Finance and economics discussion series, board of governors of the federal reserve system u. Opening remarks by first deputy governor kerstin af jochnick. Bank regulatory press releases the community banker. Economic theory, dynamics and markets essays in honor of. Taisuke otsu professor of economics department of economics london school of economics and political science t. April 8, 2014 small sample properties of bayesian estimators of labor income processes taisuke nakata and christopher tonetti there exists an extensive literature estimating idiosyncratic labor income processes. This book explores first principles, including managing shortterm policy tradeoffs. Dec 05, 20 mathematics for stability and optimization of economic systems, yasuo murata, academic press, 1977, 0125112505, 9780125112505, 418 pages.
The zero lower bound, the dual mandate, and unconventional dynamics article in journal of economic dynamics and control 55. A bottleneck capital model of development sciencedirect. The risky steady state and the interest rate lower bound, finance and economics discussion series 2016009. Taisuke nakata was in the imfs fiscal affairs department while this book was being written.
Taisuke otsu london school of economics and political. Implications for optimal monetary policy taisuke nakata, ryota ogaki, sebastian schmidt, and paul yoo 2018049 please cite this paper as. Reputation and liquidity traps, utokyo price project working paper series 039, university of tokyo, graduate school of economics, revised dec 2014. The book seeks to analyse the studies in japan from the year 1920 to the end of the 1930s during the time before the outbreak of the second world war, when even the study of classical economics became difficult. In an economy with an occasionally binding zero lower bound zlb constraint, the anticipation of future zlb episodes creates a tradeoff for discretionary. Taisuke nakata federal reserve board of governors christopher tonetti stanford gsb. Finance and economics discussion series divisions of. The first section pays tribute to his contributions to mathematical economics and. Developments in japanese economics ryuzo sato, takashi negishi on. Steven durlauf, richard rogerson, tim kehoe, robert king, david weil, and seminar participants at the university of virginia, iowa state university, and the federal reserve banks of cleveland, kansas city, and minneapolis, are gratefully acknowledged for their advice and feedback. Dig deeper into the ecbs activities and discover key topics in simple words and through multimedia.
Global liquidity trap with ippei fujiwara, nao sudo, yuki teranishi. Financial stability and optimal interestrate policy by. The role of subordinated debt in financial regulatory reform. Equilibrium yield curves and the interest rate lower bound.
Keiretsu, competition, and market access paul sheard japans distinctive forms of interfirm business organization, known as keiretsu, have become a contentious issue in policy and academic debates concerning the nature of competition in japan, the openness of the japanese market, and japans place in the international trading system. Syllabus asian economic development and integration. Credible forward guidance taisuke nakata and takeki sunakawa 2019037 please cite this paper as. Journal and book publications assessing international commonality in macroeconomic uncertainty and its effects, with andrea carriero and massimiliano marcellino, journal of applied econometrics, forthcoming modeling timevarying uncertainty of multiplehorizon forecast errors, with. Open library is an initiative of the internet archive, a 501c3 nonprofit, building a digital library of internet sites and other cultural artifacts in digital form. Optimal fiscal and monetary policy with occasionally. Download mathematics for stability and optimization of. I assume that the student has access to a standard undergraduate micro theory text book. The economic conference will provide researchers from academia and central banks an opportunity to. The federal reserve, the central bank of the united states, provides the nation with a safe, flexible, and stable monetary and financial system. Development of the japanese bond market domestic finance.
Main category, authors, titlekeywords, date, full text pdf. Financial stability and optimal interestrate policy, finance and economics discussion series 2016067, board of governors of the federal reserve system u. International political economy series includes bibliographical references and index. We study how price setting responds to changes in the macroeconomic environment. Conservatism and liquidity traps, finance and economics discussion series 2014105, board of governors of the federal reserve system u.
Evanoff, douglas, julapa jagtiani, and taisuke nakata. While a wide variety of models are estimated, gmm estimators are almost always used. Board of governors of the federal reserve system u. The private sector of the model is given by a standard new keynesian model. This paper examines how the presence of uncertainty alters allocations and prices when the nominal interest rate is constrained by the zero lower bound. Optimal fiscal and monetary policy with occasionally binding zero bound constraints. Microeconomic theory 3 course notes university of waterloo. Journal of economic dynamics and control 73, 220240, 2016. Main category authors titlekeywords date full text pdf 2018e17history.
The federal reserve board of governors in washington dc. The authors reach useful and sometimes unexpected conclusions. Hills, taisuke nakata, and takeki sunakawa this paper characterizes optimal commitment policy in the new keynesian model using a novel recursive formulation of the. Karel mertens, taisuke nakata, morten ravn, sebastian schmidt, mirko wiederholt, and. Enter keywords separated by and, or, or by putting a minus sign immediately in front of the term you want to exclude from the search results be sure to include a space before the minus character. Introduction the target range for the federal funds rate has increased a few times since its liftoff from the effective lower bound elb in december 2015 and currently stands at 1 to 114 percent. One of the fundamental economic problems is one of making the best use of limited resources. Hills, timothy, taisuke nakata, and sebastian schmidt 2016. Enter keywords separated by and, or, or by putting a minus sign immediately in front of the term you want to exclude from the search results be sure to. Risk management for monetary policy near the zero lower. Monetary policy in a low interest rate world pdf, brookings papers on economic activity, spring, pp. Erceg and others published is there a fiscal free lunch in a liquidity trap. This paper characterizes optimal government spending when monetary policy is constrained by the zero lower bound under a variety of assumptions about a set of fiscal instruments available to finance government spending. Conservatism and liquidity traps by taisuke nakata.
