The users guide by hajoon chang bloomsbury press, august 2014. We develop a new keynesian searchmatching model that features heterogeneities in age and. Monetary policy and central banking in the asia pacific anu. Yoshihide soeya the dilemmas of middlepower diplomacy and more. Ippei fujiwara sustainable international monetary policy cooperation, with timothy kam and takeki sunakawa, accepted, journal of economic, dynamics and control. Ippei fujiwara the missing piece in the puzzle of the lost decades aurelia george mulgan has the agriculture lobby captured the state. July 2014 abstract this paper explores a causal link between aging of the labor force and declining trends in the real interest rate and in. The authors developed a model with human capital depreciation. The 2012 japanese economic associationnakahara prize. If the title of a paper is highlighted, you can get to the full text for that paper by clicking on the highlighted area.
Biographies 3 paolo giudici is a professor of data science and statistics at the department of economics and management of the university of pavia and research fellow at the blockchain technology center of london university college. He is widely recognised as the leading intellectual architect of apec. Global liquidity trap, journal of monetary economics, elsevier, vol. We consider the fiscal multiplier and spillover in an environment in which two countries are caught simultaneously in a liquidity trap. Hansen, and masao ogaki forthcoming, p urchasing power parity and the taylor rule, conditionally accepted with editorial changes, journal of applied econometrics. We have benefited from discussions with kosuke aoki, pierpaolo benigno. Journal of international economics vol 112, pages 1266. Previously, ippei worked for 18 years with the bank of japan. Research paper how much asymmetry is there in bond returns. Read the latest articles of journal of economic dynamics and control at. The third research paper is conducted solely by me.
He is also codirector of the australian national universitys australiajapan research centre. To answer this question, we examine monetary policy cooperation with both optimal discretion and commitment policies in a twocountry. Business cycles and indeterminacy in economic models. The role of aging by shigeru fujita and ippei fujiwara. Wednesday 6 september canberra australiajapan research centre. Discussion papers in economics and business, osaka university, graduate school of economics view citations 3 see also journal article in japan and the world economy 2007 output composition of monetary policy transmission mechanism in japan discussion papers in economics and business, osaka university, graduate school of economics view. The fiscal multiplier and spillover in a global liquidity trap.
Research paper how much asymmetry is there in bond. Is the central banks publication of economic forecasts influential. The basic object of this book is to provide materials on economic growth, development and planning, in their varied dimensions. Finally, economists shigeru fujita and ippei fujiwara looked for a causal link between an aging of the workingage population and inflation.
Ippei fujiwara, naoko hara, naohisa hirakata, takeshi kimura, and shinichiro watanabe, 2007. Like in the book 1984, one way to keep an economy at full production is to destroy its output almost as fast as you can produce it. Journal of economic dynamics and control dynamic stochastic. Keio university and australian national university. Hansen trygve haavelmo professor of economics phipps. The fiscal multiplier and spillover in a global liquidity trap by ippei. He is also associate editor of japan and the world.
This big drop in the growth rate is synonymous with japans lost two decades. Internationalism, brand nationalism and multiculturalism in japan lexington books, 2015. Ippei fujiwara keio university and anu, yiping huang peking university, peter drysdale anu, shiro armstrong anu. Fingerprint dive into the research topics where ippei fujiwara is active. Optimal monetary policy with endogenous entry and product variety. Private news and monetary policy vox, cepr policy portal voxeu. Benigno and woodford 2005 propose a method to compute the correct secondorder welfare measure when the steady state is distorted. How should monetary policy cooperation be designed when more than one country is simultaneously facing zero lower bounds on nominal interest rates.
The centre for applied macroeconomic analysis cama is located in the crawford school of public policy at the australian national university and was established in 2003 to bring together economists working on applied macroeconomic and financial market issues throughout australia and across the globe. Implications of ultralow and negative interest rates for asia 12 december 2016, asian development bank institute, tokyo, japan. Ippei fujiwara j apans average gdp growth rate was around 9. Ippei fujiwara centre for applied macroeconomic analysis. It would constitute a core book around which to structure a course in economic development. We would like to thank kosuke aoki london school of economics, seminar participants at the bank of canada, and many colleagues at the bank of japan, including hiroshi fujiki, ippei fujiwara, takeshi kimura, shigenori shiratsuka, tomohiro sugo, kozo ueda, and isao yamamoto, for their helpful comments. He is also a faculty fellow at research institute of economy, trade and industry rieti.
