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Home > Research and Studies > Bank of Japan Working Paper Series, Review Series, and Research Laboratory Series > Bank of Japan Working Paper Series 2019 > (Research Paper) The Quarterly Japanese Economic Model (Q-JEM): 2019 version
June 26, 2019
In this paper, we introduce the updated version of the Quarterly Japanese Economic Model (Q-JEM), which was first developed by Ichiue et al. (2009) and updated by Fukunaga et al. (2011). Q-JEM is a large-scale semi-structural model of the Japanese economy, which is designed to incorporate greater disaggregation of expenditure components and detailed financial market information. Compared to Dynamic Stochastic General Equilibrium (DSGE) models, Q-JEM puts more emphasis on fitting data, while relaxing some theoretical discipline. To improve public access to the model, we share the replication files of the simulations conducted in the paper.
Macroeconomic model; Japanese economy
We are grateful for helpful comments from Hibiki Ichiue, Teppei Nagano, Kenji Nishizaki, Shinsuke Ohyama and Toshitaka Sekine. The current version of Q-JEM is a product of numerous developments and improvements made by a number of staff economists involved. We would like to express our sincere gratitude to all of them. The views expressed herein are those of the authors alone and do not necessarily reflect those of the Bank of Japan. Any errors are the sole responsibility of the authors.
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