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Discussion Paper
Demographic Trends and Growth in Japan and the United States
Klitgaard, Thomas; Mui, Preston (2014-10-08)
Japan’s population is shrinking and getting older, with the population falling at a 0.2 percent rate this year and the working-age population (ages 16 to 64) falling at a much faster rate of almost 1.5 percent. In contrast, the U.S. population is rising at a 0.7 percent annual rate and the working-age population is rising at a 0.2 percent rate. So far, supporting the growing share of Japan’s population that is 65 and over has been the substantial increase in the share of working-age women entering the labor force. In contrast, U.S. labor force participation rates have been falling for ...
Liberty Street Economics , Paper 20141008

Journal Article
Ancient history
Burke, William (1978)
FRBSF Economic Letter

Journal Article
Japan's recessions
Moreno, Ramon (1992)
FRBSF Economic Letter

Working Paper
Assessing Abenomics: Evidence from Inflation-Indexed Japanese Government Bonds
Christensen, Jens H. E.; Spiegel, Mark M. (2019-10-15)
We assess the impact of news concerning the reforms associated with ?Abenomics? using an arbitrage-free term structure model of nominal and real yields. Our model explicitly accounts for the deflation protection enhancement embedded in Japanese inflation-indexed bonds issued since 2013, which pay their original nominal principal when deflation has occurred from issue to maturity. The value of this enhancement is sizable and time-varying, with substantive impacts on estimates of expected inflation compensation. After properly accounting for deflation protection, our results suggest that ...
Working Paper Series , Paper 2019-15

Working Paper
The exchange rate exposure of U.S. and Japanese banking institutions
Chamberlain, Sandra; Popper, Helen; Howe, John S. (1995)
In this paper, we examine the foreign exchange exposure of a sample of U.S. and Japanese banking firms. Using daily data, we construct estimates of the exchange rate sensitivity of the equity returns of the U.S. bank holding companies and compare them to those of a sample of Japanese banks. We find that the stock returns of a significant fraction of the U.S. companies move with the exchange rate, while few of the Japanese returns that we observe do so. We next examine more closely the sensitivity of the U.S. firms by linking the U.S. estimates cross-sectionally to accounting-based ...
Pacific Basin Working Paper Series , Paper 95-11

Working Paper
The disposition of failed Japanese bank assets: lessons from the U.S. savings and loan crisis
Spiegel, Mark M. (2001)
This paper reviews the Japanese experience with put guarantees recently offered in the sale of several failed banks. These guarantees, meant to address information asymmetry problems, are shown to create moral hazard problems of their own. In particular, the guarantees make acquiring banks reluctant to accept first-best renegotiations with problem borrowers. These issues also arose in the U.S. Savings and Loan crisis. Regulators in that crisis turned to an alternative guarantee mechanism known as loss-sharing arrangements, with apparently positive results. I introduce a formal debt model to ...
Pacific Basin Working Paper Series , Paper 2002-01

Discussion Paper
Structural changes in the real GNP interdependence of the U.S., West Germany, and Japan during the period 1970-1986
Aoki, Masanao (1989)
The paper first locates quarters in the early 1970s at which the covariance matrices of the innovation vectors have shifted for the real GNPs of the USA, West Germany and Japan treated as univariate series. The paper then exhibits differences in the impulse response time profiles of the two models estimated from the data primarily before and after the break as a concise summary of the changes in dynamic interactions of the three real GNPs.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 20

Conference Paper
Overview of the symposium, Changing Capital Markets: Implications for Monetary Policy (panel)
Gyohten, Toyoo (1993)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Macroeconomic Dynamics Near the ZLB : A Tale of Two Countries
Schorfheide, Frank; Cuba-Borda, Pablo A.; Aruoba, S. Boragan (2016-05)
We compute a sunspot equilibrium in an estimated small-scale New Keynesian model with a zero lower bound (ZLB) constraint on nominal interest rates and a full set of stochastic fundamental shocks. In this equilibrium a sunspot shock can move the economy from a regime in which inflation is close to the central bank's target to a regime in which the central bank misses its target, inflation rates are negative, and interest rates are close to zero with high probability. A nonlinear filter is used to examine whether the U.S. in the aftermath of the Great Recession and Japan in the late 1990s ...
International Finance Discussion Papers , Paper 1163

Conference Paper
Comments on banking and commerce: lessons from Japan
Edwards, Franklin R. (1992)
Proceedings , Paper 384

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