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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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    File URL: http://www.boj.or.jp/en/research/wps_rev/wps_2019/data/wp19e07.pdf
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    References listed on IDEAS

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    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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