著者
RICHARD G. ZIND
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.2, pp.108-116, 1993-06-18 (Released:2007-10-19)
参考文献数
19

We analyze in this study the relation between changes in the price level and in income growth in the LDCs. Based on the World Bank 1965-1980 growth rates data drawn from 66 LDCs, we found significant evidence of a positive causal relation between the money supply growth rate and the inflation rate and a negative causal relation between income growth and the inflation rate. We also found that the money supply growth rate impacted positively both the inflation rate and income growth. The effect of this increase on income depends on the response of economic agents to the price increases. Our estimates, based on Summers and Heston data, agree with a basic postulate of the Lucas model: there is a significant weakening of the response as the variance of the nominal income growth rate increases. Finally, we found that prices have tended to converge among nation over the past two decades.
著者
RAYMOND G. BATINA TOSHIHIRO IHORI
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.2, pp.117-130, 1993-06-18 (Released:2007-10-19)
参考文献数
16

An increase in the foreign country's stock of debt will raise the world interest rate and may cause the world economy to begin following a divergent path which eventually leads to bankruptcy. A number of austerity measures are discussed, e.g., tax increases, public spending decreases, and institutional reforms. Each will have a different effect on the steady state equilibrium and the dynamic adjustment path of the economy and paradoxical results may occur depending on the response of capital accumulation.
著者
MOTOTSUGU FUKUSHIGE
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.2, pp.131-141, 1993-06-18 (Released:2007-10-19)
参考文献数
22

After tax income and consumption of each income class are cointegrated respectively, we can estimate an ideal before tax consumption from the Permanent Income Hypothesis point of view. In this paper, with this estimated before tax consumption, we calculate the before tax version of the economic inequality measure proposed by Fukushige (1989), and evaluate the tax progressivity by their rate of change from the before tax version to the after tax version. This index has several theoretical advantages. Also its empirical application to Japanese data makes its advantages clear.
著者
北坂 真一
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.2, pp.142-158, 1993-06-18 (Released:2007-10-19)
参考文献数
25

In this paper, I investigate structural change and economic fluctuations in Japan by estimating a structural VAR model including four macroeconomic variables, real GNP, the GNP deflator, money supply (M2+CD) and interest rate (call rate). The main results I obtain are as follows;(1) Structural change tests show that the structural change in the Japanese economy in the 1970's may have occurred before the first oil crisis.(2) Granger causality tests show that fluctuations in real GNP and the GNP deflator caused changes in money supply in the former period (1956:1-1969:4), but in the latter period (1970:1-1988:4), those relationships disappeared and conversely fluctuations in money supply caused changes in output.(3) Innovation accounting shows that the convergence speed of the endogenous variables to exogenous innovations, in the latter period, was slower and also the interdependency of each variable was more complicated than in the former period.
著者
福井 清一
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.2, pp.159-168, 1993-06-18 (Released:2007-10-19)
参考文献数
18

The objective of this paper is to investigate the mechanism of labor force participation in Japanese farm households. For the purpose of empirical study, Tobit type 2 model is applied to the Farm Household Survey Data. The marked findings is that in the labor force participation decision of male members, the family system has an important role as well as the market wage and the farmsize, and the off-farm income of the female earner and the number of dependents are less significant.
著者
TAKESHI AMEMIYA MAKOTO SAITO KEIKO SHIMONO
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.1, pp.13-28, 1993-03-19 (Released:2008-02-28)
参考文献数
6

In this paper we analyze the investment patterns of Japanese households using three kinds of generalized Tobit models. We consider the following three types of investments: (1) bank deposits, (2) long-term income-gain assets, and (3) capital-gain assets. Generalized Tobit models are called for because there are households which do not possess either or both of the last two types of assets. In our data every household does possess the first type of asset, and this fact will be incorporated into our models as a priori specification. The three models we estimate are a simultaneous equations Tobit model, a Dubin-McFadden type model, and a sequential Tobit model. The first model arises from a Kuhn-Tucker solution to the maximization of a quadratic utility function subject to the constraint that the sum of the investments into the three types of assets is equal to an exogenously-determined value of the total assets of a household. The second model is based on the assumption that there are fixed costs of owning the last two types of assets. Finally, the last model is derived from the assumption that a household first determines the amount of the first type of asset it should hold and second allocates whatever left into the other two types of assets. Simpler, more obvious ways to analyze our data are available, such as ordinary least squares, probit and logit, and standard Tobit. These estimates are also reported and compared with our elaborate estimates in a later section.
著者
MASATOSHI YAMADA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.44, no.1, pp.41-53, 1993-03-19 (Released:2008-02-28)
参考文献数
16

This paper elucidates the question of whether production efficiency (in the weak sense) obtains in an optimally taxed economy, which is posed by the seminal paper of Diamond and Mirrlees. This paper presents a complete conclusion and a proof for that the (desirability of) production efficiency holds, except (i) a not interesting case where private production is wholly less efficient than public production, or (ii) a case where some good(s) is exempt from tax imposition.