 | Evaluating the Costs of Government Credit Support Programs during COVID-19: International Evidence Author/Editor: Gee Hee Hong, Deborah Lucas. Release Date:January, 2023 Advanced economies made available more than 5 trillion USD through government-supported credit guarantee and direct loan programs to provide lifelines to firms in the face of the COVID-19 pandemic. more...
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| The Effects of Economic Shocks on Heterogeneous Inflation Expectations Author/Editor: Yoosoon Chang, Fabio Gómez-Rodríguez, Gee Hee Hong. Release Date:July, 2022 In this paper, we examine how economic shocks affect the distribution of household inflation expectations. We show that the dynamics of households' expected inflation distributions are driven by more...
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 | Fiscal Policy for Mitigating the Social Impact of High Energy and Food Prices Release Date:June, 2022 Fiscal policy has a crucial role in lessening the impact on the most vulnerable households. Governments must balance by ensuring access to energy and food, normalizing fiscal policy after more...
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| Trust What You Hear: Policy Communication, Expectations, and Fiscal Credibility Author/Editor: Nicolas End, Gee Hee Hong. Release Date:February, 2022 How do policy communications on future f iscal targets af fect market expectations and beliefs about the future conduct of f iscal policy? In this paper, we develop indicators of f iscal credibility more...
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| Zombies on the Brink: Evidence from Japan on the Reversal of Monetary Policy Effectiveness Author/Editor: Gee Hee Hong, Deniz O Igan, Do Lee. Release Date:February, 2021 How does unconventional monetary policy affect corporate capital structure and investment decisions? We study the transmission channel of quantitative easing and its potential diminishing returns on more...
| Price: $18.00
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| Demographics and the Housing Market: Japan's Disappearing Cities Author/Editor: Yuko Hashimoto, Gee Hee Hong, Xiaoxiao Zhang. Release Date:September, 2020 How does a shrinking population affect the housing market? In this study, drawing on Japan’s experience, we find that there exists an asymmetric relationship between housing prices and population more...
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| Structural Changes in Japanese Firms: Business Dynamism in an Aging Society Author/Editor: Gee Hee Hong, Arata Ito, Yukiko Umeno Saito, Anh Thi Ngoc Nguyen. Release Date:September, 2020 The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level more...
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| Achieving the Bank of Japan's Inflation Target Author/Editor: Gee Hee Hong, Rahul Anand, Yaroslav Hul. Release Date:November, 2019 The Bank of Japan has introduced various unconventional monetary policy tools since the launch of Abenomics in 2013, to achieve the price stability target of 2 percent inflation. In this paper, a more...
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| What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia Author/Editor: Gee Hee Hong, Anne Oeking, Kenneth H Kang, Changyong Rhee. Release Date:August, 2019 Asian countries have high demand for U.S. dollars and are sensitive to U.S. dollar funding costs. An important, but often overlooked, component of these costs is the basis spread in the more...
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| Productivity Drag from Small and Medium-Sized Enterprises in Japan Author/Editor: Mariana Colacelli, Gee Hee Hong. Release Date:July, 2019 Productivity growth in Japan, as in most advanced economies, has moderated. This paper finds supportive evidence for the important role of small and medium-sized enterprises (SMEs) in explaining more...
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