The Quarterly Japanese Economic Model (Q-JEM): 2011 Version

Ichiro Fukunaga, Naoko Hara, Satoko Kojima, Yoichi Ueno and Shunichi Yoneyama
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Satoko Kojima: Bank of Japan
Yoichi Ueno: Bank of Japan
Shunichi Yoneyama: Bank of Japan

No 11-E-11, Bank of Japan Working Paper Series from Bank of Japan

Abstract: This paper provides a brief explanation and a detailed documentation of the current version of the Quarterly Japanese Economic Model (Q-JEM), which has been developed and constantly updated since the mid-2000s at Research and Statistics Department, Bank of Japan. Q-JEM is a large-scale hybrid-type macroeconomic model that pursues both long-run theoretical coherence and short-run empirical validity, as is the Federal Reserve Board's FRB/US model. The model captures various aspects of Japan's economy, including inflation dynamics, the zero lower bound on nominal interest rates, linkages with overseas economies, and the effects of population aging and declining potential economic growth.

Keywords: Macroeconomic model; Japan's economy; Inflation; Monetary policy; Error-correction mechanism (search for similar items in EconPapers)
JEL-codes: E17 E37 (search for similar items in EconPapers)
Date: 2011-11-18
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:boj:bojwps:11-e-11

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