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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014395987
This paper develops and tests a model of Japan’s household savings rate, based on the life-cycle hypothesis that the … primary motive for savings is provision for retirement. The paper shows that Japan’s high household savings rate in recent …
Persistent link: https://www.econbiz.de/10014395990
The relationship between current account developments and changes in the macroeconomic environment remains a key issue in open economy macroeconomics. This paper extends the standard intertemporal optimizing model of the current account to incorporate the effects of macroeconomic uncertainty on...
Persistent link: https://www.econbiz.de/10014396005
flows. The purpose of this paper is to examine whether the tax reform proposed recently in Japan satisfies the above … principles, in particular, efficiency and equity, and to investigate the effects not only on the real economy in Japan, but also … on capital outflows from Japan to abroad. Also, the aging problem is examined briefly …
Persistent link: https://www.econbiz.de/10014396050
This paper estimates an inflation function and forecasts one-year ahead inflation for Japan. It finds that (i) markup …
Persistent link: https://www.econbiz.de/10014399664
Using daily data for 1995–99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have...
Persistent link: https://www.econbiz.de/10014399714
We study the properties of a test that determines whether two time series comove. The test computes a simple nonparametric statistic for “concordance,” which describes the proportion of time that the cycles of two series spend in the same phase. We establish the size and power properties of...
Persistent link: https://www.econbiz.de/10014399826
diffusion including the role of distance. A continuous-time model is estimated on several European countries, Japan, and the …
Persistent link: https://www.econbiz.de/10014399872
the extent of the link between inflation rates between China and the United States and Japan. It finds only limited … and Japan. However, it finds some evidence that inflation in the United States has an impact on Chinese inflation … between prices in China and in the United States and Japan, both for food and at the household level for manufactured goods …
Persistent link: https://www.econbiz.de/10014399891
For a large part of the past decade, Japan has witnessed a steady deterioration in the health of its banking system …
Persistent link: https://www.econbiz.de/10014399939