Pass-Through of Oil Prices to Japanese Domestic Prices
---- Acknowledgements -----
A part of this paper is based on research we have conducted at the Research and Statistics Department of the Bank of Japan. We would like to thank members of the Department, especially Kazuo Monma, Munehisa Kasuya and Masahiro Higo for helpful comments and discussions on our research. We also thank Takatoshi Ito for insightful suggestions at an early stage of this research. We are grateful to participants of the 20th East Asian Economic Seminar (Hong Kong, June 26-27, 2009), especially the discussants Donghyun Park and Yuko Hashimoto, as well as the organizers (Andrew Rose and Takatoshi Ito) for many invaluable comments that have led to substantial improvement of the paper. We also would like to thank two anonymous referees for their insightful comments. Shioji thanks financial assistance from the “Understanding Inflation Dynamics of the Japanese Economy” project of Hitotsubashi University, and Uchino thanks the Global COE Grant “Research unit for statistical and empirical analysis in social sciences” of Hitotsubashi University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.