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IMES Discussion Paper Series 2020

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)
2020-E-13/Economics Felipe Benguria, Hidehiko Matsumoto, Felipe Saffie Productivity and Trade Dynamics in Sudden Stops
/Endogenous growth; Firm dynamics; Trade dynamics; Sudden Stops
Oct. 20, 2020 1,136KB
2020-E-12/Economics Tomoaki Kotera Sustainability of Social Security in the Aging Economy from the Perspective of Improving Health
/Elderly Workers; Health; Social Security Reform; Benefit Claim; Overlapping Generations
Aug. 7, 2020 558KB
2020-E-11/Finance Daisuke Miyakawa, Kohei Shintani Disagreement between Human and Machine Predictions
/Machine Learning; Human Prediction; Disagreement
Aug. 7, 2020 394KB
2020-E-10/Economics Daisuke Ikeda, Shangshang Li, Sophocles Mavroeidis, Francesco Zanetti Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States
/Effective lower bound; unconventional monetary policy; structural VAR
Jul. 31, 2020 905KB
2020-E-9/Finance Toshiaki Ogawa, Masato Ubukata, Toshiaki Watanabe Stock Return Predictability and Variance Risk Premia around the ZLB
/Excess returns; Heterogeneous autoregressive model; Nikkei 225; Realized volatility; S&P500; Variance risk premium; Zero lower bound
Jul. 9, 2020 1,043KB
2020-E-8/Economics Shingo Watanabe Investment-Specific Technology Shocks Revisited
/investment-specific technology; total factor productivity; labor productivity; relative price of investment; structural vector autoregression; Max Share
Jun. 29, 2020 690KB
2020-E-7/Finance Kei-Ichiro Inaba A Global Look into Corporate Cash after the Global Financial Crisis
/Corporate finance; Cash holdings; Precautionary saving motive; Corporate governance; Agency problem
Jun. 12, 2020 1,477KB
2020-E-6/History Masanao Itoh, Yasuko Morita, Mari Ohnuki Monetary Policy in the 1990s: Bank of Japan's Views Summarized Based on the Archives and Other Materials
/Monetary policy conduct; Disposal of nonperforming loans; Financial system crisis; Bank of Japan Act of 1997; Zero interest rate policy
Mar. 30, 2020 1,666KB
2020-E-5/Economics Toshiaki Ogawa Liquidity Management of Heterogeneous Banks during the Great Recession
/Great Recession; Bank liquidity management; Occasionally binding constraints; Heterogeneous bank model; General equilibrium model
Mar. 23, 2020 2,806KB
2020-E-4/Economics Giancarlo Corsetti, Luca Dedola, Sylvain Leduc Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?
/Currency misalignments; trade imbalances; asset markets and risk sharing; optimal targeting rules; international policy cooperation; exchange rate pass-through
Mar. 23, 2020 1,029KB
2020-E-3/Economics Toshiaki Ogawa Welfare Implications of Bank Capital Requirements under Dynamic Default Decisions
/Bank capital requirements; Occasionally binding constraints; Endogenous default; Entry and exit; General equilibrium model
Mar. 13, 2020 1,662KB
2020-E-2/Economics Pierre L. Siklos Looking into the Rear-View Mirror: Lessons from Japan for the Eurozone and the U.S?
/Bank of Japan; monetary policy regimes; deflation; central bank credibility
Mar. 6, 2020 1,671KB
2020-E-1/Finance Kei-Ichiro Inaba The Integration of Countries' Sovereign Bond Markets: An Empirical Illustration of a Global Financial Cycle
/Sovereign bonds; Market integration; Global financial cycle; Monetary policy; Capital control
Feb. 28, 2020 1,326KB