IMES Discussion Paper Series 2025
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) |
|---|---|---|---|---|
| 2025-E-10/Economics | Wataru Hagio, Daisuke Ikeda, Yojiro Ito | New Challenges for Monetary Policy Summary of the 2025 BOJ-IMES Conference | Aug. 29, 2025 | [PDF 793KB] |
| 2025-E-9/Economics | Athanasios Orphanides | Challenges for Monetary Policy and Its Communication
/Policy discretion; Simple rules; Natural growth targeting; Inflation surge |
Aug. 29, 2025 | [PDF 733KB] |
| 2025-E-8/Economics | Agustin Carstens | The Mayekawa Lecture: Trust and Macroeconomic Stability: A Virtuous Circle | Aug. 29, 2025 | [PDF 271KB] |
| 2025-E-7/Information technology | Yuko Tamura, Masayuki Abe, Tetsuya Okuda, Hiromasa Tsugawa, Toshiyuki Miyazawa, Kazuki Yamamura, Yoshiharu Akahane, Tomoki Taguchi, Yuto Hirakuri, Hiroto Masuda, Kento Yamada | A Technical Examination of Non-Ledger-Based Payment Systems
/digital payments; electronic cash; e-money; privacy protection; smartphone payments |
Aug. 22, 2025 | [PDF 1,612KB] |
| 2025-E-6/Economics | Masayuki Okada, Kazuhiro Teramoto | Large Firms and Monetary Policy Surprises: Unraveling Excessive Stock Price Sensitivity
/monetary policy surprises; stock returns; high-frequency identification; partial information; learning; granular-origin aggregate fluctuations |
Aug. 22, 2025 | [PDF 10,744KB] |
| 2025-E-5/Economics | Takuya Iinuma, Yoshiyuki Nakazono, Kento Tango | Monetary Policy Communication and Social Identity: Evidence from a Randomized Control Trial
/homophily; imperfect information; inattention; monetary policy; policy communication; political preferences; social identity |
July 25, 2025 | [PDF 822KB] |
| 2025-E-4/Economics | Yusuke Aoki, Joon Suk Park, Yuya Takada, Koji Takahashi | Expecting Job Replacement by GenAI: Effects on Workers' Economic Outlook and Behavior
/Generative Artificial intelligence; labor market; inflation; productivity |
May 29, 2025 | [PDF 5,521KB] |
| 2025-E-3/Information technology | Kazutoshi Kan, Toshihiko Sasaki | Advance in Security Proofs of Quantum Key Distribution and Its Challenges towards Practical Implementation
/Quantum Key Distribution; CV-QKD; Implementation attack |
Apr. 21, 2025 | [PDF 1,110KB] |
| 2025-E-2/Accounting | Tatsuya Kato, Koki Sawai | An Accounting Analysis of Emissions Trading Systems
/Cap-and-Trade Emissions Trading Systems; Decision Usefulness; Real Effects; Task Force on Climate-related Financial Disclosures (TCFD); Sustainability Disclosure Standards |
Mar. 28, 2025 | [PDF 1,326KB] |
| 2025-E-1/Economics | Philip Coyle, Naoki Maezono, Taisuke Nakata, Sebastian Schmidt | Deflationary Equilibrium with Uncertainty
/Effective Lower Bound; Deflationary Equilibrium; Liquidity Trap; Risky Steady State; Uncertainty |
Mar. 28, 2025 | [PDF 1,039KB] |