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Monetary and Economic Studies


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.21, No.4 / December 2003

Table : Vol.21, No.4 / December 2003
Author(s) Title/Keywords Full Text (PDF)
David Andolfatto Monetary Implications of the Hayashi-Prescott Hypothesis for Japan
/Productivity slowdown; Money multiplier; Monetary policy; Liquidity trap
178 KB
Hiroshi Fujiki, Kiyoshi Watanabe Effects of External Debt on Domestic Resource Allocation in a Small Open Economy with Limited Access to the World Capital Market
/External debt; Two-sector economic models
272 KB
Sachiko Kuroda, Isamu Yamamoto The Impact of Downward Nominal Wage Rigidity on the Unemployment Rate: Quantitative Evidence from Japan
/Downward nominal wage rigidity; Unemployment rate; Inflation rate; Monetary policy; General equilibrium model with downward nominal wage rigidity
251 KB
Eisaku Ide Policy Debates on Public Finance between the Ministry of Finance and the Bank of Japan from 1930 to 1936
/Direct underwriting of deficit-financing bonds by the BOJ (BOJ underwriting); Joint Research Committee; Currency system; Market operation by selling government bonds; Continuing expenditure; Deferred fiscal burden
142 KB

Vol.21, No.3 / October 2003

Table : Vol.21, No.3 / October 2003
Author(s) Title/Keywords Full Text (PDF)
Makoto Saito, Shigenori Shiratsuka Precautionary Motives versus Waiting Options: Evidence from Aggregate Household Saving in Japan
/Precautionary savings; Waiting options; Flexibility; Risks; Resolution of uncertainty
184 KB
Keiko Murata Precautionary Savings and Income Uncertainty: Evidence from Japanese Micro Data
/Precautionary savings; Uncertainty; Income risks; Uncertainty over public pension benefits; Risk-sharing; Individual data; Longitudinal data
233 KB
Akira Otani, Shigenori Shiratsuka, Toyoichiro Shirota The Decline in the Exchange Rate Pass-Through: Evidence from Japanese Import Prices
/Exchange rate pass-through; Pricing-to-market; Import structure; Expenditure-switching effect; Firms' sourcing decision
244 KB
Tatsuya Ishikawa, Yasuhiro Yamai, Akira Ieda On the Risk Capital Framework of Financial Institutions
/Risk capital; Risk management; Capital structure; Capital budgeting; Risk-adjusted rate of return; Capital allocation; Deadweight cost
177 KB

Vol.21, No.2 / August 2003

Table : Vol.21, No.2 / August 2003
Author(s) Title/Keywords Full Text (PDF)
Sachiko Kuroda, Isamu Yamamoto Are Japanese Nominal Wages Downwardly Rigid? (Part I): Examinations of Nominal Wage Change Distributions
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Nominal wage change distributions
218 KB
Sachiko Kuroda, Isamu Yamamoto Are Japanese Nominal Wages Downwardly Rigid? (Part II): Examinations Using a Friction Model
/Downward nominal wage rigidity; Inflation rate; Monetary policy; Longitudinal data; Measurement errors; Friction model; Simulated maximum likelihood
275 KB
Toshitaka Sekine, Keiichiro Kobayashi, Yumi Saita Forbearance Lending: The Case of Japanese Firms
/Forbearance lending; Nonperforming loan; Dynamic GMM
195 KB
Yasuo Hirose, Koichiro Kamada A New Technique for Simultaneous Estimation of Potential Output and the Phillips Curve
/Potential output; Phillips curve; Hodrick-Prescott filter
180 KB
Masahiro Fukuhara, Yasufumi Saruwatari An Analysis of Contagion in Emerging Currency Markets Using Multivariate Extreme Value Theory
/Contagion; Multivariate extreme value theory; Emerging market currencies
167 KB

Vol.21, No.1 / February 2003

Table : Vol.21, No.1 / February 2003
Author(s) Title/Keywords Full Text (PDF)
Kyungho Jang, Masao Ogaki The Effects of Japanese Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach
/Vector error correction model; Impulse response; Monetary policy shock; Cointegration; Identification; Long-run restriction
246 KB
Toshiaki Watanabe Measuring Business Cycle Turning Points in Japan with a Dynamic Markov Switching Factor Model
/Business cycles; Factor model; Gibbs sampling; Marginal likelihood; Markov switching; Particle filter
267 KB
Sachiko Kuroda Analysis of Changes in Japan's Unemployment Rate Using Gross Flow Data
/Unemployment rate; Flow data analysis; Discouraged worker effect; Added worker effect; Price-level projections using Phillips curve
285 KB
Tomiyuki Kitamura, Ryoji Koike The Effectiveness of Forecasting Methods Using Multiple Information Variables
/Information variable; Multivariate forecast; Out-of-sample forecast; Forecast combination
435 KB