real interest ratesnonlinear time seriesmonetary policyzero interest rate policydeflationJapanliquidity trapstate-space modelsJapan's more than a decade long "Great Recession" has presented a disconcerting case of what could happen if interest rates are bounded by zero and deflation sets in. Since ...
In this paper, we examine how the internationalization of Japan's economy is evidenced in the linkage between Japanese and U.S. real interest rates. We use a measure of the equilibrium real interest rate differential between Japan and the United States to draw inferences about the nature of fi...
1.Real Interest Rate and Economic Growth;实际利率水平与中国经济增长 2.An Analysis on the Interaction Effect between Real Interest Rate and Real Effective Exchange Rate of RMB;人民币实际利率与实际有效汇率互动关系研究 3.In this paper,choosing the data from China,United State and Japan,under the ...
the reaction is usually: “Oh my gosh, I never noticed that.” Then they scramble around for some way to discredit my argument. Perhaps the real interest rate in the TIPS market is not the “correct” real interest, despite the fact that it is the only direct, objective,...
As expected, employment reacts to exchange rate fluctuations more sluggishly in Japan than in the United States in most of the industrial sectors considered. The rate of unemployment consistent with Williamson's fundamental exchange rates is only marginally higher than the observed rate and can be ...
In 2019, the real interest rate in Australia decreased by 1.7 percentage points (-51.2 percent) compared to 2018.
The extent of nonlinearities varies across the sample with the Singapore–Japan and Thailand–Japan differentials exhibiting the sharpest transition from one regime to another. Large shocks to real interest parity (RIP) are more likely to lead to the reestablishment of parity at a faster rate than...
The Exchange Rate-Interest Differential Relation over the Modern Floating-Rate Period In this paper, we explore the relationship between real exchange rates and real interest rate differentials in the United States, Germany, Japan, and the United Kingdom. Contrary to theories based on the joint ...
higher than average capital returns and investment is closely related to the gap between capital return and natural interest rate.The effects of monetary policies are industrially different while dependence of foreign trade,capital returns,and fixed assets per capita can effectively explain the difference...
The Bank of Japan's Interest Rate Mistakes It is generally acknowledged that theBank of Japan(BoJ), Japan'scentral bank, made several mistakes that may have added to and prolonged the negative effects of the bursting of theequityandreal estate bubbles. ...