Showing 1 - 10 of 17
This paper studies the effects of financial integration on economic growth using an international panel data of 83 countries from 1974-2007. The effects of financial integration on economic growth differ considerably, depending on the type of external assets and liabilities as well as on the...
Persistent link: https://www.econbiz.de/10010894577
In this paper, we estimate time-varying biases of technical change and their effects on productivity using econometric models of aggregate and industry-level technology in Japan. In our aggregate model, the bias of technical change for energy input was energy-saving in the 1980s but gradually...
Persistent link: https://www.econbiz.de/10010894596
Output volatility in Japan's manufacturing sector has been stabilizing from a long-term perspective and this tendency has become noticeable in recent years. In this current economic expansion, the volatility of overall production has been reduced, since cross-industry comovements have declined...
Persistent link: https://www.econbiz.de/10010931887
Three decades have passed since China dramatically opened up to the global market and began to catch up rapidly with leading economies. In this paper we discuss the effects of Chinafs opening-up and rapid growth on the welfare of both China and the rest of the world (ROW). We find that the...
Persistent link: https://www.econbiz.de/10004971198
What are the effects of demographic changes on the real interest rate in Japan? We present a dynamic general equilibrium model in which demographic changes are captured by exogenous changes in the ratio of workers to the total population. Our model predicts that a decline in this ratio in the...
Persistent link: https://www.econbiz.de/10011077765
What are the effects of demographic changes on the real interest rate in Japan? We present a dynamic general equilibrium model in which demographic changes are captured by exogenous changes in the ratio of workers to the total population. Our model predicts that a decline in this ratio in the...
Persistent link: https://www.econbiz.de/10010894511
In this paper, we assess the effects of fiscal policy in Japan using two dynamic stochastic general equilibrium (DSGE) models. One is a medium-scale DSGE model of Japan's economy ("M-JEM," Fueki et al., 2010) estimated using Bayesian techniques. The other is the IMF's multi-region "GIMF (Global...
Persistent link: https://www.econbiz.de/10010894592
This paper organizes facts and conducts an empirical analysis related to the portfolio rebalancing effect of government bond purchases by the Bank of Japan (BOJ). Our analysis uses data on bank loans and investment flows that are classified by type of entity, primarily taken from the Flow of...
Persistent link: https://www.econbiz.de/10010931750
After the Bank of Japan (BOJ) introduced Quantitative and Qualitative Monetary Easing in April 2013, the BOJ's government bond purchases increased by a large amount, and entities other than the BOJ, as a group, increased loans and investment in equities, mutual funds, and corporate bonds, while...
Persistent link: https://www.econbiz.de/10010931890
How should central banks take into account movements in asset prices in the conduct of monetary policy? We provide an analysis to address this issue using a dynamic stochastic general equilibrium model incorporating both price rigidities and financial market imperfections. Our findings are...
Persistent link: https://www.econbiz.de/10004983619