David and nakata, taisuke, financial stability and optimal interestrate policy 201608. The cost of something is what you give up to get it making decisions requires comparing the costs and benefits of alternative courses of action. Small sample properties of bayesian estimators of labor income processes pp. A large literature has established the view that the feds change from a passive to an active policy response to inflation led to u.
The collection of essays in honor of ryuzo sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. Download here optimization in economic analysis, gordon mills, 1984, mathematics, 195 pages. View citations 11 also in working paper series, european central bank 2016 view citations 1. Clarida, vice chair of the board of governors of the federal reserve system. A quantitative assessment article pdf available in american journal of agricultural economics 1002. Board of governors of the federal reserve system finance and economics discussion series paper. Development of the japanese bond market domestic finance studies. Conservatism and liquidity traps, working papers e101, tokyo center for economic research.
Mathematics for stability and optimization of economic systems, yasuo murata, academic press, 1977, 0125112505, 9780125112505, 418 pages. View citations 56 gradualism and liquidity traps finance and economics discussion series, board of governors of the federal reserve system u. We use a unique data base from the brazilian cpi index of fundacao getulio vargas, ranging from april 1996 to. We study optimal interestrate policy in a new keynesian model in which the economy can experience financial crises and the probability of a crisis depends on credit conditions. This article first appeared in the board of governors of the federal reserve system on november 12, 2019 richard h. This novel analytical finding is naturally aligned with. Nakata, taisuke and schmidt, sebastian, conservatism and liquidity traps june 23, 2015. Board of governors of the federal reserve system finance and economics discussion series. Taisuke otsu london school of economics and political science. The primary version of japanese financial markets established itself as an ordinary work on probably the most essential monetary centres within the world. If a firm owns all of its productive inputs and book value.
Risk management for monetary policy near the zero lower bound. Previously, he worked as an assistant economist at the federal reserve bank of kansas city. Users with current maintenance contracts will automatically receive the update on cd, including updated help files and a pdf file describing the new features. I am an associate professor in graduate school of economics and graduate school of public policy. The elb constraint induces statedependency in the dynamics of term premiums by affecting macroeconomic uncertainty and interestrate sensitivity to economic activities. Lse is a private company limited by guarantee, registration number 70527. We study the term structure of defaultfree interest rates in a stickyprice model with an occasionally binding effective lower bound elb constraint on interest rates and recursive preferences. Current students economics department at brown university. Tomoyuki nakajima national bureau of economic research. In response to a large and persistent timepreference shock, government chooses a sequence of. The political economy of japanese financial markets. Workshop on deflation causes, consequences and policies. Jme journal of monetary economics vol 104, pages 1128. Research paper monetary policy and macroeconomic stability.
Financial stability and optimal interestrate policy. Uncertainty at the zero lower bound taisuke nakata, united states federal reserve board on. Regional analysis state topic beige book industrial heartland. We ensure that money retains its value and that payments can be made safely and efficiently. Gradualism and liquidity traps european central bank. The riskadjusted monetary policy rule, finance and economics discussion series 2016061. Taisuke nakata, federal reserve board of governors, slides. The analysis highlights the need for assertive policies and maximum transparency. The book covers different aspects of his works and contains elements which may be interesting to foreign and even japanese readers.
Specification choices and forecast accuracy, with andrea carriero and massimiliano marcellino, journal of applied econometrics, january 2015 evaluating alternative models of trend inflation, with taeyoung doh, international journal of forecasting, julyseptember 2014 tests of equal forecast accuracy for overlapping models, with michael w. Taisuke nakata provided excellent research and editorial assistance. Board of governors of the federal reserve system, u. February 28, 2020 yasuo hirose 1 takushi kurozumi 2 willem van zandweghe 3. Market discipline and the banking industry springerlink. Nakata 2 do not replicate without authors permission when the government tries to cut the economic pie into more equal slices, the pie gets smaller.
Credible forward guidance taisuke nakata and takeki sunakawa. Price setting in a variable macroeconomic environment. I conduct the analysis using a standard new keynesian model. Ricardo and the history of japanese economic thought. Taisuke nakata i am an associate professor in graduate school of economics and graduate school of public policy at the university of tokyo. Finance and economics discussion series divisions of research.
Optimal fiscal and monetary policy with occasionally binding. Herb scarf summer research opportunities in economics. Inflationforecast targeting is state of the art for monetary policy. Find, read and cite all the research you need on researchgate. Hills, taisuke nakata, and takeki sunakawa this paper characterizes optimal commitment policy in the new keynesian model using a novel recursive formulation of the central banks infinite horizon optimization problem. December 3, 2018 a promised value approach to optimal monetary policy timothy s. Japan knowledge lib the oriental economist july 1981 vol. Download japanese financial markets, second edition pdf ebook. Magnus, matrix algebra, cambridge university press, 2005, econometric theory 2006, 22, 968972. Development of the japanese bond market domestic finance studies artus, kazuko kawata on. The views expressed herein are those of the author and do not necessarily reflect the position of the federal reserve bank of kansas city or the federal reserve system.
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