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The Quarterly Japanese Economic Model (Q-JEM): 2019 version

Author

Listed:
  • Naohisa Hirakata

    (Bank of Japan)

  • Kazutoshi Kan

    (Bank of Japan)

  • Akihiro Kanafuji

    (Bank of Japan)

  • Yosuke Kido

    (Bank of Japan)

  • Yui Kishaba

    (Bank of Japan)

  • Tomonori Murakoshi

    (Bank of Japan)

  • Takeshi Shinohara

    (Bank of Japan)

Abstract

In this paper, we introduce the updated version of the Quarterly Japanese Economic Model (Q-JEM), which was first developed by Ichiue et al. (2009) and updated by Fukunaga et al. (2011). Q-JEM is a large-scale semi-structural model of the Japanese economy, which is designed to incorporate greater disaggregation of expenditure components and detailed financial market information. Compared to Dynamic Stochastic General Equilibrium (DSGE) models, Q-JEM puts more emphasis on fitting data, while relaxing some theoretical discipline. To improve public access to the model, we share the replication files of the simulations conducted in the paper.

Suggested Citation

  • Naohisa Hirakata & Kazutoshi Kan & Akihiro Kanafuji & Yosuke Kido & Yui Kishaba & Tomonori Murakoshi & Takeshi Shinohara, 2019. "The Quarterly Japanese Economic Model (Q-JEM): 2019 version," Bank of Japan Working Paper Series 19-E-7, Bank of Japan.
    • Handle: RePEc:boj:bojwps:wp19e07
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    References listed on IDEAS

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    Cited by:

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    2. Mr. Gee Hee Hong & Rahul Anand & Yaroslav Hul, 2019. "Achieving the Bank of Japan’s Inflation Target," IMF Working Papers 2019/229, International Monetary Fund.
    3. Kawamoto, Takuji & Nakazawa, Takashi & Kishaba, Yui & Matsumura, Kohei & Nakajima, Jouchi, 2023. "Estimating the macroeconomic effects of Japan’s expansionary monetary policy under Quantitative and Qualitative Monetary Easing during 2013–2020," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 208-224.
    4. Yoshiyuki Kurachi & Hajime Morishima & Hiroshi Kawata & Ryo Shibata & Kazuma Bunya & Jin Moteki, 2022. "Challenges for Japan's Economy in the Decarbonization Process," Bank of Japan Research Papers 22-06-09, Bank of Japan.
    5. Boug, Pål & Brasch, Thomas von & Cappelen, Ådne & Hammersland, Roger & Hungnes, Håvard & Kolsrud, Dag & Skretting, Julia & Strøm, Birger & Vigtel, Trond C., 2023. "Fiscal policy, macroeconomic performance and industry structure in a small open economy," Journal of Macroeconomics, Elsevier, vol. 76(C).
    6. Anthony Brassil & Mike Major & Peter Rickards, 2022. "MARTIN Gets a Bank Account: Adding a Banking Sector to the RBA's Macroeconometric Model," RBA Research Discussion Papers rdp2022-01, Reserve Bank of Australia.
    7. Takuji Kawamoto & Takashi Nakazawa & Yui Kishaba & Kohei Matsumura & Jouchi Nakajima, 2021. "Supplementary Paper Series for the "Assessment" (2): Estimating Effects of Expansionary Monetary Policy since the Introduction of Quantitative and Qualitative Monetary Easing (QQE) Using the," Bank of Japan Working Paper Series 21-E-4, Bank of Japan.
    8. Takuji Kawamoto & Jouchi Nakajima & Tomoaki Mikami, 2021. "Supplementary Paper Series for the "Assessment" (3): Inflation-Overshooting Commitment:An Analysis Using a Macroeconomic Model," Bank of Japan Working Paper Series 21-E-9, Bank of Japan.
    9. Kazuhiro Hiraki & Wataru Hirata, 2020. "Market-based Long-term Inflation Expectations in Japan: A Refinement on Breakeven Inflation Rates," Bank of Japan Working Paper Series 20-E-5, Bank of Japan.
    10. Pongpitch Amatyakul & Tosapol Apaitan & Savaphol Hiruntiaranakul & Nuwat Nookhwun, 2021. "Revisiting Thailand's Monetary Policy Model for an Integrated Policy Analysis," PIER Discussion Papers 164, Puey Ungphakorn Institute for Economic Research.

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    More about this item

    Keywords

    Macroeconomic model; Japanese economy;

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications

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