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Keywords:Japan 

Working Paper
Asset price declines and real estate market illiquidity: evidence from Japanese land values

We develop an overlapping generations model of the real estate market in which search frictions and a debt overhang combine to generate price persistence and illiquidity. Illiquidity stems from heterogeneity in agent real estate valuations. The variance of agent valuations determines how quickly prices adjust following a shock to fundamentals. We examine the predictions of the model by studying price depreciation in Japanese land values subsequent to the 1990 stock market crash. Commercial land values fell much more quickly than residential land values. As we would posit that the variance of ...
Working Paper Series , Paper 2004-16

Working Paper
An empirical analysis of policy coordination in the United States, Japan and Europe

Coordination of macroeconomic policy has been a major topic at recent summit meetings, and has been the subject of a number of theoretical studies. However, relatively little empirical research exists on policy coordination. This paper is an attempt to help fill this gap. The paper considers the quantitative importance of the coordination of fiscal and monetary policy under flexible exchange rates. We also evaluate the mechanisms by which the effects of macroeconomic policy are transmitted abroad. The nature of the equilibrium reached in the absence of coordination is also analyzed, and the ...
International Finance Discussion Papers , Paper 286

Journal Article
Japan's financial reform

FRBSF Economic Letter

Working Paper
A century of trade elasticities for Canada, Japan, and the United States

Virtually all that is known about the behavior of imports rests on studies estimating income and price elasticities with postwar data. But anyone examining the evolution of trade over the last century cannot avoid asking whether the postwar period provides enough information to characterize that behavior. Indeed, the literature ignoring that past offers a large range of elasticity estimates suggesting that the role of income and prices in determining imports is not known with any precision. This paper offers the first analysis ofthat role using data since 1890 for Canada, Japan, and the ...
International Finance Discussion Papers , Paper 531

Discussion Paper
Relationship between labor-income risk and average return: empirical evidence from the Japanese stock market

In Japan, as in the United States, stocks that are more sensitive to changes in the monthly growth rate of labor income earn a higher return on average. Whereas the stock-index beta can only explain 2 percent of the cross-sectional variation in the average return on stock portfolios, the stock-index beta and the labor-beta together explain 75 percent of the variation. We find that the labor-beta drives out the size effect but not the book-to-market-price effect that is documented in the literature. We explore the extent to which these results are an artifact of seasonal patterns in ...
Discussion Paper / Institute for Empirical Macroeconomics , Paper 117

Journal Article
Macroeconomic influences on the U.S.-Japan trade imbalance

Quarterly Review , Volume 11 , Issue Spr , Pages 6-11

Journal Article
Japan's growth performance over the last decade

Quarterly Review , Volume 12 , Issue Sum , Pages 45-55

Conference Paper
Factors affecting the Japanese premium

Proceedings , Paper 614

Working Paper
Exchange rates, prices, and external adjustment in the United States and Japan

This paper studies the responsiveness of external balances--trade volumes and prices--to changes in exchange rates. Our objectives are twofold: to provide an analytical review of the literature in this area and to assess the influence of exchange rate movements on external adjustment in the two countries whose external imbalances have dominated all others over the past decade, the United States and Japan. ; We find that the conventional partial-equilibrium model of the trade balance has performed generally quite well in predicting the path of the U.S. and Japanese external balance over the ...
International Finance Discussion Papers , Paper 456

Conference Paper
A new interpretation of the coordination problem and its empirical significance

Proceedings

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