WorldCat Identities

Institute for Monetary and Economic Studies (Japón)

Overview
Works: 251 works in 251 publications in 1 language and 251 library holdings
Genres: History 
Publication Timeline
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Most widely held works by Institute for Monetary and Economic Studies (Japón)
Dynamic aspects of productivity spillovers, terms of trade and the "home market effects" by Ippei Fujiwara( Book )

1 edition published in 2007 in English and held by 1 WorldCat member library worldwide

"In this paper, we first set up a model that incorporates firm dynamics into the Global Economy Model (henceforth, GEM) developed by the IMF Research Department. Then, we show how the economic variables respond to the shocks that shift the production frontier outwards, namely productivity gains in manufacturing, efficiency gains in creating new firms, and an increase in the labor force. Contrary to the model used in previous research on the same topic by Corsetti, Martin and Pesenti (2007, henceforth, CMP), our model contains rich and realistic dynamics embedded in the GEM such as a time-to-build constraint for firm dynamics, and nominal price and wage stickiness. We show that (1) the analytical results of CMP are dependent on the elasticity of substitution between domestic and foreign goods, (2) short-run responses could be different from those in CMP because of the existence of price and wage stickiness, and (3) persistence of shocks also alters the direction of responses via the wealth effect. These results suggest that it is of great importance for policy institutions to acknowledge the dynamic aspects of productivity spillovers by simulating a model with richer dynamics like the GEM."--Authors' abstract
The foreign exchange origins of Japan's economic slump and low interest liquidity trap by Ronald I McKinnon( Book )

1 edition published in 2000 in English and held by 1 WorldCat member library worldwide

The choice of lending patterns by Japanese banks during the 1980s and 1990s : the causes and consequences of a real estate lending boom by Kōtarō Tsuru( Book )

1 edition published in 2001 in English and held by 1 WorldCat member library worldwide

A new approach to the estimation of stochastic differential equations with an application to the Japanese interest rates by Atsuyuki Kogure( Book )

1 edition published in 1997 in English and held by 1 WorldCat member library worldwide

An analysis of contagion in emerging currency markets using multivariate extreme value theory by Masahiro Fukuhara( Book )

1 edition published in 2002 in English and held by 1 WorldCat member library worldwide

Indexed bonds and monetary policy: the real interest rate and the expected rae of inflation by Yukinobu Kitamura( Book )

1 edition published in 1996 in English and held by 1 WorldCat member library worldwide

Determinants of subordinated debt issuance by Japanese regional banks by Naohiko Baba( Book )

1 edition published in 2007 in English and held by 1 WorldCat member library worldwide

"This paper empirically investigates the determinants of subordinated debt issuance by Japanese regional banks during the period 2000-2005 using a probit model. The empirical results suggest the following: (i) Throughout the period, Japanese regional banks with a lower capital/asset ratio have a higher incentive to issue subordinated debts because they are counted as Tier 2 capital under the Basel Accord. (ii) During the period of instability in the Japanese banking system (2000-2003), investors tended to intensively use financial variables such as the non-performing loan ratio, ROA, and total deposits outstanding to screen good banks for their investments in the subordinated debts. (iii) During the period after the banking system regained stability (2004-2005), investors tended to pay less attention to the above variables due mainly to the mitigated default risk of these banks."--Authors' abstract
Exploring the role of money in asset pricing in Japan : does monetary consideration significantly improve the empirical performance of C-CAPM? by Naohiko Baba( Book )

1 edition published in 2000 in English and held by 1 WorldCat member library worldwide

Incentives to issue low-quality securitized products in the OTD business model by Masazumi Hattori( Book )

1 edition published in 2009 in English and held by 1 WorldCat member library worldwide

We consider an economy in which a lender finances loans to borrowers by issuing a securitized product to investors and in which the credit quality of the product can depend on whether the lender screens borrowers. In the presence of asymmetric information between the lender and investors regarding the credit quality of potential borrowers, overvaluation from the lender's perspective can occur for low-quality securitized products, which inefficiently induces the lender not to screen borrowers and hence to issue the securitized products of low credit quality. This is likely to occur when the probability of being in a bad state (i.e., the presence of low-quality borrowers) is low, or when the seeds of recession begin emerging in a booming economy.--Author's abstract
Monetary and fiscal policy in the European Monetary Union by Jürgen von Hagen( Book )

1 edition published in 2002 in English and held by 1 WorldCat member library worldwide

Japan's financial system : its perspective and the authorities' role in redesigning and administering the system by Naohiko Baba( Book )

