Monetary and Economic Studies
2001
- Vol.19, No.3 / November 2001
- Vol.19, No.2 / May 2001
- Vol.19, No.1 / February 2001
- Vol.19, No. S-1 / February 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.
- to IMES Home
- Notice on copyright and other related matters regarding the site of the Institute for Monetary and Economic Studies.
Click the title to obtain an abstract of the thesis
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
| 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
| 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
| 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 |