1. Why did you decide to study at SU graduate school?

My decision to pursue studies at Saitama University, and more broadly, to embark on a journey to Japan, stems from a childhood experience that has left an important impact on my life. When I was nine years old, I had the opportunity to take part in the student exchange/homestay program to Sapporo, Hokkaido, facilitated by the Nairamdal International Children's Center. This eye-opening experience has sparked a lifelong aspiration to return to Japan for my education. Among the universities in Japan, Saitama University emerged as the ideal choice. Its distinguished faculty, whose expertise resonates with my research interests, captured my attention. Furthermore, the university's involvement in the JDS scholarship program, which I am fortunate to be a part of, enhances the feasibility of my educational pursuit.

2. What kind of research topic did you conduct your research on?

The title of my research was "Exploring the Role of Central Bank Independence and Monetary Policy Communication in Achieving Price Stability." The significant contribution of this study lies in its comprehensive analysis, which not only considered Mongolia's unique circumstances but also incorporated data from various other countries. My prior experience working at the Bank of Mongolia provided invaluable insights for this research. The study aimed to understand the impact of central bank independence and monetary policy communication on the deviation of Consumer Price Index-measured inflation from the central bank's target. To achieve this, we employed a relatively novel approach—the IAPOC index. This index comprised 225 questions categorized under three main pillars. This research specifically focused on two pillars, namely 'Independence and Accountability' and 'Communications.' A total of 182 questions from these pillars were meticulously analyzed, offering a detailed and nuanced perspective on the subject.

3. How the research progressed?

During my pursuit of a master's degree in economics at Saitama University, I had the privilege of being mentored by Professor Nakagawa Shinobu, a distinguished economist with an impressive background, boasting over 30 years of experience at the Bank of Japan, including a senior role, and an accomplished tenure as a senior economist at the IMF. While the initial research direction remained consistent, my supervisor's invaluable guidance prompted a deeper exploration of my investigations. These efforts culminated in the honor of presenting my research at the 2023 research conference of the Bank of Mongolia. I am pleased to share that my work achieved second place at the conference, marking a significant milestone in my academic journey.

4. What have you learned from your research experience?

I had certain experience working with various statistical software tools prior to this research. However, during the course of my study, I delved deeper into these packages and their user tools,

enhancing my proficiency. Additionally, the advanced econometric course, coupled with extensive reading materials, proved instrumental in constructing my model and addressing issues related to heteroscedasticity, skewness, and kurtosis.

Even though the findings are inconclusive, the result indicates that central bank independence and monetary policy communication contribute to monetary policy decision-making and implementation. Notably, the statistical significance of both variables increased when the policy rate was applied. This underscores the importance for central banks in respective countries to not only maintain but also strengthen their independence and communication strategies, thereby enhancing the transmission of monetary policy. Moreover, a key insight gained from the research is the recommendation for central banks to adopt a unified approach to defining core inflation indicators. This approach not only improves the efficacy of policy interventions but also facilitates meaningful cross-country analysis.