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The Japanese Economic Model: JEM

  • Yuki Teranishi
  • Ippei Fujiwara
  • Naoko Hara

In this paper, we set out the JEM (Japanese Economic Model), a large macroeconomic model of the Japanese Economy. Although the JEM is a theoretical model designed with a view to overcoming the Lucas (1976) critique of traditional large macroeconomic models, it can also be used for both projection and simulation analysis. This is achieved by embedding a mechanism within which ``short-run dynamics,'' basically captured by a vector autoregression model, eventually converge to a ``short-run equilibrium,'' which is defined using a dynamic general equilibrium-type model

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Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 723.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:feam04:723
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