IMES Discussion Paper Series 2024
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) |
|---|---|---|---|---|
| 2024-E-17/Economics | Hiroshi Inokuma, Mitsuru Katagiri, Nao Sudo | Innovation Choice, Product Life Cycles, and Optimal Trend Inflation
/Sticky prices; Optimal inflation; Product life cycle; Innovation; Productivity growth; Markups |
Nov. 28, 2024 | [PDF 684KB] |
| 2024-E-16/Economics | Satoshi Kobayashi, Takeshi Shinohara, Shigenori Shiratsuka, Nao Sudo, Itofumi Takeuchi | Measurement Errors in the Consumer Price Index: Perspectives on Numerical Targets for Price Stability in Major Economies
/Consumer Price Index; CPI; Measurement errors; Upper Bias; Quality Adjustment; Service Price |
Nov. 28, 2024 | [PDF 2,098KB] |
| 2024-E-15/Economics | Kakuho Furukawa, Yoshihiko Hogen, Kazuki Otaka, Nao Sudo | On the Zero-Inflation Norm of Japanese Firms
/micro price dynamics; menu costs; kinked demand; strategic complementarity |
Nov. 28, 2024 | [PDF 1,619KB] |
| 2024-E-14/Economics | Takemasa Oda | A Quantitative Assessment of the Impact of Deflation in an Aging Economy
/Demographics; life cycle; deflation; Mundell-Tobin effect; redistribution; overlapping generations model |
Nov. 20, 2024 | [PDF1,183KB] |
| 2024-E-13/Economics | John B. Taylor | The Mayekawa Lecture: The Way to Stability and Growth in the World Economy | Oct. 15, 2024 | [PDF 723KB] |
| 2024-E-12/Economics | Mitsuru Katagiri, Yusuke Oh, Yasutaka Ogawa, Nao Sudo, Takeki Sunakawa | On the Interaction between Monetary and Fiscal Policy: Developments in Macroeconomics since the Global Financial Crisis
/Taylor rule; fiscal multipliers; interest rates and government debt; fiscal theory of the price level |
Oct. 15, 2024 | [PDF 940KB] |
| 2024-E-11/Economics | Wataru Hagio, Daisuke Ikeda, Satoshi Kobayashi, Nao Sudo | Price Dynamics and Monetary Policy Challenges -- Lessons Learned and Going Forward -- Summary of the 2024 BOJ-IMES Conference |
Sept. 26, 2024 | [PDF 879KB] |
| 2024-E-10/Economics | Leonardo Melosi, Hiroshi Morita, Anna Rogantini Picco, Francesco Zanetti | The Signaling Effects of Fiscal Announcements
/Fiscal policy; Macroeconomic stabilization; Macroeconomic uncertainty; Stock prices; Japan; Asymmetric information |
Sept. 26, 2024 | [PDF 1,265KB] |
| 2024-E-9/Economics | Hiroshi Inokuma, Juan M. Sanchez | From Population Growth to TFP Growth
/population growth; economic growth; firms dynamics; demographics; productivity; innovation; TFP |
Aug. 28, 2024 | [PDF 1,819KB] |
| 2024-E-8/History | Hiroyuki Fujiwara | Inter-Sectoral Flow of Funds in Japan since 1871: Credit Aggregates, Net Financial Assets, and Financial Surplus or Deficit since the Early Meiji Period
/Flow of Funds Accounts (FFA); Historical connectivity of the data; Ratio to nominal GDP; Stock and Flow tables; Credit Aggregates; Net Financial Assets; Financial Surplus or Deficit |
Aug. 8, 2024 | [PDF 1,191KB] |
| 2024-E-7/History | Ryoji Koike | Bank of Japan's Balance Sheet in 1882-1955: Reassembled Data and Their Developments
/from the Meiji era to postwar reconstruction; the Bank of Japan's balance sheet; historical records; semiannual data; monthly data |
Aug. 8, 2024 | [PDF 1,451KB] |
| 2024-E-6/Finance | Kazuhiro Hiraki, Yuji Shinozaki | A Survey of Rough Volatility
/Historical volatility; Implied volatility; Market microstructure; Highfrequency trading; Derivative pricing; Risk management; Market forecast |
July 22, 2024 | [PDF 1,222KB] |
| 2024-E-5/Economics | Naohisa Hirakata, Mitsuru Katagiri | Role of Foreign Direct Investment as a Long-term Capital Flow Channel
/Capital flows; Demographic changes; Foreign direct investment (FDI) |
June 28, 2024 | [PDF 520KB] |
| 2024-E-4/Economics | Yasutaka Ogawa, Jiro Yoshida | Aging, Housing, and Macroeconomic Inefficiency
/Aging; Natural Rate of Interest; Overlapping Generations Model; Bequest Motives; Intergenerational Transfer of Housing; Japan |
June 28, 2024 | [PDF 1,128KB] |
| 2024-E-3/Economics | Takuji Fueki, Takeshi Shinohara, Mototsugu Shintani | International Comparison of Climate Change News Index with an Application to Monetary Policy
/Climate Change; Text Analysis; Monetary Policy; Nonlinear Local Projection |
Apr. 22, 2024 | [PDF 3,111KB] |
| 2024-E-2/Finance | Yuji Shinozaki | A Review of New Developments in Finance with Deep Learning: Deep Hedging and Deep Calibration
/Financial engineering; Mathematical finance; Derivatives; Hedging; Calibration; Numerical optimization |
Apr. 22, 2024 | [PDF 1,642KB] |
| 2024-E-1/Economics | Ichiro Muto, Fumitaka Nakamura, Makoto Nirei | Digitalization, Entrepreneurship, and Wealth Inequality
/Digitalization; Entrepreneurship; Wealth inequality; Savings inequality |
Mar. 27, 2024 | [PDF 498KB] |