論文 - 藤原　一平

People's Republic of China as an Engine of Growth for Developing Asia? Comments

藤原 一平

ASIAN ECONOMIC PAPERS 10 (2), 167-170 10 （ 2 ） 167 - 170 2011年01月

研究論文（学術雑誌）,  ISSN  1535-3516

The global impact of Chinese growth

I Fujiwara, K Otsu, M Saito

School of Economics Discussion Papers 2011年

How much Asymmetry is there in Bond Returns and Exchange Rates?

LM Koerber, D Nagakura, I Fujiwara

Bank of Japan Working Paper Series 2011年

Frontiers in Structural Macroeconomic Modeling Foreword

I Fujiwara, M Juillard, S Shiratsuka, T Watanabe

JOURNAL OF ECONOMIC DYNAMICS & CONTROL 35 (12), 1997-1998 2011年

Dynamic General Equilibrium Model--A Survey with the Application to the Japanese Macroeconomic Date--

I Fujiwara, T Watanabe

Economic Review 62 (1), 66-93 2011年

DP8565 Optimal Monetary Policy with Endogenous Entry and Product Variety

FO Bilbiie, I Fujiwara, F Ghironi

2011年

The Global Impact of Chinese Growth

K Otsu, M Saito, I Fujiwara

University of Kent School of Economics Discussion Papers 2011年

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute-Indeterminacy and Forecastability

I Fujiwara, Y Hirose

Federal Reserve Bank of Dallas 2011年

A note on growth expectation

Fujiwara Ippei

Macroeconomic Dynamics 14 （ 2 ） 242 - 256 2010年04月

ISSN  1365-1005

　概要を見る

<p>Recently, several researchers have succeeded in producing expectation-driven cycles by balancing the tension between the wealth effect and the substitution effect stemming from the higher expected future productivity. Especially, seminal research by Christiano et al. ("Monetary Policy and Stock Market Boom-Bust Cycles", mimeo, Northwestern University, 2007), explains "stock market boom-bust cycles", characterized by increases in consumption, labor inputs, investment, and stock prices relating to high expected future technology levels. We, however, show that such expectation-driven cycles are difficult to generate based on "growth expectation", which reflects expectations of higher productivity growth rates.</p>

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A NOTE ON GROWTH EXPECTATION

藤原 一平

MACROECONOMIC DYNAMICS 14 （ 2 ） 242 - 256 2010年04月

研究論文（学術雑誌）,  ISSN  1365-1005

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The zero lower bound and monetary policy in a global economy

Fujiwara Ippei, Sudo Nao, Teranishi Yuki

International Journal of Central Banking 6 （ 1 ） 103 - 134 2010年03月

ISSN  1815-4654

　概要を見る

<p>How should monetary policy cooperation be designed when more than one country is simultaneously facing zero lower bounds on nominal interest rates? To answer this question, we examine monetary policy cooperation with both optimal discretion and commitment policies in a two-country model. We reach the following conclusions. Under discretion, monetary policy cooperation is characterized by the intertemporal elasticity of substitution (IES), a key parameter measuring international spillovers, and no history dependency. On the other hand, under commitment, monetary policy featureshistory dependence with international spillover effects. © 2010 Bank of Japan.</p>

The zero lower bound and monetary policy in a global economy: A simple analytical investigation

藤原 一平

International Journal of Central Banking （International Journal of Central Banking）  6 （ 1 ） 103 - 134 2010年03月

研究論文（学術雑誌）,  ISSN  1815-4654

　概要を見る

How should monetary policy cooperation be designed when more than one country is simultaneously facing zero lower bounds on nominal interest rates? To answer this question, we examine monetary policy cooperation with both optimal discretion and commitment policies in a two-country model. We reach the following conclusions. Under discretion, monetary policy cooperation is characterized by the intertemporal elasticity of substitution (IES), a key parameter measuring international spillovers, and no history dependency. On the other hand, under commitment, monetary policy featureshistory dependence with international spillover effects. © 2010 Bank of Japan.

Export shocks and the zero bound trap

I Fujiwara

Globalization Institute Working Papers 2010年

Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute-Global Liquidity Trap

I Fujiwara, N Sudo, T Nakajima, Y Teranishi

Federal Reserve Bank of Dallas 2010年

Export Shocks and the Zero Bound Trap-Dallas Fed

I Fujiwara

< bound method Organization. get_name_with_acronym of< Organization: Federal … 2010年

Dynamic Aspects of Productivity Spillovers, Terms of Trade, and the "Home Market Effect''

藤原 一平

IMF STAFF PAPERS （PALGRAVE MACMILLAN LTD）  56 （ 4 ） 958 - 969 2009年11月

研究論文（学術雑誌）,  ISSN  1020-7635

　概要を見る

Recent empirical findings conclude that the terms of trade improve even after the positive productivity shock hits the economy among advanced economies. Corsetti, Martin, and Pesenti (2007), henceforth CMPs analytically show that a static two-country model with endogenous firm entry can generate improvement of the terms of trade in response to a positive technology shock in the form of lowering the entry cost. This paper evaluates the robustness of the results in CMP in a model with richer and more realistic dynamics such as nominal price and wage stickiness as in the Global Economy Model. It shows how the economic variables respond to the shocks that shift the production frontier outward, namely, productivity gains in manufacturing and efficiency gains in creating new firms. The main conclusions are that short-run responses could be different from those in CMP because of the existence of real as well as nominal rigidities, and that the persistence of shocks also alters the direction of responses via the wealth effect. These results suggest that it is of great importance for policy institutions to acknowledge the dynamic aspects of productivity spillovers by simulating a model with richer dynamics. [JEL E32, F12, J41] IMF Staff Papers (2009) 56, 958-969. doi: 10.1057/imfsp.2009.30

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Three essays on dynamic general equilibrium models

I Fujiwara

Oxford University, UK 2009年

Dynamic Aspects of Productivity Spillovers, Terms of Trade, and the “Home Market Effect”

I Fujiwara, N Hirakata

IMF Staff Papers 56 (4), 958-969 2009年

A dynamic new Keynesian life-cycle model

Fujiwara Ippei, Teranishi Yuki

Journal of Economic Dynamics and Control 32 （ 8 ） 2398 - 2427 2008年08月

ISSN  0165-1889

　概要を見る

<p>In this paper, we first construct a dynamic new Keynesian model that incorporates life-cycle behavior a la Gertler [1999. Government debt and social security in a life-cycle economy. Carnegie-Rochester Conference Series on Public Policy 50, 61-110], in order to study whether structural shocks to the economy have asymmetric effects on heterogeneous agents, namely workers and retirees. We also examine whether considerations of life-cycle and demographic structure alter the dynamic properties of the monetary business cycle model, specifically the degree of amplification in impulse responses. According to our simulation results, shocks indeed have asymmetric impacts on different households and the demographic structure does alter the size of responses against shocks by changing the trade-off between substitution and income effects.</p>

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A dynamic new Keynesian life-cycle model: Societal aging, demographics, and monetary policy

藤原 一平

JOURNAL OF ECONOMIC DYNAMICS &amp; CONTROL 32 （ 8 ） 2398 - 2427 2008年08月

研究論文（学術雑誌）,  ISSN  0165-1889

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