Bank of Japan Research Laboratory Series
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The Research Laboratory Series aims to explain analyses by Bank staff on a variety of issues to a broad audience in plain language. Views expressed are those of authors and do not necessarily reflect those of the Bank. |
Saori Naganuma, Yosuke Uno
No.16-E-1 : April 13, 2016
Japan's unemployment rate is now historically low, but long-term unemployment has been slow to decline. Long-term unemployment in Japan, unlike that in the United States, is biased towards "young adult men." This is partly because...
Ichiro Fukunaga, Naoya Kato
No.15-E-7 : December 11, 2015
The relationship between the supply-demand structure of government bond markets and long-term interest rates has been studied both theoretically and empirically, motivated by the implementation of large-scale government bond purchases by many central banks in advanced economies. Fukunaga, Kato, and Koeda (2015) examined...
Atsuto Suzuki
No.15-E-6 : November 10, 2015
Though paper-based securities have been widely used, in order to avoid costs of storage and transportation -- and risks of theft and loss -- associated with the delivery of paper-based securities, recent years have seen development of the legal system in Japan with respect to rights in securities based on electronic records. In tandem with this development...
Koichiro Kamada, Jouchi Nakajima
No.15-E-5 : September 30, 2015
The management of inflation expectations is one of the means by which central banks aim to achieve price stability. This is the reason why central bankers are required to have a deep understanding of the dynamics of inflation expectations. Kamada et al. (2015) examined a household survey...
Kei Imakubo, Jouchi Nakajima
No.15-E-4 : July 9, 2015
The inflation risk premium is an indicator of uncertainty about future inflation. While a positive premium on inflation risk implies more concern about the upside risk of inflation, a negative premium implies more concern about the downside risk. In Japan the inflation risk premium had...
Kei Imakubo, Haruki Kojima, Jouchi Nakajima
No.15-E-3 : May 1, 2015
Recent monetary policies aiming to influence the entire yield curve have come to play a more prominent role in advanced economies as there has been little room for further lowering the short-term interest rate. This means that the effects of monetary easing cannot be fully captured by the single gap...
Daisuke Ikeda, Takushi Kurozumi
No.15-E-2 : March 24, 2015
The history of financial crises, including the recent global crisis, shows that post-financial-crisis recoveries tend to be slower than usual recoveries. Against this background lie various factors, one of which is a slowdown in productivity induced by a post-crisis deterioration in firms' financing. To avoid a post-crisis slow recovery...
Koji Nakamura, Yuichiro Ito
No.15-E-1 : March 19, 2015
Financial imbalances such as asset price bubbles and excess credit expansions tend to lead to financial crises and associated abrupt credit crunches. To prevent such a disaster, it is important for national authorities to detect financial imbalances at an early stage. This note explains the "Financial Activity Indexes (FAIXs)," a set of indicators developed by Bank of Japan staff...
Ichiro Muto, Kohei Shintani
No.14-E-2 : December 1, 2014
We present an empirical analysis on the New Keynesian Wage Phillips Curve (NKWPC) as derived by Gali (2011) using data for Japan and the US. NKWPC provides some theoretical insights on the relationship between wage inflation and the unemployment rate. We find that...
Koichiro Kamada
No.14-E-1 : December 1, 2014
Confidence has a strong influence on security prices and volatility, but has received little attention in mainstream macroeconomics. Kamada and Miura (2014) have recently revived this concept in their double-layered model of private and public information and shown how herding behavior emerges in sovereign bond markets. This article looks at two episodes...
