate Fluctuations, and Fiscal Policy
/Aggregate fluctuations; Strategic complementarities; Macroeconomic volatility; Government spending |
Nov. 1, 2019 | 1,912KB |
| 2019-E-17/History | Mariko Hatase, Yoichi Matsubayashi | Tax Incentives for Investment: Evidence from Japan's High-Growth Era
/Capital investments; Corporate taxes; Special depreciation; Investment policy; High-growth era |
Sept. 13, 2019 | 1,403KB |
| 2019-E-16/Economics | Naoko Hara, Ryuzo Miyao, Tatsuyoshi Okimoto | The Effects of Asset Purchases and Normalization of US Monetary Policy
/Quantitative easing; Unconventional monetary policy; LSAP; MSVAR |
Aug. 30, 2019 | 462KB |
| 2019-E-15/Economics | Tatsushi Okuda, Tomohiro Tsuruga, Francesco Zanetti | Imperfect Information, Shock Heterogeneity, and Inflation Dynamics
/Imperfect information; Shock heterogeneity; Inflation dynamics |
Aug. 30, 2019 | 1,365KB |
| 2019-E-14/Economics | Shigenori Shiratsuka, Nao Sudo, Shingo Watanabe | Central Bank Design under a Continued Low Inflation and Interest Rate Environment Summary of the 2019 BOJ-IMES Conference |
Aug. 21, 2019 | 597KB |
| 2019-E-13/Economics | Carl E. Walsh | Alternatives to Inflation Targeting in Low Interest Rate Environments
/Optimal monetary policy; Inflation targeting; Price-level targeting; Average inflation targeting |
Aug. 21, 2019 | 869KB |
| 2019-E-12/Economics | Jean-Claude Trichet | The Euro Area Economic, Fiscal and Financial Governance: Difficulties and Successes in the Past - Present Challenges - Future Steps | Aug. 21, 2019 | 681KB |
| 2019-E-11/Economics | Makoto Nirei, Jose A. Scheinkman | Self-Organization of Inflation Volatility
/Trend inflation; Inflation volatility; State-dependent pricing; Aggregate fluctuations; Self-organized criticality; Power law |
Jul. 29, 2019 | 880KB |
| 2019-E-10/Economics | Michinao Okachi | Sovereign Default Triggered by Inability to Repay Debt
/Sovereign Default; Dynamic Stochastic General Equilibrium; Inability to Repay Debt; Strategic Decision to Default; Fiscal Limit; Laffer Curve |
Jul. 22, 2019 | 791KB |
| 2019-E-9/Economics | Saleem Bahaj, Ricardo Reis | Central Bank Swap Lines: Evidence on the Effects of the Lender of Last Resort
/liquidity facilities; currency basis; bond portfolio flows |
Jul. 11, 2019 | 1,659KB |
| 2019-E-8/Economics | Julio A. Carrillo, Enrique G. Mendoza, Victoria Nuguer, Jessica Roldan-Pena | Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
/Monetary policy; Financial frictions; Macroprudential policy; Leaning against the wind; Policy coordination |
Jul. 5, 2019 | 1,212KB |
| 2019-E-7/History | Ryoji Koike | Interpolation of Japan's Household Consumption during World War II
/Household survey; Black-market prices; Effective prices; In-kind outlay; World War II |
Jun. 28, 2019 | 1,188KB |
| 2019-E-6/Economics | Markus K. Brunnermeier, Yann Koby | The Reversal Interest Rate
/Monetary Policy; Lower Bound; Negative Rates; Banking |
Jun. 21, 2019 | 1,014KB |
| 2019-E-5/Information technology | Shiori Inoue, Masashi Une | Security Analysis of Machine Learning Systems for the Financial Sector
/Artificial Intelligence; Machine Learning System; Security; Threat; Vulnerability |
May 17, 2019 | 1,042KB |
| 2019-E-4/Economics | Hidehiko Matsumoto | Foreign Reserve Accumulation, Foreign Direct Investment, and Economic Growth
/Foreign Reserve Accumulation; Foreign Direct Investment; Sudden Stops; Endogenous Growth; Real Exchange Rate; Gross Capital Flows |
Mar. 1, 2019 | 985KB |
| 2019-E-3/Economics | Carlo Pizzinelli, Konstantinos Theodoridis, Francesco Zanetti | State Dependence in Labor Market Fluctuations: Evidence, Theory, and Policy Implications
/Search and Matching Models; State Dependence in Business Cycles; Threshold Vector Autoregression |
Feb. 22, 2019 | 1,599KB |
| 2019-E-2/Economics | Rasmus Fatum, Naoko Hara, Yohei Yamamoto | Negative Interest Rate Policy and the Influence of Macroeconomic News on Yields
/NIRP; Bond Yields; Macroeconomic News |
Feb. 13, 2019 | 689KB |
| 2019-E-1/Finance | Tetsuya Adachi, Takumi Sueshige, Toshinao Yoshiba | Wrong-way Risk in Credit Valuation Adjustment of Credit Default Swap with Copulas
/Credit valuation adjustment; Credit default swap; Affine jump diffusion; Fractional fast Fourier transform; Characteristic function |
Jan. 25, 2019 | 671KB |