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The Quarterly Japanese Economic Model (Q-JEM): 2019 version

June 26, 2019
Naohisa Hirakata*1
Kazutoshi Kan*2
Akihiro Kanafuji*3
Yosuke Kido*4
Yui Kishaba*5
Tomonori Murakoshi*6
Takeshi Shinohara*7

Abstract

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.

Keywords
Macroeconomic model; Japanese economy

JEL classifications
E17; E37

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.

  1. *1Reseach and Statistics Department, Bank of Japan
    E-mail : naohisa.hirakata@boj.or.jp
  2. *2International Department, Bank of Japan
    E-mail : kazutoshi.kan@boj.or.jp
  3. *3Reseach and Statistics Department, Bank of Japan
    E-mail : akihiro.kanafuji@boj.or.jp
  4. *4Reseach and Statistics Department, Bank of Japan
    E-mail : yousuke.kido@boj.or.jp
  5. *5Reseach and Statistics Department, Bank of Japan
    E-mail : yui.kishaba@boj.or.jp
  6. *6Reseach and Statistics Department (currently at Nagoya Branch), Bank of Japan
    E-mail : tomonori.murakoshi@boj.or.jp
  7. *7Reseach and Statistics Department, Bank of Japan
    E-mail : takeshi.shinohara@boj.or.jp

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