In Appreciation and Interest Irving Fisher (1896) derived an equation connecting interest rates in any two standards of value. The original Fisher equation (OFE, 1896) was expressed in terms of the expected appreciation of money (the real return on money) whereas the ubiquitous conventional...

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative...

"Over the period 1961-1991, the Bank of Japan (BOJ) attempted to directly control the volume of commercial bank credit by providing lending targets for selected banks. This policy of "window guidance" (WG) applied to only a subset of lending institutions. The guided banks involved were under no...

This paper surveys the postwar evolution of Bank of Japan (BOJ) monetary policy. Using both qualitative and quantitative data, we describe the changes in the money supply process in response to changing institutional constraints. We focus on the transition from quantitative to qualitative...

The question of how monetary policy translates across the yield curve is at the forefront of many recent policy debates. This debate takes on added intensity when the choice of policy regime is heterogeneous. Monetary policy targets the very short end of the yield curve, although real economic...

Mobile money service in Uganda has expanded rapidly, penetrating as much as over 30 percent of the adult population in just four years since its inception. We investigate the impact of this financial innovation on household welfare, using household survey panel data from rural Uganda. Results...

Japan’s outstanding debt keeps increasing and there are concerns regarding its sustainability. Nevertheless, the financial market seems to be neglecting such concern. Its growing debt level and subdued general price level are not easy to explain from the fiscal theory of price level (FTPL)...

We analyze the economic impact on key sectors of a compound disaster in Taiwan. While Taiwan has high-tech export-oriented industries such as semiconductors and electronic products, three out of four nuclear power plants are located in the at-risk areas close to its capital city with industrial...

Experiments with family groups are rare, but since many decisions are taken at the household level or occur within the household it is an important area to investigate. I discuss some of the methodological challenges involved in doing experiments with couples and families and consider major...

Forward guidance or more specifically policy duration commitment invented and developed by the Bank of Japan has become an essential part of unconventional monetary policy instruments employed by modern central banks. This paper’s simple empirical analysis finds that the market believes or...