柏木 昌成

This paper addresses the welfare consequences for a country issuing vehicle currency, in a standard two country dynamic general equilibrium model with price stickiness. Deriving optimal monetary policy rules and evaluating welfare under various as...

This paper conducts quantile regressions and obtains detailed estimates of monetary policy rules in Japan using a sample that includes recent periods of zero interest rates. Taking into account censoring and endogeneity, we compute censored quanti...

This paper examines the quantitative performance of the standard search and matching model in explaining the cyclical behaviour of Taiwan's labour market. Although the model accounts well for the data in some dimensions, simulated volatility is co...

This paper presents a simple model of the rental and homeownership markets in a unified framework. The paper then investigates the model's positive and normative properties, applying ideas developed in search and matching theory. I analytically ad...