This paper analyzes the causes of the decline in Japan's border effect by estimating gravity equations for Japan's international and interregional trade in four machinery industries (electrical, general, precision, and transportation machinery). In the estimation, we explicitly take account of...

Did "Quantitative and Qualitative Monetary Easing (QQE),'' which has been conducted by the Bank of Japan from April 2013, end the long deflation of the Japanese economy? Answering the question, we constructed a linear projection model to estimate Ex-Ante Real interest Rates (EARRs) and Inflation...