Using a standard new open economy macroeconomics noem model. Societal aging, demographics, and monetary policy by ippei fujiwara and yuki teranishi. Ippei fujiwara, and masao ogaki, journal of applied econometrics, 2015, 30, 874903. Biographies of contributors franklin allen franklin allen is the nippon life professor of finance and professor of economics at the wharton. Research associate at the globalization and monetary policy institute, federal bank of dallas. Ippei fujiwara, keio university a21545 mita, minatoku, tokyo 1088345 japan. The fiscal multiplier and spillover in a global liquidity trap, globalization institute working papers 51, federal reserve bank of dallas, revised 2010. Aging and declining trends in the real interest rate and. Their combined citations are counted only for the first article. Nonparametric lag selection for nonlinear additive autoregressive models, economics letters. This course examines key analytical, empirical and policy issues in monetary policy and central banking. Ippei fujiwara national bureau of economic research.
Research and statistics department, bank of japan 211 nihonbashihongokucho, chuoku, tokyo 1038660, japan. The present global liquidity trap musings from the chiefio. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy, fellow of the asian bureau of finance and economic research abfer, research associate at the globalization and monetary policy institute, federal reserve bank of dallas, japan director for australiajapan research centre ajrc, and the deputy director at the center for applied macroeconomic analysis cama. Foundation, and the japan institute for energy economics ieej, among others. You can set your address, phone number, email and site description in the settings tab. Update your information in the repec author service.
Thus a relatively closed economy will prefer an inflation targeting mandate and a very open economy will prefer an. Global liquidity trap ippei fujiwara, tomoyuki nakajima, nao sudo, yuki teranishi. Ippei fujiwara is professor of macroeconomics at the crawford school of public policy. Ippei fujiwara faculty of economics keio university 21545, mita, minatoku tokyo 1088345 japan tel. The authors explore a causal link between aging of the labor force and declining trends in the real interest rate and inflation in japan. Evaluating monetary policy when nominal interest rates are almost zero ippei fujiwara. Global liquidity trap, imes discussion paper series 10e11, institute for monetary and economic studies, bank of japan. Bilbiie, ippei fujiwara, journal of monetary economics, forthcoming. Ippei fujiwara ippei fujiwara is associate professor of macroeconomics at the crawford school of public policy at the australian national university. Essays on dynamic macroeconomics and monetary policy. Even in the samecountry, forecasting behavior is quite different by market. Output composition of the monetary policy transmission.
On two notions of imperfect credibility in optimal monetary policies, with timothy kam and takeki sunakawa, 2019, economics letters, 174, 2225. Ippei fujiwara professor, keio university negative interest rate policies. His research centres on international finance, monetary economics and macroeconomics. Jiao wang, australian national university, canberra act 0200 australia. Ippei fujiwara crawford school of economics and government. For example, another standard text book by krugman and obstfeld 2006 shows that not permanent but temporal scal expansion can have a positive shortrun e. Research and statistics department, bank of japan 211 nihonbashihongokucho, chuoku, tokyo 1038660, japan march 2004 abstract the nonnegativity constraint on nominal interest rates may have been. I took his graduate level course, open economy macroeconomics, in spring 2012. Fujiwara, ippei and kozo ueda 20, the fiscal multiplier and spillover in a global liquidity trap, journal of economic dynamics and control 37 7. Foreign exchange reserves as a tool for capital account management with ippei fujiwara, kevin x. Asymmetries are sizable when measured by the coefficient of skewness, a measure that is highly affected by outliers.
Optimal monetary policy in open economies revisited. Hansen, journal of applied econometrics 30, 2015 874903. Is the central banks publication of economic forecasts. Huang and jiao wang federal reserve banks federal reserve bank of dallas, australian national university anu crawford school of public policy, federal reserve bank of philadelphia and university of melbourne melbourne institute of applied economic and social research. Declining trends in the real interest rate and inflation. Fujiwara, ippei and ueda, kozo, the fiscal multiplier and spillover in a global. Summary of the 2008 international conference, monetary and economic studies, institute for monetary and economic studies, bank of japan, vol. Master in international and development economics, the australian national university 2012.
D03, g17 ippei fujiwara, crawford school of economics and government, room 2. We would like to thank kosuke aoki london school of economics, seminar participants at the bank of canada, and many colleagues at the bank of japan, including hiroshi fujiki, ippei fujiwara, takeshi kimura, shigenori shiratsuka, tomohiro sugo, kozo ueda, and. Huang, jiao wang, 2020, forthcoming in the journal of monetary economics monetary policy divergence and net capital flows. Academic supervisor of about 150 masters students and of 12 phd students.
