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Price and Wage Flexibility in Hong Kong Sar
Guo, Si - 2017
The paper assesses the price and wage flexibility in Hong Kong SAR. At the aggregate level, it compares Hong Kong SAR with the United States, the United Kingdom and Singapore by examining the three commonly used macroeconomic relationships among inflation, unemployment, wage growth, and output...
Persistent link: https://www.econbiz.de/10012962088
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Are the Unemployed Unemployable?
Saint-Paul, Gilles - 2008
This paper develops a matching model of the labor market under wage rigidity when hiring decisions are irreversible. There are two types of workers, the skilled and the unskilled. The model is used to analyze whether technological advances may have increased unemployment. It is shown that it is...
Persistent link: https://www.econbiz.de/10012774285
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Endogenous Growth, Downward Wage Rigidities and Optimal Inflation
Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian - 2022
Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity...
Persistent link: https://www.econbiz.de/10013306762
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Achieving the Bank of Japan's Inflation Target
Anand, Rahul - 2019
The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to … analysis (FPAS) for Japan. In the model's baseline scenario, the likelihood of the Bank of Japan reaching its 2 percent …
Persistent link: https://www.econbiz.de/10012858390
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Demographics and the Natural Rate of Interest in Japan
Han, Fei - 2019
Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation … expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the … impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on …
Persistent link: https://www.econbiz.de/10012889159
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Scarcity Effects of Quantitative Easing on Market Liquidity : Evidence from the Japanese Government Bond Market
Han, Fei - 2018
) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity …
Persistent link: https://www.econbiz.de/10012913879
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Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates
Hong, Gee Hee - 2018
In this paper, we investigate how negative interest rate policy (NIRP) introduced in January2016 by the Bank of Japan …
Persistent link: https://www.econbiz.de/10012913933
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Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : A Global VAR Approach
Ganelli, Giovanni - 2016
We use a Global VAR model to study spillovers from the Bank of Japan's quantitative and qualitative easing (QQE) on …
Persistent link: https://www.econbiz.de/10012977736
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Reflating Japan : Time to Get Unconventional?
Arbatli, Elif C. - 2016
Japan has ambitious economic goals: 3 percent nominal growth; 2 percent inflation; and a primary budget surplus …
Persistent link: https://www.econbiz.de/10012977808
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The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions
Korniyenko, Yevgeniya - 2016
States, the United Kingdom, Euro area and Japan-the Systemic Four-on global monetary and liquidity conditions. Overall, the … countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but …
Persistent link: https://www.econbiz.de/10012996076