Journal of the Japanese and International Economies最新文献

The impact of flooding on real estate transactions in densely populated areas: Evidence from the 2019 Typhoon Hagibis in Japan 洪水对人口稠密地区房地产交易的影响：来自 2019 年日本台风 "哈吉比斯 "的证据

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-25 DOI: 10.1016/j.jjie.2025.101363

Ikuto Aiba , Daisuke Hasegawa

引用次数: 0

Bank–firm relationships and the value of cash: Evidence from the financial crisis in Japan

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-14 DOI: 10.1016/j.jjie.2025.101362

Mana Kaneko , Toshinori Sasaki , Katsushi Suzuki

引用次数: 0

Optimal monetary policy in a liquidity trap: Evaluations for Japan’s monetary policy

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-07 DOI: 10.1016/j.jjie.2025.101361

Kohei Hasui , Yuki Teranishi

{"title":"Optimal monetary policy in a liquidity trap: Evaluations for Japan’s monetary policy","authors":"Kohei Hasui , Yuki Teranishi","doi":"10.1016/j.jjie.2025.101361","DOIUrl":"10.1016/j.jjie.2025.101361","url":null,"abstract":"<div><div>This paper shows (1) a positive analysis demonstrating that recent high inflation rates can be explained by the Bank of Japan (BOJ)’s monetary policy for the COVID-19 pandemic period, “Inflation-Overshooting Commitment,” and (2) a normative analysis showing that the BOJ’s inflation-overshooting commitment aligns with the optimal monetary policy in a liquidity trap within a new Keynesian model with inflation persistence. In detail, we calibrate a hybrid new Keynesian model by Japanese parameters and show optimal monetary policy under commitment. Optimal monetary policy prolongs the zero interest rate until the second quarter of 2024 even after inflation rates overshoot 2 percent. Similarly, the BOJ continues the zero interest rate policy until the second quarter of 2024. The current average inflation rates from 2023Q4 to 2024Q3 reach 2.6 percent and 2.5 percent in the data and the model, respectively.</div><div>Our conclusion holds for a variety of situations with Japanese parameters, such as a low output gap response to the real interest rate, discounted IS curve, alternative inflation persistences, interest-rate smoothing for the policy rate, an alternative specification of the Phillips curve, inflation target, and low/high anchored inflation expectations and natural interest rates.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101361"},"PeriodicalIF":2.6,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of the calculation class in elementary school on student outcomes

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-03-01 DOI: 10.1016/j.jjie.2025.101360

Mayuko Abe , Fumio Ohtake , Shinpei Sano

{"title":"The effects of the calculation class in elementary school on student outcomes","authors":"Mayuko Abe , Fumio Ohtake , Shinpei Sano","doi":"10.1016/j.jjie.2025.101360","DOIUrl":"10.1016/j.jjie.2025.101360","url":null,"abstract":"<div><div>We examine the impact of introducing a calculation class on the academic outcomes of elementary school students. The calculation class is characterized by instruction using an abacus (<em>soroban</em> in Japanese), a traditional calculation tool in Asia, and teaching by abacus instructors. The calculation class was introduced with time lags across schools and birth cohorts, which allows us to exploit the difference-in-differences strategy. Using administrative data from Amagasaki City in Japan, we find that the calculation class increases mathematics and Japanese scores by 0.145 and 0.0874 standard deviations, respectively. To explore possible mechanisms, we investigate the impact of the calculation class on students’ non-cognitive skills, academic behaviors at home, and the classroom environment. The results indicate that the calculation class improves non-cognitive skills, such as grit and motivation for studying. Furthermore, we find heterogeneous effects across gender, socioeconomic status (SES), and previous academic scores. Our estimation results show that the calculation class has a larger impact on the mathematics scores of female students, students from low-SES families, and previously low-performing students. Finally, we explore the long-term effects and find that, for female students, the impact tends to persist for one year after the class ends, but after that, the effects fade out.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101360"},"PeriodicalIF":2.6,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143715608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

What did the Bank of Japan do under the yield curve control policy?

