We present a simple monetary model (with sticky prices) to highlight spillovers to output gaps. We then show using a sequence of nonstructural VARs and a Global VAR, the effects of monetary policies measured using short-term interest rates and money base stocks. We conclude that money base...

Strategic Approaches to the International Economy brings together a selection of Koichi Hamada’s innovative and acclaimed essays on the applications of game theory to international economics, capital movements, migration, income distribution, portfolio choice, law and economics and the...

The Japanese economy, once referred to as the miracle of the rising sun, now appears to be in its twilight. Burdened with a large overhang of non-performing debt, the economy has suffered a long period of recession. This book describes the process, from the burst of the bubble to stagnation, to...

The paper studies the monetary mechanism of a three-country world where two large countries are engaged in floating exchange rates with each other, and a small country is pegged to one of these large countries. Three countries possess an endogenous wage determination process, so that the choice...