Japan's economy is expanding and expected to continue expanding moderately, according to Monthly Report of Recent Economic and Financial Developments released by the Bank of Japan in July 2007.The BOJ declared the change of policy stance at the Monetary Policy Meeting held on July 14, 2006. The...

Pioneering work of modelling financial anxieties was given by Kimura et al. in 1999 as psychological change of people due to financial shocks. They regressed financial position by nonstationary interest rate and estimated the variance of financial shocks in a heteroskedasticity frame work of...

Three Nordic countries, Norway, Finland and Sweden, and Japan had experienced the severe financial crisis after the rapid asset price increase in almost the same period. However the recovery was fast in Nordic countries, while Japan experienced a prolonged recession, so called lost two decades....

Japan's economy is expanding and expected to continue expanding moderately, according to Monthly Report of Recent Economic and Financial Developments released by the Bank of Japan in July 2007.The BOJ declared the change of policy stance at the Monetary Policy Meeting held on July 14, 2006. The...

The object of the paper is to attempt to assess the two classical long-run neutrality; the Fisherian link between inflation rate and nominal interest rate, and the natural rate hypothesis proposed by Friedman(1968) and Phellps (1967, 1968). We use the quarterly data for Japan, Sweden and Italy....