• Sources of Changes in Current Account Balances (Projections for Aug.) Link
    Bank of Japan Tue 03 Aug 2021 23:50
  • (IMES DPS) Inflation Expectations and Central Bank Communication with Unknown Prior Link https://t.co/KnYloeLqgp
    Bank of Japan Tue 03 Aug 2021 12:14

    We construct a noisy information model of central bank communication on future inflation rates and highlight an informational friction that plays a key role in explaining several empirical properties of firms' inflation expectations. Using a survey of Japanese firms' inflation expectations, we document new empirical facts related to the size of firms and their inflation expectations. We observe a persistent deviation of expectations from the central bank's inflation target and find that the deviation is monotonically increasing in firm size, while the degree of the forecasting imprecision, responsiveness to actual inflation, and the heterogeneity in firms' expectations are monotonically decreasing in firm size. To reconcile these empirical regularities, we construct a dynamic model of inflation expectation formation by Bayesian firms where the central bank's inflation forecast serves as a noisy public signal of future inflation rates and propose an informational friction in...

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  • Tokiwa Bridge and Main Building The west side of the BOJ's Main Building faces Tokiwa Bridge, Tokyo's oldest remaining stone bridge. Landscape hasn't changed since the late 1800s. #bankofjapan #onlinetour #bridge Link https://t.co/UnMQuEp3iN
    Bank of Japan Mon 02 Aug 2021 12:03
  • Sources of Changes in Current Account Balances and Market Operations (July) Link
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  • Average Contract Interest Rates on Loans and Discounts (June) Link
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  • (Research Paper) IMES DPS: Monetary Policy Shocks and the Employment of Young, Middle-Aged, and Old Workers Link
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    Bank of Japan Mon 28 Jun 2021 23:54
  • BOJ from Home The online tour is now available for you to enjoy at home! Find the columns in the courtyard of the Bank's Main Building in 3-D/VR. #bankofjapan #architecture Link https://t.co/OTuPek2LRw
    Bank of Japan Mon 28 Jun 2021 12:13
  • Research Lab: "Recent Developments in Measuring Inflation Expectations: With a Focus on Market-based Inflation Expectations and the Term Structure of Inflation Expectations" reviews recent research on inflation expectations and their movements in Japan. Link
    Bank of Japan Mon 28 Jun 2021 12:03

    ADACHI Ko, HIRAKI Kazuhiro (Bank of Japan)

    Research LAB No.21-E-1, June 25, 2021

    Keywords: Inflation expectations; Survey-based inflation expectations; Breakeven inflation rate

    JEL Classification: C32, D84, E31, E43, E52, G12

    Contact: kazuhiro.hiraki@boj.or.jp (HIRAKI Kazuhiro)

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