The Bank of Japan (BOJ) estimates the output gap and the potential growth rate, and uses these in judging economic and price conditions. The output gap and potential growth rate have been recently re-estimated in light of the benchmark revision of the GDP statistics at the end of 2005. At the...

This paper constructs an econometric model that describes the relationships in the Asia-Pacific region and gives quantitative insights into the recent policy debates on policy coordination among the East Asian economies. The model includes various monetary and currency policy rules that the...

In this paper, we construct a macro-econometric model that describes the economic activity in the Asia-Pacific area and provide quantitative insights into the recent policy debates on monetary and currency coordination among the East Asian economies. The model includes a wide variety of monetary...

The development of an international division of labor across the Asia-Pacific basin was not only foundation for achieving the "East Asian Miracle," but also proved during the "Asian Currency Crisis" to be a possible trigger for an international chain reaction of economic bankruptcy. The purpose...

We investigate the significance of fundamentals variables and uncertainty of appropriate models in one-, two-, four-, and eight-quarter ahead forecasts of quarterly yen-dollar real exchange rates by using 16 fundamentals-based models and the random walk model. Our empirical results show...