1 edition published in 2002 in English and held by 1 WorldCat member library worldwide

Imperfect common knowledge, staggered price setting, and the effects of monetary policy by Ichiro Fukunaga( Book )

1 edition published in 2006 in English and held by 1 WorldCat member library worldwide

"This paper studies the consequences of a lack of common knowledge in the transmission of monetary policy by integrating the Woodford (2003a) imperfect common knowledge model with Taylor-Calvo staggered price-setting models. The average price set by monopolistically competitive firms who can only observe the state of the economy through noisy private signals depends on their higher-order expectations about not only the current state but also about the states in the future periods in which prices are to be fixed. This integrated model provides a plausible explanation for the observed effects of monetary policy: it shows analytically how price adjustments are delayed and how the response of output to monetary disturbances is amplified. I also consider a more general information structure in which a noisy public signal, in addition to the private signals, is introduced."--Author's abstract
The future of central banking : a lesson from United States history by Bennett T McCallum( Book )

1 edition published in 2010 in English and held by 1 WorldCat member library worldwide

"It seems abundantly clear that the vision and presumption embodied in the Constitution was that the nation's monetary arrangements would feature a strict metallic standard--one with either gold or silver as the standard commodity or, alternatively, one involving a gold-silver bimetallic system. As there is no mention of the monetary standard among the amendments to the Constitution, a fundamental question arises naturally, namely: how were these provisions of the Constitution overturned so as to result in today's fiat-money arrangement in which Federal Reserve notes serve as legal tender and there is no trace whatsoever of a metallic standard?"--Introduction
A macroeconomic approach to corporate capital structure by Mitsuru Katagiri( Book )

1 edition published in 2011 in English and held by 1 WorldCat member library worldwide

In this paper, I investigate the cross-sectional determinants of corporate capital structure using a general equilibrium model with endogenous firm dynamics, a realistic tax environment, and financial frictions. I find that the equilibrium firm distribution in the model replicates fairly well the distribution of corporate capital structure as well as the relationship between capital structure, profitability, and firm size in the data. The key mechanisms here are economies of scale and two types of productivity shocks: persistent and transitory. The counterfactual experiment using the model implies, among other things, that tax benefits have relatively small effects on corporate capital structure choice compared with default costs and the costs of outside equity, including the dividend tax. It also reveals that the effects of those frictions on corporate capital structure choice are highly interrelated with each other
The policy objectives and the optimal institutional framework of a central bank by Kunio Okina( Book )

1 edition published in 1996 in English and held by 1 WorldCat member library worldwide

Policy rules as a means to a more effective monetary policy by John B Taylor( Book )

1 edition published in 1996 in English and held by 1 WorldCat member library worldwide

Can a rapidly-growing export-oriented economy smoothly exit an exchange rate peg? : lessons for China from Japan's high-growth era by Barry J Eichengreen( Book )

1 edition published in 2005 in English and held by 1 WorldCat member library worldwide

"We explore the parallels between Japanese currency policy after World War II and Chinese currency policy today. After two decades of pegging at 360 yen, Japan decoupled from the dollar on August 1971 and then repegged at a revalued rate of 308 yen. After stabilizing the exchange rate at this new level for about a year, greater flexibility was introduced. This phased adjustment - revaluation followed after a time by an increase in flexibility - bears more than a passing resemblance to recent Chinese policy initiatives. We analyze the impact of Japan's exit from its peg on exports and investment. The results point to sizeable effects of the yen's revaluation on both variables, especially investment. While our analysis suggests that a rapidly-growing, export-oriented economy can operate a heavily managed float despite the presence of capital controls and the absence of sophisticated foreign currency forward markets, it underscores the importance of managing the exchange rate with domestic conditions in mind and avoiding the kind of large real appreciation that would sharply compress profits and damage investment. For China this suggests starting with a modest band widening and a limited increase in flexibility, and not with a large step revaluation which could have a sharp negative impact on investment and growth. Our results thus provide support for the kind of measures taken at the end of July"--National Bureau of Economic Research web site
The effectiveness of forecasting methods using multiple information variables by Tomiyuki Kitamura( Book )

1 edition published in 2002 in English and held by 1 WorldCat member library worldwide

Price stability and Japanese monetary policy by Robert L Hetzel( Book )

1 edition published in 2004 in English and held by 1 WorldCat member library worldwide

Yamada Hagaki and the history of paper currency in Japan by Morio Seno'o( Book )

1 edition published in 1996 in English and held by 1 WorldCat member library worldwide

 
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English (20)