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The Japanese banks in the lasting low-, zero- and negative-interest rate environment
Schnabl, Gunther; Murai, Taiki - 2020
The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...
Persistent link: https://www.econbiz.de/10012422760
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A framework for understanding inflation - with or without money
Bengtsson, Ingemar - 2005
This paper presents a model that pictures how inflation is determined in a decentralized market process where prices are set in both simultaneous and sequential contracts. Price setting is seen as a coordination game between the price setters of sequential contracts. An important property of the...
Persistent link: https://www.econbiz.de/10013208483
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Some empirical models of Japanese government bond yields using daily data
Akram, Tanweer; Li, Huiqing - 2020
This paper models the dynamics of Japanese government bond (JGB) nominal yields using daily data. Models of government bond yields based on daily data, such as those presented in this paper, can be useful not only to investors and market analysts, but also to central bankers and other...
Persistent link: https://www.econbiz.de/10012610190
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The dynamics of Japanese government bonds' nominal yields
Akram, Tanweer; Li, Huiqing - 2018
This paper employs a Keynesian perspective to explain why Japanese government bonds' (JGBs) nominal yields have been … bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan's (BoJ) accommodative monetary …. These findings are relevant to ongoing policy debates in Japan and other advanced countries about government bond yields …
Persistent link: https://www.econbiz.de/10012142953
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The impact of the Bank of Japan's monetary policy on Japanese government bonds' low nominal yields
Akram, Tanweer; Li, Huiqing - 2019
Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government … elevated. However, this paper shows that the Bank of Japan's (BoJ) highly accommodative monetary policy is primarily … developments in Japan to the evolution of JGBs' long-term interest rates. …
Persistent link: https://www.econbiz.de/10012142985
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New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
prototypical New Keynesian model fit to Japanese data exhibits orthodox dynamics during Japan's episode with zero interest rates …. We then demonstrate that this specification is more consistent with outcomes in Japan than alternative specifications …
Persistent link: https://www.econbiz.de/10010292223
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Foreign exchange market interventions as monetary policy
Post, Erik - 2006
Least Squares and an Ordered Probit model. The empirical analysis uses daily intervention data for Australia, Japan and …
Persistent link: https://www.econbiz.de/10010321630
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The Stabilizing Properties of Floating Exchange Rates: Some International Evidence
Bergvall, Anders - 2002
This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...
Persistent link: https://www.econbiz.de/10010321739
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Nominal rigidities in debt and product markets
Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2016
Standard models used for monetary policy analysis rely on sticky prices. Recently, the literature started to explore also nominal debt contracts. Focusing on mortgages, this paper compares the two channels of transmission within a common framework. The sticky price channel is dominant when...
Persistent link: https://www.econbiz.de/10011796525
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When to ease off the brakes (and hopefully prevent recessions)
Hastings, Harold M.; Young-Taft, Tai; Wang, Thomas - 2019
Increases in the federal funds rate aimed at stabilizing the economy have inevitably been followed by recessions. Recently, peaks in the federal funds rate have occurred 6-16 months before the start of recessions; reductions in interest rates apparently occurred too late to prevent those...
Persistent link: https://www.econbiz.de/10012142976