This paper provides a brief explanation and a detailed documentation of the current version of the Quarterly Japanese Economic Model (Q-JEM), which has been developed and constantly updated since the mid-2000s at Research and Statistics Department, Bank of Japan. Q-JEM is a large-scale...

This paper examines the relationship between monetary policy uncertainty and the term structure of interest rates. Extending the Ellingsen and Soderstrom (2001) model, we demonstrate that long-term interest rates are positively related to monetary policy uncertainty, with the magnitude...

The George Washington University and Princeton University's Griswold Center for Economic Policy Studies Philadelphia, PA President Charles Plosser gives his views on the debate about a new normal for economic growth in the U.S. economy. He will also discuss the question of future productivity...

This paper conducts an empirical analysis of influence of fiscal expenditure supporting agriculture monetary supply on rural residents’s consumption by adopting a vector auto-regression model, based on the data from 1978 to 2011. The study indicated that: in the short term, fiscal policy...

Inflation targeting (IT) is a relatively new monetary policy framework for low-income countries (LICs). The limited number of LICs with an IT framework and the short time that has elapsed since the adoption of this framework explains why there are no previous empirical studies on the performance...

A New-Keynesian macro-model is estimated accommodating regime-switching behavior in monetary policy and macro-shocks. A key to our estimation strategy is the use of survey-based expectations for inflation and output. Output and inflation shocks shift to the low volatility regime around 1985 and...

A financial stress index for the United States is introduced—one used by the staff of the Federal Reserve Board during the financial crisis of 2008–2009—and its׳ interaction with real activity, inflation and monetary policy is investigated using a Markov-switching VAR model, estimated...