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IMES Discussion Paper Series 2017

IMES Discussion Paper Series (DPS) is circulated in order to stimulate discussion and comments. Views expressed in Discussion Paper Series are those of authors and do not necessarily reflect those of the Bank of Japan or the Institute for Monetary and Economic Studies.

Click the title to obtain an abstract of the thesis

IMES Discussion Paper Series
No./Main Category Author(s) Title/Keywords Date Full Text (PDF)
2017-E-12/Accounting Akinobu Shuto, Norio Kitagawa, Naoki Futaesaku The Effect of Bank Monitoring on the Demand for Earnings Quality in Bond Contracts
/Accruals Quality; Bond Yield Spread; Main Bank; Private Information; Japan
Dec. 27, 2017 454KB
2017-E-11/Economics Ryo Kato, Tatsushi Okuda Market Concentration and Sectoral Inflation under Imperfect Common Knowledge
/Imperfect common knowledge; Inflation persistence; Market concentration
Dec. 20, 2017 726KB
2017-E-10/Economics Yasufumi Gemma, Takushi Kurozumi, Mototsugu Shintani Trend Inflation and Evolving Inflation Dynamics: A Bayesian GMM Analysis of the Generalized New Keynesian Phillips Curve
/Inflation Dynamics; Trend Inflation; Generalized New Keynesian Phillips Curve; Bayesian GMM Estimation; Quasi-marginal Likelihood
Nov. 30, 2017 322KB
2017-E-9/Economics Ko Nakayama, Shigenori Shiratsuka Monetary Policy: Lessons Learned and Challenges Ahead
Summary of the 2017 BOJ-IMES Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan
Oct. 13, 2017 281KB
2017-E-8/Economics Mark Gertler Rethinking the Power of Forward Guidance: Lessons from Japan
/Forward guidance; Inflation targeting; Hybrid adaptive/rational expectations
Oct. 5, 2017 1,680KB
2017-E-7/Economics Christine Ma, Chung Tran Fiscal Space under Demographic Shift
/Population Ageing; Laffer Curve; Fiscal Limit; Sustainability; Heterogeneity; Dynamic General Equilibrium
Sept. 15, 2017 518KB
2017-E-6/Economics Koichiro Kamada The Transactions Demand for Paper and Digital Currencies
/Digital currency; Money demand; Network externality; Negative interest rate; Currency tax
Jul. 13, 2017 616KB
2017-E-5/Economics Jeff Fuhrer Japanese and U.S. Inflation Dynamics in the 21st Century
/Inflation dynamics; Intrinsic Persistence; Survey expectations
Jun. 27, 2017 1,297KB
2017-E-4/Economics Greg Kaplan, Benjamin Moll, Giovanni L. Violante Monetary Policy According to HANK
/Monetary Policy; Heterogeneous Agents; New Keynesian; Consumption; Liquidity; Inequality
Jun. 20, 2017 1,228KB
2017-E-3/Economics Yasushi Asako, Tatsushi Okuda Guiding the Economy Toward the Target Inflation Rate:
An Evolutionary Game Theory Approach

/Target inflation rate; Evolutionary game; Best-response dynamics; Perfect-foresight dynamics; Multiple long-run equilibria; Capital-skill complementarity; Demand-creating innovation
May 23, 2017 832KB
2017-E-2/Law and Central Banking Ignacio Tirado Banking Crises and the Japanese Legal Framework
/Bank Resolution; Financial Crisis; Preventive Corrective Action; General Bankruptcy Proceedings; Systemic Risk
Mar. 23, 2017 1,221KB
2017-E-1/Economics Yoichi Ueno Term Structure Models with Negative Interest Rates
/Term Structure Model; Monetary Policy; Negative Interest Rate; Basis Swap Spreads
Mar. 16, 2017 1,783KB