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-18 DOI: 10.1016/j.jjie.2025.101352

Shigenori Shiratsuka

{"title":"What did the Bank of Japan do under the yield curve control policy?","authors":"Shigenori Shiratsuka","doi":"10.1016/j.jjie.2025.101352","DOIUrl":"10.1016/j.jjie.2025.101352","url":null,"abstract":"<div><div>This paper provides a comprehensive analysis of the Bank of Japan’s (BOJ) recent experience in implementing the yield curve control (YCC) in the Japanese Government Bond (JGB) market. The YCC policy started in September 2016 with targets on two interest rates with different maturities: overnight policy interest rates at -0.1% and the longer-term 10-year JGB yields at zero percent, with a fixed but adjustable fluctuation allowance range. The YCC policy was highly effective in stabilizing interest rates at low levels, from short to long term, at least up to early 2022. This paper addresses the question of what the BOJ did under the YCC policy through the lens of the yield curve dynamics in the JGB and overnight index swap (OIS) markets. Empirical evidence demonstrates two points. First, the BOJ had very limited policy space to extract monetary easing effects by manipulating the yield curve at the introduction of the YCC policy. Second, the BOJ took the seemingly aggressive but actually reactive actions of outright JGB purchases to counter market pressures on the YCC cap. These findings indicate that the BOJ introduced a sustainable monetary policy framework of the YCC policy with the intention of shifting its focus to maintaining an extremely low interest rate environment for as long as necessary.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101352"},"PeriodicalIF":2.6,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Position in global value chains, trade duration, and firm survival: Empirical evidence from China

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-11 DOI: 10.1016/j.jjie.2025.101353

Qizhong Yang , Tomohiko Inui

引用次数: 0

Aggregate implications of changing industrial trends in Japan

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-01-04 DOI: 10.1016/j.jjie.2024.101351

Toyoichiro Shirota , Satoshi Tsuchida

引用次数: 0

Global competition and labor-intensive production in SMEs: Firm-level evidence from Japan at the threshold of the lost decades

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-12-21 DOI: 10.1016/j.jjie.2024.101350

Yuki HASHIMOTO

引用次数: 0

The transmission of monetary policy shocks: Evidence from Japan

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-12-18 DOI: 10.1016/j.jjie.2024.101349

Ritsu Yano, Yoshiyuki Nakazono, Kento Tango

引用次数: 0

Tokenism in gender diversity on board of directors

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-28 DOI: 10.1016/j.jjie.2024.101342

Kan Nakajima , Yoko Shirasu , Eiji Kodera

{"title":"Tokenism in gender diversity on board of directors","authors":"Kan Nakajima , Yoko Shirasu , Eiji Kodera","doi":"10.1016/j.jjie.2024.101342","DOIUrl":"10.1016/j.jjie.2024.101342","url":null,"abstract":"<div><div>This study examines the existence of tokenism in Japanese companies following the implementation of corporate governance reforms. We focus on the appointment of female outside directors. The existence of tokenism on corporate boards is an important issue for companies worldwide because it deals with gender diversity in the appointment of board members. Following the Abenomics policy of empowering females, Japan introduced “Japan's Corporate Governance Code” (the Code), which included board reforms such as appointing at least two outside directors. Using our sample period after the introduction of the Code, we examine whether tokenism occurs in Japan, a country with low female participation in business. The empirical analysis reveals the occurrence of tokenism at the start of the Code's introduction. Companies appoint two outside directors to meet the formal requirements of the Code. They appoint a male outside director first and a female director later as a token. However, tokenism is not observed when busy female directors with extensive experience are appointed to the board, presumably because they have expertise and skills.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"75 ","pages":"Article 101342"},"PeriodicalIF":2.6,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143173080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0