IMES Discussion Paper Series

From Institute for Monetary and Economic Studies, Bank of Japan
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25-E-03: Advance in Security Proofs of Quantum Key Distribution and Its Challenges towards Practical Implementation

Kazutoshi Kan and Toshihiko Sasaki

25-E-02: An Accounting Analysis of Emissions Trading Systems

Tatsuya Kato and Koki Sawai

25-E-01: Deflationary Equilibrium with Uncertainty

Philip Coyle, Naoki Maezono, Taisuke Nakata and Sebastian Schmidt

24-E-17: Innovation Choice, Product Life Cycles, and Optimal Trend Inflation

Hiroshi Inokuma, Mitsuru Katagiri and Nao Sudo

24-E-16: Measurement Errors in the Consumer Price Index: Perspectives on Numerical Targets for Price Stability in Major Economies

Satoshi Kobayashi, Takeshi Shinohara, Shigenori Shiratsuka, Nao Sudo and Itofumi Takeuchi

24-E-15: On the Zero-Inflation Norm of Japanese Firms

Kakuho Furukawa, Yoshihiko Hogen, Kazuki Otaka and Nao Sudo

24-E-14: A Quantitative Assessment of the Impact of Deflation in an Aging Economy

Takemasa Oda

24-E-13: The Way to Stability and Growth in the World Economy

John B. Taylor

24-E-12: On the Interaction between Monetary and Fiscal Policy: Developments in Macroeconomics since the Global Financial Crisis

Mitsuru Katagiri, Yusuke Oh, Yasutaka Ogawa, Nao Sudo and Takeki Sunakawa

24-E-11: Price Dynamics and Monetary Policy Challenges -- Lessons Learned and Going Forward -- Summary of the 2024 BOJ-IMES Conference

Wataru Hagio, Daisuke Ikeda, Satoshi Kobayashi and Nao Sudo

24-E-10: The Signaling Effects of Fiscal Announcements

Leonardo Melosi, Hiroshi Morita, Anna Rogantini Picco and Francesco Zanetti

24-E-09: From Population Growth to TFP Growth

Hiroshi Inokuma and Juan M. Sánchez

24-E-08: Inter-Sectoral Flow of Funds in Japan since 1871: Credit Aggregates, Net Financial Assets, and Financial Surplus or Deficit since the Early Meiji Period

Hiroyuki Fujiwara

24-E-07: Bank of Japan's Balance Sheet in 1882-1955: Reassembled Data and Their Developments

Ryoji Koike

24-E-05: Role of Foreign Direct Investment as a Long-term Capital Flow Channel

Naohisa Hirakata and Mitsuru Katagiri

24-E-04: Aging, Housing, and Macroeconomic Inefficiency

Yasutaka Ogawa and Jiro Yoshida

24-E-03: International Comparison of Climate Change News Index with an Application to Monetary Policy

Takuji Fueki, Takeshi Shinohara and Mototsugu Shintani

24-E-02: A Review of New Developments in Finance with Deep Learning: Deep Hedging and Deep Calibration

Yuji Shinozaki

24-E-01: Digitalization, Entrepreneurship, and Wealth Inequality

Ichiro Muto, Fumitaka Nakamura and Makoto Nirei

23-E-08: How Do People Form the Perception of a Link between Foreign Exchange Rates and Exports? The Experience of Japan in the 1920s

Mariko Hatase

23-E-07: On the Source of Seasonality in Price Changes: The Role of Seasonality in Menu Costs

Ko Munakata, Takeshi Shinohara, Shigenori Shiratsuka, Nao Sudo and Tsutomu Watanabe

23-E-06: The Forward Guidance Trap

Athanasios Orphanides

23-E-05: Old and New Challenges for Monetary Policy Summary of the 2023 BOJ-IMES Conference

Ken Chikada, Satoshi Kobayashi, Takeshi Shinohara and Nao Sudo

23-E-04: A History of Current Account Balances in Japan from the Perspectives of Savings and Investment

Mariko Hatase and Yoichi Matsubayashi

23-E-03: Perspectives on r-bar and r-star

Maurice Obstfeld

23-E-02: Seeking the Ideal Privacy Protection: Strengths and Limitations of Differential Privacy

Kazutoshi Kan

23-E-01: Automation and Nominal Rigidities

Takuji Fueki, Shinnosuke Katsuki, Ichiro Muto and Yu Sugisaki

22-E-18: The Digital Transformation (DX) and the Financialization of Japan: A Case Study of Private Equity

Ulrike Schaede

22-E-17: Monetary Policy, Labor Force Participation, and Wage Rigidity

Hiroyuki Kubota, Ichiro Muto and Mototsugu Shintani

22-E-16: Perception of the Balance of Payments and Monetary Policy in the Late 1960s: Focusing on the Bank of Japan's Viewpoint before and after the Monetary Policy Shift

Hidekatsu Kamio and Yasuko Morita

22-E-15: Why Aging Induces Deflation and Secular Stagnation

R. Braun and Daisuke Ikeda

22-E-14: Individual Trend Inflation

Toshitaka Sekine, Frank Packer and Shunichi Yoneyama

22-E-13: New Dimensions and Frontiers in Central Banking Summary of the 2022 BOJ-IMES Conference

Takuji Fueki, Yutaka Soejima and Shunichi Yoneyama

22-E-12: Inflation Surges and Monetary Policy

Carl Walsh

22-E-11: Climate Change Mitigation: How Effective is Green Quantitative Easing?

Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig and Carolin Nerlich

22-E-10: Digital Money as a Medium of Exchange and Monetary Policy in Open Economies

Daisuke Ikeda

22-E-09: Institutional Innovation and Central Bank Independence 2.0

Kenneth Rogoff

22-E-08: Supply Chain Network and Credit Supply

Kensuke Fukunaga and Daisuke Miyakawa

22-E-07: Performance of Exiting Firms in Japan: An Empirical Analysis Using Exit Mode Data

Yojiro Ito and Daisuke Miyakawa

22-E-06: Credible Forward Guidance

Taisuke Nakata and Takeki Sunakawa

22-E-05: Welfare Effects of Health Insurance Reform: The Role of Elastic Medical Demand

Reona Hagiwara

22-E-04: The Effects of Corporate Governance on ESG-related Information Disclosure: Evidence from Japanese Firms

Tatsuya Kato

22-E-03: What Went Wrong? The Puerto Rican Debt Crisis, the "Treasury Put," and the Failure of Market Discipline

Bob Chirinko

22-E-02: The Return on Private Capital: Rising and Diverging

Bob Chirinko and Debdulal Mallick

22-E-01: CO2 Emissions and Corporate Performance: Japan's Evidence with Double Machine Learning

Ryo Aruga, Keiichi Goshima and Takashi Chiba

21-E-12: Central Bank Transparency and Disagreement in Inflation Expectations

Shunichi Yoneyama

21-E-11: Parameter Uncertainty and Effective Lower Bound Risk

Naoto Soma

21-E-10: The Power of Central Bank Balance Sheets

Athanasios Orphanides

21-E-09: Monetary Policy over the Lifecycle

R. Braun and Daisuke Ikeda

21-E-08: Adapting to the New Normal: Perspectives and Policy Challenges after the COVID-19 Pandemic Summary of the 2021 BOJ-IMES Conference

Takuji Fueki, Ken Matsushita, Ichiro Muto, Fumitaka Nakamura and Shunichi Yoneyama