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Monetary and Economic Studies

2001

Monetary and Economic Studies is published each year, by the Bank of Japan's Institute for Monetary and Economic Studies (IMES). In line with IMES policy, the publication seeks to provide information on monetary and economic issues to the general public. Articles include research achievements by the staff and visiting scholars, and selected works from the proceedings of conferences sponsored by IMES.

Views expressed in Monetary and Economic Studies are those of the authors and do not necessarily reflect those of the Bank of Japan or IMES.

Click the title to obtain an abstract of the thesis

Vol.19, No.3 / November 2001

Table : Vol.19, No.3 / November 2001
Author(s) Title/Keywords Full Text (PDF)

Technological Innovation and Banking Industry/Monetary Policy: Forum on the Development of Electronic Payment Technologies and Its Implications for Monetary Policy --Report 277 KB
Takeshi Amemiya Endogenous Sampling in Duration Models
/Duration models; Endogenous sampling; Bank failure; Loan default; Insolvency; Maximum likelihood estimator; Asymptotic distribution
86 KB
John A. Weinberg The Pricing of Interbank Payment Services in a Changing Competitive Environment
/Interbank payments; Interconnection pricing
64 KB
Naohiko Baba Optimal Timing in Banks' Write-Off Decisions under the Possible Implementation of a Subsidy Scheme: A Real Options Approach
/Write-off; Nonperforming loans; Dynamic programming; Real options; Reputation; Forbearance policy
137 KB
Shigenori Shiratsuka Information Content of Implied Probability Distributions: Empirical Studies of Japanese Stock Price Index Options
/Information content of option prices; Implied probability distribution; SUR estimation; Autocorrelation; Granger causality
371 KB

Vol.19, No.2 / May 2001

Table : Vol.19, No.2 / May 2001
Author(s) Title/Keywords Full Text (PDF)
Douglas W. Diamond Should Japanese Banks Be Recapitalized?
/Bank capital; Recapitalization; Relationship lending; Banking; Bank failure
105 KB
Naohiko Baba Uncertainty, Monitoring Costs, and Private Banks' Lending Decisions in a Duopolistic Loan Market: A Game-Theoretic Real Options Approach
/Bank lending; Uncertainty; Entry decision; Monitoring costs; Duopolistic market; Real options; Stochastic game
150 KB
Shigenori Shiratsuka Is There a Desirable Rate of Inflation? A Theoretical and Empirical Survey
/Ultimate objective of monetary policy; Welfare costs of inflation and deflation; Measured price stability; Sustainable price stability; Constrained discretion
263 KB
Hitoshi Mio The Phillips Curve and Underlying Inflation
/Underlying inflation; Trimmed mean CPI; Price change distribution; Temporary relative price shock
179 KB
Koichiro Kamada, Kazuto Masuda Effects of Measurement Error on the Output Gap in Japan
/Productivity; Output gap; Measurement errors
237 KB

Vol.19, No.1 / February 2001

Table : Vol.19, No.1 / February 2001
Author(s) Title/Keywords Full Text (PDF)
Takeo Hoshi What Happened to Japanese Banks?
/Financial deregulation; Bad loans; Real estate lending; Keiretsu loans
168 KB
Shigeki Miyajima, Warren E. Weber A Comparison of National Banks in Japan and the United States between 1872 and 1885
/National banking; Banking history; Bank regulation
119 KB
Hiroshi Fujiki Budget Deficits and Inflation: A Theoretical and Empirical Survey
/Hyperinflation; Sustainability of government debt; Budget institution; Central bank independence; Zero interest rate policy; Structural reform
267 KB
Hiroshi Fujiki, Kunio Okina, Shigenori Shiratsuka Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists
/Zero interest rate policy; Quantitative easing; Open market operation of outright purchase of long-term government bonds; Dispelling deflationary concern; Styles of monetary policy management
265 KB
Raj Bhala International Dimensions of Japanese Insolvency Law
/Japanese insolvency law; International insolvency law; Bank insolvencies
220 KB

Vol.19, No. S-1 / February 2001

Table : Vol.19, No. S-1 / February 2001
Author(s) Title/Keywords Full Text (PDF)
Kunio Okina, Hiroo Taguchi, Shigenori Shiratsuka "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Introduction 30 KB
Makoto Saito, Shigenori Shiratsuka Financial Crises as the Failure of Arbitrage: Implications for Monetary Policy
/Financial market instability; Japan premium; Allocation of liquidity; Failure of arbitrage; Money market operation
481 KB
Lars E. O. Svensson The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
/Deflation; Liquidity trap; Nominal interest rates
184 KB
Nobuyuki Oda, Kunio Okina Further Monetary Easing Policies under the Non-Negativity Constraints of Nominal Interest Rates: Summary of the Discussion Based on Japan's Experience
/Monetary policy; Zero interest rate; Long-term interest rate; Market operation of outright purchase of long-term government bonds; Foreign exchange market intervention; Inflation targeting
196 KB
Vitor Gaspar, Donald L. Kohn, Yutaka Yamaguchi, Allan H. Meltzer, John B. Taylor "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Concluding Panel Discussion: The Role of Monetary Policy under Low Inflation 95 KB
Kunio Okina, Masaaki Shirakawa, Shigenori Shiratsuka "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Background Paper: The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons
/Asset prices; Bubble; Intensified bullish expectations; Monetary policy; Sustained price stability; Financial stability; Forward-looking monetary policy
342 KB
Masaru Hayami "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Opening Speech 16 KB
Allan H. Meltzer "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Keynote Speeches, Monetary Transmission at Low Inflation: Some Clues from Japan in the 1990s
/Economic policy; Money; Deflation; Exchange rates; Recession
94 KB
John B. Taylor "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Keynote Speeches, Low Inflation, Deflation, and Policies for Future Price Stability
/Monetary policy; Inflation; Policy rule; Money growth; Zero interest rate policy
73 KB
Naruki Mori, Shigenori Shiratsuka, Hiroo Taguchi "The Role of Monetary Policy under Low Inflation: Deflationary Shocks and Policy Responses," Policy Responses to the Post-Bubble Adjustments in Japan: A Tentative Review
/Monetary policy; Prudential policy; Bursting of bubble; Nonperforming assets; Credit channel; Management of failure in financial institutions; Structural problems
379 KB
Thomas F. Cargill Monetary Policy, Deflation, and Economic History: Lessons for the Bank of Japan
/Bank of Japan; Central bank independence; Deflation; Federal Reserve; Great Depression period; Inflation; Inflation targeting; Riksbank
129 KB
Marvin Goodfriend Financial Stability, Deflation, and Monetary Policy
/Banking policy; Deflation; Financial distress; Financial stability; Liquidity; Monetary policy; Zero bound on interest rates
127 KB
Hiroshi Fujiki, Sachiko Kuroda Nakada, Toshiaki Tachibanaki Structural Issues in the Japanese Labor Market: An Era of Variety, Equity, and Efficiency or an Era of Bipolarization?
/Part-time worker; Discouraged worker; Japanese employment system; Unemployment
181 KB
Lars Peter Hansen, Thomas J. Sargent Acknowledging Misspecification in Macroeconomic Theory
/Robustness; Model misspecification; Monetary policy; Rational expectations
105 KB