Many macroeconomists and policymakers have debated the effectiveness of the quantitative monetary-easing policy (QMEP) that was introduced in Japan in 2001. This paper measures the effect of the QMEP on aggregate output and prices, and examines its transmission mechanism, based on the vector...

We propose new proxy variables for monetary policy shocks in Japan for the period from July 1989 to March 2001 and investigate the effects of changes in the policy target variable on stock prices and the term structure of interest rates. We find that changes in the surprise component of the...

A multiply-twisted helix, in which a one-dimensional array of components is twisted, producing a helix which if twisted itself produces a doubly-twisted helix, and so on, in which there are couplings between adjacent rounds of helices, was investigated using a cellular automaton and the spectral...

Anderson transition in a fractal-shaped structure is driven by running fractal dimension from two to three. We analyzed the spectral statistics of a quantum particle confined in a fractal-shaped structure generated using the dielectric breakdown model in three dimensions. When the fractal...

When the spot price and production risk are jointly normally distributed, the mean-variance approach has little theoretical justification. The authors use Taylor approximations instead and show the three results. One, farmers hedge less than expected production when the futures price is less...