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Journal Article
The changing pattern of U.S. trade: 1975-1985

Economic Review , Issue Oct , Pages 36-42

Journal Article
Recession, loan decisions lead to Japan's banking problem

Economics Update , Issue Jul , Pages 1, 6

Working Paper
An analysis of Japanese stock return dynamics conditional on U.S. Monday holiday closures

This paper examines a unique data set consisting of Japanese equity returns for the Friday, Monday, and Tuesday surrounding U.S. Monday holiday closures. The objective is to neutralize the impact of spillover effects from New York to Tokyo. Prior studies find that Japanese returns are negative on Tuesday and anomalous; this phenomenon is known as the Japanese-Tuesday effect. One explanation for the Japanese-Tuesday effect is that there exists a cause and effect relationship with Monday returns in New York. Historically, Monday returns in New York are negative, a phenomenon known as the ...
FRB Atlanta Working Paper , Paper 2000-6

Working Paper
The Implications of a graying Japan for government policy

Japan is in the midst of a demographic transition that is both rapid and large by international standards. As recently as 1990, Japan had the youngest population among the Group of 6 large, developed countries. However, the combined effects of aging of the baby boomer generation and low fertility rates have produced very rapid aging. Japan now finds itself with the oldest population among the Group of 6, and its population will continue to age at a rapid pace in future years. Aging is already placing a burden on government finances, and Japan's ability to confront the negative fiscal ...
FRB Atlanta Working Paper , Paper 2014-18

Working Paper
Quantifying Forward Guidance and Yield Curve Control

This study evaluates the effectiveness of Japan's unconventional monetary policies over the past quarter century within a unified term structure framework. It specifically examines the impact of the Bank of Japan's (BOJ) outcome-based forward guidance and yield curve control (YCC) and incorporates other policy types into the framework. The findings show that the BOJ’s forward guidance and YCC have both had a significant impact on the shadow rate. Forward guidance accounted for most of the policy impact in the early stages of unconventional monetary policies and remained influential ...
FRB Atlanta Working Paper , Paper 2024-8

Conference Paper
Japan's public pension system: what is wrong with it and how to fix it: a panel discussion

Conference Series ; [Proceedings]

Conference Paper
Policy implications of demographic change: panel discussion: social implications of demographic change in Japan

Declining population as well as population aging has substantial impacts on the economy and on the society. By contrast, the size of the population usually does not matter for economic development, if it is stable; Switzerland and Sweden, for example, are rich countries with fewer than 10 million people. However, the process of declining does matter, particularly when it is accompanied by a significant change in the age structure. The aging of the population is a more serious issue in Japan than in any other OECD country. First, the speed of aging has been more rapid there, reflecting the ...
Conference Series ; [Proceedings] , Volume 46 , Pages 297-304

Journal Article
The U.S. trade deficit: a perspective from selected bilateral trade models

New England Economic Review , Issue May , Pages 19-31

Journal Article
United States-Japanese trade: predictions using selected economic models

New England Economic Review , Issue May , Pages 26-37

Journal Article
U.S economic performance: good fortune, bubble, or new era?

What accounts for the extraordinary performance of the U.S. economy in recent years? How is that we have been able to enjoy such strong economic growth and resulting low unemployment rates without an upturn in inflation? The author reviews the primary explanations offered for these unusually favorable circumstances - that the U.S. economy has been the beneficiary of temporary factors that have held down the inflation rate or that the U.S. economy has entered a new era of intensified competition and rising productivity growth in which inflation is less of a threat. She also discusses ...
New England Economic Review , Issue May , Pages 3-20

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