著者

深谷 庄一

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.2, pp.166-182, 1990-06-20 (Released:2007-10-19)

参考文献数

23

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This econometric study is an attempt to build a politico-economic model of Japan. It explicitlyspecifies the interrelationship between policy decision process and economic mechanism. There seems to be a difficulty that political variables are too scarce to build an econometric model. This analysis interpolates many political data, making use of the so-called spline functions, so that our model consists of as many political variables as economic ones. The policy variable is public investment, determined through political process (political variables). Those political variables depend upon economic outcomes, caused partly by that policy.A simulation analysis shows that an expansionary fiscal policy will finally lower the popularity of the Liberal-Democratic-Party, although temporarily raise up its popularity.

著者

TAKAO FUJIMOTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.364-368, 1989-12-20 (Released:2007-10-19)

参考文献数

11

著者

TAKAO FUJIMOTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.369-373, 1989-12-20 (Released:2007-10-19)

参考文献数

18

著者

宇澤 弘文

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.1-14, 1990-03-20 (Released:2008-02-28)

著者

NAOTO KUNITOMO TAKU YAMAMOTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.15-33, 1990-03-20 (Released:2008-02-28)

参考文献数

27

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The method of testing the cross-equation restrictions under the rational expectation (RE) hypothesis based upon the fitted vector autoregressive (VAR) time series models has been used. It has been applied to test the cross-equation restrictions implied by the expectation hypothesis for the term structure of interest rates, the present value relation in the stock market, and the efficiency hypothesis without risk premium in forward exchange rate market.We point out that two conventional econometric practices of the prefiltering (or differencing) and the use of law of iterated projection are often inconsistent with the restrictions imposed by the RE hypothesis. We explore the general relation between this inconsistency problem and the cointegrated stochastic processes. New sufficient conditions for logical consistency to test the restrictions imposed by the RE hypothesis are given. We show that some cointegrated filter can be used as a possible solution in some cases. Further, we propose a necessary and sufficient condition for testing the cross-equation constraints imposed by the RE hypothesis based upon the vector autoregressive moving average (VARMA) models, which can be useful as a solution to the difficulty caused by an improper use of the law of iterated projection.

著者

MAKOTO TAWADA SEI-ICHI KATAYAMA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.34-47, 1990-03-20 (Released:2008-02-28)

参考文献数

16

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This paper gives an empirical examination of efficiency of the regulated firm. Rate of return regulation is a typical feature of the public utility environment. The theoretical analysis by Averch-Johnson showed the existence of a regulatory bias toward overcapitalization. We reexamine and elaborate the method of the empirical test for the Averch-Johnson proposition. And we apply it to the Japanese electric power industry. We showed that the Averch-Johnson proposition was not necessarily confirmed and the production in the Japanese electric power industry was efficient for some period in spite of regulation.

著者

YASUHIRO SAKAI TAKEHIKO YAMATO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.48-64, 1990-03-20 (Released:2008-02-28)

参考文献数

13

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This paper deals with the welfare implications of information sharing between Bertrandtype duopolists when there is cost uncertainty. The paper distinguishes itself from the previous work in that it is not restricted to those special cases where goods are physically substitutes or costs are stochastically independent, and in that it carries out a complete analysis of the impact of information pooling on consumers and the society as a whole. In particular, by introducing new concepts such as the variation and allocation effects, we point out the possibility that the exchange of cost information is beneficial to Bertrand firms. Comparison with the more popular Cournot duopoly case is also made.

著者

山崎 福寿 大滝 雅之

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.65-77, 1990-03-20 (Released:2008-02-28)

参考文献数

6

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This paper studies the relationship between the abolishment of a deposit interest ceiling and the stability of macroeconomy, using a simple stochastic macroeconomic model. The derived conclusions are as follows; First, the abolishment of a deposit rate ceiling will improve the effectiveness of the economic policy when the economic fluctuation is mainly attributed to the random shock of high-powered money market. By contrast, if the shock of either loan or goods market is dominant, economic policy will be less effective. Second, the probability of lenders' bankruptcy will decrease when monetary shocks (i. e. H. P. M. and loan) are dominant.

著者

上島 康弘

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.1, pp.78-87, 1990-03-20 (Released:2008-02-28)

参考文献数

19

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In this paper, we build a two-period model which focuses on On-the-Job training and derive the effects of specific training on wage profiles and on dismissals. The main results we obtain are as follows:(i) Our two period wage-employment contract dominates the familiar repetitive spot contract in the environment of restricted information.(ii) In this contract, the employees are not necessarily dismissed even if a business deficit is incurred.(iii) In principle, greater amounts of specific training make wage profiles steeper and restrict dismissals.

著者

TOSHIHIRO IHORI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.3, pp.251-263, 1989-09-20 (Released:2007-10-19)

参考文献数

16

著者

HIDEKI NISHIOKA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.3, pp.264-275, 1989-09-20 (Released:2007-10-19)

参考文献数

14

著者

ATSUSHI TSUNEKI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.3, pp.276-288, 1989-09-20 (Released:2007-10-19)

参考文献数

32

著者

YASUMI MATSUMOTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.289-295, 1989-12-20 (Released:2007-10-19)

参考文献数

7

著者

NOBUHIRO MORI YOSHIRO TSUTSUI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.296-316, 1989-12-20 (Released:2007-10-19)

参考文献数

24

著者

OSAMU ICHIOKA TOSHIAKI TACHIBANAKI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.317-335, 1989-12-20 (Released:2007-10-19)

参考文献数

21

著者

TAKASHI FUKUSHIMA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.349-354, 1989-12-20 (Released:2007-10-19)

参考文献数

8

著者

TADASHI INOUE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.4, pp.355-363, 1989-12-20 (Released:2007-10-19)

参考文献数

2

著者

柳田 辰雄

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.166-177, 1989-06-20 (Released:2007-10-19)

参考文献数

10

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Economists have two major stands in international monetary economics. One is the monetary approach, the other is the asset market approach. This paper trys to integrate the two approach, by introducing a goods inventory as an asset. Dornbusch (1976) analyzed an interaction between an asset and a good market by postulating that the asset market is continuously in equilibrium, while the goods market adjust slowly to equilibrium. By this model, he explained the observed volatility and overshooting of exchange rates. His model, however, accomodates price adjustment but ignored quantity adjustment in the goods market. In this paper, I present a general framework for an open economy analysis, by modeling an open economy with a goods inventory, similar to Van Duyne (1979). In this model, a goods inventory functions not only as a buffer between effective demand and output but also as an asset. The asset market has money, a goods inventory, domestic bonds and foreign bonds. Assuming perfect substitutability between domestic and foreign bonds, interest rate parity is introduced. Major lessons of the paper are as follows. In a small open economy with a goods inventory as an asset, an increase in the foreign interest rate increases the domestic interest rate, decreases the price of the goods inventory, and depreciates the current exchange rate in the short run, and thereby decreases income and improves current account in the medium run. A monetary expansion increases the goods inventory price, decreases the interest rate, and thereby increases income and improves current account. An increase in a tax-financed government expenditure does not change the asset prices in the short run, and in the long run increases income and deteriorates current account due to an increase in domestic absorption.

著者

伊藤 成康

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.178-182, 1989-06-20 (Released:2007-10-19)

参考文献数

10

著者

PAUL D. THISTLE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.183-187, 1989-06-20 (Released:2007-10-19)

参考文献数

7