This paper presents a method for deriving the real interest rate and the expected rate of inflation from the market information contained in indexed government bonds. It also discusses the implications and potential use for monetary policy of the information derived about the real interest rate...

This paper overviews the entire landscape of Bitcoin-like cryptocurrencies. Bitcoin has not emerged out of cryptocurrency competition, but rather became a dominant currency as the first broad market based cryptocurrency. But there are more than a hundred of cryptocurrencies in the market, and...

This paper discusses the potential and limitations of Bitcoin as a digital currency. Bitcoin as a digital asset has been extensively discussed from the viewpoints of engineering and security design. But there are few economic analyses of Bitcoin as a currency. Bitcoin was designed as a payments...

A central concern in the field of international finance is always capital mobility. Feldstein and Horioka (1980) propose a simple test for international capital mobility and obtain a sign of very low capital mobility. Their interesting result is often described as the Feldstein-Horioka paradox....

The primary objective of this paper is to examine how and to what extent changes in income tax rates and income tax deductions affect income inequality from longitudinal perspectives, by using microdata from Japanese individuals and households. The findings of this paper could shed light on the...

This paper deliberates on the re-designing of the financial system in Japan, currently ailing seriously. With four conditions in the background - enhanced capability of risk transfer through financial markets, increased participation costs in the financial markets, increases in probabilities of...

We demonstrate a statistical procedure for selecting the most suitable empirical model to test an economic theory, using the example of the test for purchasing power parity based on the Big Mac Index. Our results show that supporting evidence for purchasing power parity, conditional on the...

This paper investigates the household saving behavior by different cohorts with various household characteristics in Japan. Pooling the National Survey of Family Income and Expenditure in 1984, 1989 and 1994, the cohort analysis finds a substantial behavioral difference in the baby-boomer...