He received his phd in applied economics from osaka university, and m. T1 is the central banks publication of economic forecasts influential. Topics covered include empirical features of inflation and output, the monetary transmission mechanism, miu and cia models of inflation, the cagan model of inflation, the. Craig bond, jeff friedman, ippei fujiwara, colin mckenzie and masao ogaki for their comments and suggestions. Ippei fujiwara, kazuo fukuda, ichiro muto, yosuke shigemi, and wataru takahashi, 2008. Professor peter drysdale is emeritus professor of economics, head of the east asian bureau of economic research and the east asia forum at the australian national university. The zero lower bound and monetary policy in a global. Department of economics the unprecedented international economic integration in the past few decades, in the form of global trade and activities of multinational corporations, has spurred heated discussions among policy makers and academics on the costs and bene. We measure asymmetries in the distribution of bond returns and exchange rates and test their statistical significance. Singaporean journal of business economics, and management studies vol. Economics letters, 2019, 174, c, 2225 view citations 2 sustainable international monetary policy cooperation. Using an optimizing twocountry sticky price model, we show that the fiscal multiplier and spillover are contrary to those predicted in textbook economics.
Can news be a major source of aggregate fluctuations. This cited by count includes citations to the following articles in scholar. Tamim bayoumi senior fellow, peterson institute for international economics alicia garcia herrero chief economist, asia pacific, natixis open floor discussion 16. Purchasing power parity and the taylor rule, with hyeongwoo kim, ippei fujiwara, and bruce e. Mototsugu shintani faculty of economics university of tokyo, iser osaka university. It was my rst semester studying abroad at the australian national university as a graduate student and it was also his rst course to teach after joining anu. Professor, keio university and australian national university. I was immediately intrigued by the exciting research topics that he delivered in the classroom.
As mentioned in section 2, some past studies suggest that companies with better performances tend to appoint. The school was named after sir john crawford, and its current director is professor helen sullivan the crawford school has disciplinary and interdisciplinary expertise in public. N2 we examine how a central banks economic forecasts affect forecasts by professional forecasters and vice versa. Professor ippei fujiwara professor ippei fujiwara is professor of macroeconomics at the australian national university and at keio university. Crawford school of public policy is a research intensive policy school within the anu college of asia and the pacific at the australian national university which focuses on australia and the asiapacific region. Economics as well as philosophy and japanese language and classical literature. Mototsugu shintani faculty of economics university of tokyo. Hansen, and masao ogaki forthcoming, p urchasing power parity and the taylor rule, conditionally accepted with editorial changes, journal of. Global liquidity trap, globalization institute working papers 56, federal reserve bank of dallas, revised 2010. The zero lower bound and monetary policy in a global economy. Other macroeconomic implications of population ageing.
Ippei fujiwara is a professor of macroeconomics at keio university and the australian national university anu. Professor ippei fujiwara professor ippei fujiwara is professor of macroeconomics at the australian. To test the main finding, we construct an establishmentlevel dataset from the months surrounding mexicos tequila crisis in 1995. Evaluating monetary policy when nominal interest rates are. Economics, politics and public policy in east asia and the pacific vol. Biographies of contributors franklin allen franklin allen is the nippon life professor of finance and professor of economics at the wharton school of the university of pennsylvania, where he has been on the faculty since 1980. A simple analytical investigation, imes discussion paper series 09e31, institute for monetary and economic studies, bank of japan. Peterson institute for international economics, where he wrote a book. He received his phd from the massachusetts institute of technology.
Summary of 2008 international conference organized by the insti tute for monetary and economics studies of the bank of japan. For example, another standard text book by krugman and obstfeld 2006 shows that. Centre for applied macroeconomic analysis cama, anu. In summary, the baseline equation to be estimated is expressed as follows, where. There is a strong emphasis on theory supported by a range of applications, in particular to the asia pacific region. A bayesian dsge approach, journal of money, credit, and. A study by economists shigeru fujita and ippei fujiwara explores a causal link between aging of. Economicsphilosophy occidental college, summa cum laude. Central banks may well possess private information. University of queensland school of economics email brisbane, qld 4072 australia. Despite active research in this area, however, many aspects of. Fujiwara, ippei, yasuo hirose, and mototsugu shintani. Miura is a winner of numerous prizes including seiron.
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