Download or read book Fisher Hypothesis in Japan written by Takayasu Ito and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the validity of the Fisher hypothesis in Japanese long-term interest rates (two, three, four, five, seven and ten years) using non-stationary time series models. Initially, the entire sample period (October 1987-June 2006) is investigated. Then the samples, divided into three segments depending on each period's monetary policy regimes, are investigated. Thus, the asymmetric impacts of inflation expectation on Japanese long-term interest rates can be investigated. The first period examined is from October 1987-June 1991. The second period is from July 1991-July 2000. The third period is from March 2001-June 2006. In the first period monetary policy is tightening, but in the second and third periods it is easing. Thus it is concluded that the Fisher hypothesis is valid only in all maturities of long-term interest rates in the first period. However, it does not hold in any of the maturities in the entire sample period or in the second and third periods.
Download or read book The Neo Fisher Effect in the United States and Japan written by Martín Uribe and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate the effects of an increase in the nominal interest rate on inflation and output in the United States and Japan during the postwar period. I postulate a structural autoregressive model that allows for transitory and permanent nominal and real shocks. I find that nominal interest-rate increases that are expected to be temporary, lead, in accordance with conventional wisdom, to a temporary increase in real rates that is contractionary and deflationary. By contrast, nominal interest-rate increases that are perceived to be permanent cause a temporary decline in real rates with inflation adjusting faster than the nominal interest rate to a higher permanent level. Estimated impulse responses show that inflation reaches its long-run level within a year. Importantly, because real rates are low during the transition, the economy does not suffer an output loss. This result is relevant for the design of monetary policy in economies plagued by chronic below-target inflation, for it is consistent with the prediction that a credible announcement of a gradual return of nominal rates to normal levels can bring about a swift convergence of inflation to its target level without negative consequences for aggregate activity.
Download or read book The Fisher Hypothesis and Inflation Persistence written by Mr.Wensheng Peng and published by International Monetary Fund. This book was released on 1995-11-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major industrial countries, utilizing recently developed time series techniques. The results suggest that the Fisher effect is stronger in France, the United Kingdom, and the United States than in Germany and Japan. It is argued that the differences in the linkage between the interest rate and the inflation rate as between the two groups of countries are reflected in the time series properties of the inflation rates, which are, in turn, partly attributable to the different extent to which monetary authorities accommodated inflationary shocks. The empirical results have a number of implications for the long-term trend in the SDR interest rate and for the financing of the Fund’s operations.
Download or read book The Fisher Hypothesis written by Satake Mitsuhiko and published by . This book was released on 2011 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis tests the Fisher hypothesis by applying recently developed techniques of time series analysis to the Japanese economy, to which such analytical techniques have rarely been applied.
Download or read book Interest Rates and Monetary Policy in Japan written by Takayasu Ito and published by . This book was released on 2005 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fisher Hypothesis and Inflation Persistence written by Wensheng Peng and published by International Monetary Fund. This book was released on 1995-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major industrial countries, utilizing recently developed time series techniques. The results suggest that the Fisher effect is stronger in France, the United Kingdom, and the United States than in Germany and Japan. It is argued that the differences in the linkage between the interest rate and the inflation rate as between the two groups of countries are reflected in the time series properties of the inflation rates, which are, in turn, partly attributable to the different extent to which monetary authorities accommodated inflationary shocks. The empirical results have a number of implications for the long-term trend in the SDR interest rate and for the financing of the Fund’s operations.
Download or read book The Fisher Effect and the Long run Phillips Curve written by Shigeyoshi Miyagawa and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bank of Japan Monetary and Economic Studies written by and published by . This book was released on 1995 with total page 1070 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Fisher Hypothesis and Inflation Persistence written by Wensheng Peng and published by . This book was released on 2006 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an empirical evaluation of the strength of the Fisher effect which predicts a positive relationship between the nominal interest rate and inflation in the postwar period in the five major industrial countries, utilizing recently developed time series techniques. The results suggest that the Fisher effect is stronger in France, the United Kingdom, and the United States than in Germany and Japan. It is argued that the differences in the linkage between the interest rate and the inflation rate as between the two groups of countries are reflected in the time series properties of the inflation rates, which are, in turn, partly attributable to the different extent to which monetary authorities accommodated inflationary shocks. The empirical results have a number of implications for the long-term trend in the SDR interest rate and for the financing of the Fund`s operations.
