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Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects"

Fujiwara, Ippei; Hirakata, Naohisa - Institute for Monetary and Economic Studies, Bank of Japan - 2007

In this paper, we first set up a model that incorporates firm dynamics into the Global Economy Model (henceforth, GEM) developed by the IMF Research Department. Then, we show how the economic variables respond to the shocks that shift the production frontier outwards, namely productivity gains...

Persistent link: https://www.econbiz.de/10004971192

Productivity Growth, Transparency, and Monetary Policy

Muto, Ichiro - Institute for Monetary and Economic Studies, Bank of Japan - 2007

In this study, we investigate how central bank transparency about views on future productivity growth influences social … interest rate. Under this setup, we show that central bank transparency does not necessarily improve social welfare. It can …

Persistent link: https://www.econbiz.de/10004975780

Central Bank Communication and Multiple Equilibria

Ueda, Kozo - Institute for Monetary and Economic Studies, Bank of Japan - 2009

is socially worse in that inflation variability becomes larger. We also demonstrate that too high transparency of central …

Persistent link: https://www.econbiz.de/10004978185