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Japan's Big Bang and the Transformation of Financial Markets

Ito, Takatoshi - 1999

A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper … the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and … volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2 …

Persistent link: https://www.econbiz.de/10012471543

Business Groups and the Big Push : Meiji Japan's Mass Privatization and Subsequent Growth

Morck, Randall - 2007

feudal elite; withdrew its hand with a propitious mass privatization that rallied the private sector; marginalized an …

Persistent link: https://www.econbiz.de/10012465482

The industrial organization and regulation of the securities industry

Lo, Andrew W. (ed.) - 1996

Persistent link: https://www.econbiz.de/10000937532

Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan

McCallum, Bennett T. - 2000

This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...

Persistent link: https://www.econbiz.de/10012471025

G3 Exchange Rate Relationships : A Recap of the Record and a Review of Proposals for Change

Clarida, Richard H. - 1999

This paper is a recap of G3 exchange rate relationships since the collapse of Bretton Woods and an analysis of recent proposals for changing the way the G3 countries currently conduct exchange rate policy. We seek to understand these proposals in the context of the status quo monetary policies...

Persistent link: https://www.econbiz.de/10012471348

Use of (Time-Domain) Vector Autoregressions to Test Uncovered Interest Parity

Ito, Takatoshi - 1984

In this paper, a vector autoregression model (VAR) is proposed in order to test uncovered interest parity (UIP) in the foreign exchange market. Consider a VAR system of the spot exchange rate (yen/dollar), the domestic (US) interest rate and the foreign (Japanese) interest rate, describing the...

Persistent link: https://www.econbiz.de/10012477593

Wages and Prices Are Not Always Sticky : A Century of Evidence for the United States, United Kingdom, and Japan

Gordon, Robert J. - 1982

Arthur M. Okun's last book, Prices and Quantities, contributes a theory of universal wage and price stickiness, but provides no explanation at all of historical and cross country differences in behavior. The core of this paper provides a new empirical characterization of price and wage changes...

Persistent link: https://www.econbiz.de/10012478264

Why U.S. Wage and Employment Behavior Differs from That in Britain and Japan

Gordon, Robert J. - 1981

This paper argues that rigid wages cannot provide the underpinnings of a universally valid theory of the business cycle, simply because wages are not universally rigid. Several different statistical techniques suggest that wage rates in the U.K. and Japan are between three and 15 times more...

Persistent link: https://www.econbiz.de/10012478304

Non-Monetary News in Central Bank Communication

Cieslak, Anna - 2018

We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central banks and a comprehensive classification of events, we decompose news conveyed by central banks into news about monetary policy, economic growth, and separately, shocks to risk...

Persistent link: https://www.econbiz.de/10012480685

COVID-19 and SME Failures

Gourinchas, Pierre-Olivier - 2020

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...

Persistent link: https://www.econbiz.de/10012481180