Download or read book The Effect of Inflation on Equity Returns written by Takato Hiraki and published by . This book was released on 1985 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Japan Faces Affluence written by Martin Bronfenbrenner and published by . This book was released on 1985 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Confronting Policy Challenges of the Great Recession written by Eskander Alvi and published by W.E. Upjohn Institute. This book was released on 2017-11-20 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a notable group of macroeconomists who describe the unprecedented events and often extraordinary policies put in place to limit the economic damage suffered during the Great Recession and then to put the economy back on track. Contributers include Barry Eichengreen; Gary Burtless; Donald Kohn; Laurence Ball, J. Bradford DeLong, and Lawrence H. Summers; and Kathryn M.E. Dominguez.
Download or read book New Theory of Discriminant Analysis After R Fisher written by Shuichi Shinmura and published by Springer. This book was released on 2016-12-27 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to compare eight LDFs by different types of datasets, such as Fisher’s iris data, medical data with collinearities, Swiss banknote data that is a linearly separable data (LSD), student pass/fail determination using student attributes, 18 pass/fail determinations using exam scores, Japanese automobile data, and six microarray datasets (the datasets) that are LSD. We developed the 100-fold cross-validation for the small sample method (Method 1) instead of the LOO method. We proposed a simple model selection procedure to choose the best model having minimum M2 and Revised IP-OLDF based on MNM criterion was found to be better than other M2s in the above datasets. We compared two statistical LDFs and six MP-based LDFs. Those were Fisher’s LDF, logistic regression, three SVMs, Revised IP-OLDF, and another two OLDFs. Only a hard-margin SVM (H-SVM) and Revised IP-OLDF could discriminate LSD theoretically (Problem 2). We solved the defect of the generalized inverse matrices (Problem 3). For more than 10 years, many researchers have struggled to analyze the microarray dataset that is LSD (Problem 5). If we call the linearly separable model "Matroska," the dataset consists of numerous smaller Matroskas in it. We develop the Matroska feature selection method (Method 2). It finds the surprising structure of the dataset that is the disjoint union of several small Matroskas. Our theory and methods reveal new facts of gene analysis.
Download or read book Further Monetary Easing Policies Under the Non negativity Constraints of Nominal Interest Rates written by Nobuyuki Oda and published by . This book was released on 2000 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The First Discriminant Theory of Linearly Separable Data written by Shuichi Shinmura and published by Springer Nature. This book was released on with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Holy Grail of Macroeconomics written by Richard C. Koo and published by John Wiley & Sons. This book was released on 2011-11-21 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revised edition of this highly acclaimed work presents crucial lessons from Japan's recession that could aid the US and other economies as they struggle to recover from the current financial crisis. This book is about Japan's 15-year long recession and how it affected current theoretical thinking about its causes and cures. It has a detailed explanation on what happened to Japan, but the discoveries made are so far-reaching that a large portion of economics literature will have to be modified to accommodate another half to the macroeconomic spectrum of possibilities that conventional theorists have overlooked. The author developed the idea of yin and yang business cycles where the conventional world of profit maximization is the yang and the world of balance sheet recession, where companies are minimizing debt, is the yin. Once so divided, many varied theories developed in macro economics since the 1930s can be nicely categorized into a single comprehensive theory- The Holy Grail of Macro Economics
Download or read book Unconventional Monetary Policy and Financial Stability written by Alexis Stenfors and published by Routledge. This book was released on 2020-07-15 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the financial crisis of 2008-09, central bankers around the world have been forced to abandon conventional monetary policy tools in favour of unconventional policies such as quantitative easing, forward guidance, lowering the interest rate paid on bank reserves into negative territory, and pushing up prices of government bonds. Having faced a crisis in its banking sector nearly a decade earlier, Japan was a pioneer in the use of many of these tools. Unconventional Monetary Policy and Financial Stability critically assesses the measures used by Japan and examines what they have meant for the theory and practice of economic policy. The book shows how in practice unconventional monetary policy has worked through its impact on the financial markets. The text aims to generate an understanding of why such measures were introduced and how the Japanese system has subsequently changed regarding aspects such as governance and corporate balance sheets. It provides a comprehensive study of developments in Japanese money markets with the intent to understand the impact of policy on the debt structures that appear to have caused Japan’s deflation. The topics covered range from central bank communication and policymaking to international financial markets and bank balance sheets. This text is of great interest to students and scholars of banking, international finance, financial markets, political economy, and the Japanese economy.
