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In this paper we show that the delegation of monetary policy to an independent and more conservative central banker is an optimal policy in an international context with monetary spillovers between countries, even in the absence of time inconsistency (credibility) issues. We also study the...
Persistent link: https://www.econbiz.de/10005114375
. However, Japan started at a lower level than Britain and grew more slowly until the Meiji Restoration. …
Persistent link: https://www.econbiz.de/10011272718
This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results …
Persistent link: https://www.econbiz.de/10005666763
Should one think of zero nominal interest rates as an undesirable liquidity trap or as the desirable Friedman rule? I use three different frameworks to discuss this issue. First, I restate Cole and Kocherlakota's (1998) analysis of Friedman's rule: short run increases in the money stock -...
Persistent link: https://www.econbiz.de/10005788876
. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies … indices for Japan and Europe. If anything, real wages in Europe and Japan were too flexible rather than too rigid, in the … sense that much of the increase in wage gap indices in Europe during 1968-70 and in Japan in 1973-74 can be interpreted as …
Persistent link: https://www.econbiz.de/10005789135
experiences of Germany and Japan during periods when their exchange rates have apparently been undervalued and the more general …
Persistent link: https://www.econbiz.de/10005791547
This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward these countries had low … Japan and Germany’s monetary authorities - for example, more willingness to accept temporary unemployment, or stronger …
Persistent link: https://www.econbiz.de/10005791626
Standard estimates of earnings profiles ignore the fact that, with unobserved heterogeneity, cross-section evidence need not reflect the `true' relationship between earnings and tenure. In this paper we argue that the observation of the position filled by an employee in the firm hierarchy is...
Persistent link: https://www.econbiz.de/10005791889
called the Triad: The United States, the EU and Japan. We focus on measuring possible asymmetries in market access between …
Persistent link: https://www.econbiz.de/10005504710
Using data for the 1990s, this Paper examines the role of sheepskin effects in the returns to education for Japan. Our … the US. These results could be explained by the particular recruitment system of large firms in Japan, which makes the …
Persistent link: https://www.econbiz.de/10005656206