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Keywords:Japan 

Working Paper
Measurement errors in Japanese Consumer Price Index

In Japan, the Consumer Price Index (CPI) is widely used as a measure of inflation or the cost of living. The CPI is constructed by using a fixed-weight Laspeyres formula. This formula is used mainly because of its ease of calculation and comprehension, thus limiting the total cost of constructing the statistics. However, such simplicity makes it difficult for the CPI to reflect dynamic changes in economic activity such as changes in consumers' behavior between goods in response to relative price fluctuation, the introduction of new goods, and the disappearance of old goods. As a result, ...
Working Paper Series , Paper WP-99-2

Journal Article
The use of equity positions by banks: the Japanese evidence

Economic Review , Issue Fall , Pages 41-55

Conference Paper
Bank underwriting of corporate bonds evidence from Japan after the financial system reform of 1993

Proceedings , Paper 670

Journal Article
Interdependence: U.S. and Japanese real interest rates

FRBSF Economic Letter

Working Paper
Monetary control, interest rates and exchange rates: the case of Japan, 1973-1986

This paper analyzes the extent to which Japan's success at maintaining a low and stable inflation rate since the mid-1970s, while avoiding a major recession, is attributable to a switch in monetary control procedures by the Bank of Japan toward a so-called "money focused" monetary policy. Through estimation of an explicit Bank of Japan (BoJ) reaction function and using the vector autoregressions methodology, we find that little of the variation in the BoJ operating instrument is associated with an attempt to maintain money aggregates growth along a predetermined path. We do find, however, ...
Working Papers in Applied Economic Theory , Paper 86-08

Journal Article
Japan's financial reform

FRBSF Economic Letter

Journal Article
Financial reform: Japan style

FRBSF Economic Letter

Journal Article
Measuring the relative marginal cost of debt and capital for banks (summary)

Economic Policy Review , Volume 4 , Issue Oct , Pages 45

Journal Article
Foreign financial institutions in Japan

FRBSF Economic Letter

Working Paper
Assessing Abenomics: Evidence from Inflation-Indexed Japanese Government Bonds

We assess the impact of news concerning the reforms associated with ?Abenomics? using an arbitrage-free term structure model of nominal and real yields. Our model explicitly accounts for the deflation protection enhancement embedded in Japanese inflation-indexed bonds issued since 2013, which pay their original nominal principal when deflation has occurred from issue to maturity. The value of this enhancement is sizable and time-varying, with substantive impacts on estimates of expected inflation compensation. After properly accounting for deflation protection, our results suggest that ...
Working Paper Series , Paper 2019-15

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