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Does Information Technology Raise Japan's Productivity?
A standard growth accounting exercise indicates that, after Japan's "lost decade," its overall total-factor-productivity (TFP) growth has increased notably since 2000. This productivity revival hasExpand
Measuring Potential Growth with an Estimated DSGE Model of Japan’s Economy
In this paper, we calculate the potential output and the output gap using a Bayesian-estimated DSGE model of Japan's economy. The model is a two-sector growth model that takes into account growthExpand
Identifying Oil Price Shocks and Their Consequences: The Role of Expectations in the Crude Oil Market
This paper proposes a simple but comprehensive structural vector autoregressive (SVAR) model to examine the underlying factors of oil price dynamics. The distinguishing feature is to explicitlyExpand
Inflation Dynamics in the Age of Robots: Evidence and Some Theory
Over the past decade, one of the central questions in macroeconomics has been the missing link observed between inflation and fluctuations in economic activity. We approach this issue with aExpand
Bank Runs in emerging Economies and the Role of Interest Rate Shocks
Recent research has significantly advanced our understanding about business cycle fluctuations in emerging economies. However, while bank runs are not rare events in emerging economies, quantitativeExpand
Assessing the Effects of Fiscal Policy in Japan with Estimated and Calibrated DSGE Models
In this paper, we assess the effects of fiscal policy in Japan using two dynamic stochastic general equilibrium (DSGE) models. One is a medium-scale DSGE model of Japan's economy ("M-JEM," Fueki etExpand
Bank of Japan Working Paper Series ing Potential Growth with mated DSGE Model of s Economy
In this paper, we calculate the potential output and the output gap using a Bayesian-estimated DSGE model of Japan’s economy. The model is a two-sector growth model that takes into account growthExpand
Identifying Oil Price Shocks and Their Consequences:Role of Expectations and Financial Factors in the Crude Oil Market
This paper proposes a simple but comprehensive structural vector autoregression (SVAR) model to examine the underlying factors of oil price dynamics by explicitly incorporating the role ofExpand
Estimating a Markov Switching DSGE Model with Macroeconomic Policy Interaction
This paper estimates a Markov switching dynamic stochastic general equilibrium model (MS-DSGE) allowing for changes in monetary/fiscal policy interaction. The key feature of the model is that itExpand
Measuring Potential Growth in Japan: Some Practical Caveats
Economists at central banks and in academia have made various efforts to measure potential growth, something that cannot be observed directly. This review introduces some of these estimationExpand