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Public Policy Review

Aging population has become a global issue, and the discussion on the influence of aging on economy has become increasingly important for policymakers. This special issue conducts theoretical and empirical analyses on how the effectiveness of fiscal and monetary policies declines under population aging.

Long-Term Effects of Fiscal Policy Generated through Changes in Productivity(PDF:415KB)



With increased need for crisis responses and prolonged low interest rates, Japan has continued to finance its deficit by issuing government bonds, despite the size of its government debt. Against this background, it is imperative to identify and address current and future issues related to Japanese government debt and its management. This special issue examines selected topics in public debt management, providing interdisciplinary perspectives from economics, law, and finance.

Incomplete Market and Optimal Debt in an Economy with an Overlapping Generation Structure(PDF:1392KB)

INO Akio


Estimating the Yield Curve Using the Nelson-Siegel Model: Evidence from Daily Yield Data(PDF:1758KB)

SEKINE Atsushi


Reports and Papers

PRI Discussion Papers



Creation Date

Discriminatory versus uniform auctions: Evidence from JGB market(PDF:820KB)

Keywords: Discriminatory auction, Uniform auction, Markup, When-issued markets, Japanese government bond, government costs
JEL Classification: C57, D82, G18, G28
Takahiro Hattori: Corresponding author. Project Assistant Professor, University of Tokyo and Visiting Scholar, Policy Research Institute, Ministry of Finance, Japan

Shogo Takahashi: Visiting Scholar, Policy Research Institute, Ministry of Finance, Japan
November 2021



The Policy Research Institute (PRI) and Indian Council for Research on International Economic Relations (ICRIER) held “The 10th PRI-ICRIER Workshop” online on March 22, 2022.

The Workshop has been promoted by participants from industry- government-academia. They have discussed; “Policy Responses to COVID19 in India and Japan and Future Outlook for the Two Economies”, “Prospects for India-Japan Economic Cooperation”.

You can watch the workshop on YouTube.



Historical Studies

Fiscal and Monetary Policies of Japan in Reconstruction and High-Growth - 1945 to 1971 -

This book details Japan’s fiscal and monetary policies from the end of the war in 1945 to the Smithsonian Agreement in 1971, while providing statistics and related chronological tables of the relevant Ministry of Finance (Okura-sho at that time).

Fiscal and Monetary Policies of Japan in Stable Growth Period - 1972 to 1990 -

This book details Japan’s fiscal and monetary policies during the stable growth period (from 1972 to 1990) which lasted about 20 years after the Nixon Shock and the Oil Crisis by using abundant figures, tables and statistics prepared mainly from the statistics data of the Ministry of Finance.


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Ministry of Finance, Policy Research Institute.