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Monetary and Economic Studies

2006

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.24, No. S-1 / December 2006

Table : Vol.24, No. S-1 / December 2006
Author(s) Title/Keywords Full Text (PDF)
Kunio Okina, Naohiko Baba The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment," Introduction Summary 64 KB
Toshihiko Fukui The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment,"Opening Speech 46 KB
Bennett T. McCallum Misconceptions Regarding the Zero Lower Bound on Interest Rates
/Interest rates; Zero lower bound; Quantitative easing; Expectations; Deflation trap; Liquidity trap
130 KB
Maurice Obstfeld Implications for the Yen of Japanese Current Account Adjustment
/Current account adjustment; International capital flows; Japanese yen exchange rate
110 KB
Naohiko Baba Financial Market Functioning and Monetary Policy: Japan's Experience
/Bank of Japan; Term structure of interest rates; Zero lower bound; Zero interest rates; Quantitative monetary easing policy; Bank risk premium
581 KB
Glenn D. Rudebusch, Eric T. Swanson, Tao Wu The Bond Yield "Conundrum" from a Macro-Finance Perspective
/Term structure; Term premium; Bond pricing; Affine no-arbitrage model
370 KB
Jun Pan, Kenneth J. Singleton Interpreting Recent Changes in the Credit Spreads of Japanese Banks
/Default risk premium; Credit default swap; Japanese banks; Zero interest rate policy; Event risk
334 KB
Gauti B. Eggertsson, Benjamin Pugsley The Mistake of 1937: A General Equilibrium Analysis
/Deflation; Zero bound on interest rates; Regime changes; Great Depression
442 KB
Alessandra Fogli, Fabrizio Perri The Great Moderation and the U.S. External Imbalance 218 KB
Stefan Ingves, Christine M. Cumming, Lucrezia Reichlin, Masaaki Shirakawa, Bennett T. McCallum, Maurice Obstfeld The Thirteenth International Conference "Financial Markets and the Real Economy in a Low Interest Rate Environment," Concluding Panel Discussion: Financial Markets and the Real Economy in a Low Interest Rate Environment 408 KB

Vol.24, No.2 / November 2006

Table : Vol.24, No.2 / November 2006
Author(s) Title/Keywords Full Text (PDF)
Takeshi Amemiya, Xinghua Yu Endogenous Sampling and Matching Method in Duration Models
/Duration models; Endogenous sampling with matching; Maximum likelihood estimator; Manski-Lerman estimator; Asymptotic distribution
321 KB
Steven Li The Arbitrage Efficiency of the Nikkei 225 Options Market: A Put-Call Parity Analysis
/Put-call parity; Market efficiency; Nikkei 225 options
176 KB
Andrew K. Rose Well-Being in the Small and in the Large
/Population; Empirical; Data; National; Country; Scale; Size
366 KB
Hiroshi Fujiki, Etsuro Shioji Bank Health Concerns, Low Interest Rates, and Money Demand: Evidence from the Public Opinion Survey on Household Financial Assets and Liabilities
/Money demand; Low interest rates; Concern for the soundness of private financial institutions; Micro data; Self-selection bias; Personal financial education; Extensive margin; Intensive margin
786 KB

Vol.24, No.1 / March 2006

Table : Vol.24, No.1 / March 2006
Author(s) Title/Keywords Full Text (PDF)
Luc Bauwens Econometric Analysis of Intra-Daily Trading Activity on the Tokyo Stock Exchange
/Autoregressive conditional duration; Trade durations; High-frequency data; Tokyo Stock Exchange
669 KB
Jurgen von Hagen Fiscal Rules and Fiscal Performance in the European Union and Japan
/Fiscal policy; Political budget cycles; Government budgeting
254 KB
Akira Otani, Shigenori Shiratsuka, Toyoichiro Shirota Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Japan's Import Prices
/Exchange rate pass-through; Pricing-to-market; Import structure; Expenditure-switching effect; Firms' sourcing decision
144 KB