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Are there Differences in the Effectiveness of Quantitative Easing at the Zero-Lower-Bound in Japan over Time?
Michaelis, Henrike; Watzka, Sebastian - CESifo - 2014
changing effectiveness of the Bank of Japan’s Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy …
Persistent link: https://www.econbiz.de/10010812488
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …
Persistent link: https://www.econbiz.de/10005405989
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The Relevance or Otherwise of the Central Bank's Balance Sheet
Miles, David K.; Schanz, Jochen - CESifo - 2014
This paper explores the impacts on an economy of a central bank changing the size and composition of its balance sheet. One of the ways in which such asset purchases could influence prices and demand is via portfolio balance effects. We develop and calibrate a simple OLG model in which...
Persistent link: https://www.econbiz.de/10010739346
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Liquidity, Term Spreads and Monetary Policy
Aksoy, Yunus; Basso, Henrique S. - CESifo - 2012
We propose a model that delivers endogenous variations in term spreads driven by banks’ portfolio decision while facing the risk of maturity transformation. First, we show that fluctuations of the future profitability of banks’ portfolios affect their ability to cover for any liquidity needs...
Persistent link: https://www.econbiz.de/10010690388
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Inflation and Output Dynamics in a Model with Labor Market Search and Capital Accumulation
Heer, Burkhard; Maussner, Alfred - CESifo - 2007
In a sticky-price model with labor market search and habit persistence, Walsh (2005) shows that inertia in the interest rate policy helps to reconcile the inflation and output persistence with empirical observations for the US economy. We show that this finding is sensitive with regard to the...
Persistent link: https://www.econbiz.de/10005766166
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Does an R&D Tax Credit Affect R&D Expenditure? The Japanese R&D Tax Credit Reform in 2003
Kasahara, Hiroyuki; Shimotsu, Katsumi; Suzuki, Michio - CESifo - 2013
To what extent does a tax credit affect firms’ R&D activity? What are the mechanisms? This paper examines the effect of R&D tax credits on firms’ R&D expenditure by exploiting the variation across firms in the changes in the eligible tax credit rate between 2000 and 2003. Estimating the...
Persistent link: https://www.econbiz.de/10010877675
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The Signalling Channel of Central Bank Interventions: Modelling the Yen / US Dollar Exchange Rate
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - CESifo - 2011
This paper presents a theoretical framework analysing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...
Persistent link: https://www.econbiz.de/10009324091
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Did the Japanese Patient Follow the Doctor's Orders? Mostly no! A Public Choice Analysis of Greenhouse Gas Emissions Trading Schemes in Japan before and after the Earthquake
Rudolph, Sven; Schneider, Friedrich - CESifo - 2011
’ energy and climate policy. Japan is one of the biggest emitters of greenhouses gases in the world and still far away from …, we ask what the political reasons for the failure of carbon markets in Japan are and how they can be overcome. We use … Public Choice arguments, but also analyze actual climate policy making in Japan on a case study basis. Thus, on the one hand …
Persistent link: https://www.econbiz.de/10009364314
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'By a Silken Thread': Regional Banking Integration and Pathways to Financial Development in Japan's Great Recession
Hoffmann, Mathias; Okubo, Toshihiro - CESifo - 2013
How do financial development and financial integration interact? We focus on Japan’s Great Recession after 1990 to … reference to prefectures’ different historical pathways to financial development. After Japan’s opening to trade in the 19th …, the main export hub for silk, provided silk reelers with trade loans. Many regional banks in Japan were founded as local …
Persistent link: https://www.econbiz.de/10010607005
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Economy Wide Impact of the Trade Integration between Japan and India: A Computable General Equilibrium Analysis
Bhattacharyay, Biswa Nath; Mukhopadhyay, Kakali - CESifo - 2013
Japan and India signed the much-awaited Comprehensive Economic Partnership Agreement (CEPA) on 16th February 2011. The …, the study evaluates the economy wide impact of the proposed CEPA between India and Japan at 2020. The study has used a … India and Japan in 2020 after tariff reduction compared to Business as Usual (BAU) scenario. A marginal export growth is …
Persistent link: https://www.econbiz.de/10010732348