著者
辻 賢二
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.266-284, 1992-09-18 (Released:2007-10-19)
参考文献数
43

The purpose of this paper is to make a empirical analysis of the adjustment speed of the bank loan rate. The crucial changes occurred in recent Japanese loan market. The previous studies showed that the adjustment speed of the bank loan rate increased. They estimated the parameters of a linear regression system obeying different regimes. They have a problem in that the regressions arn likely to be contaminated with observations from the other regimes. This paper circumvents this problem by a finding the switching points in time using the simulation method.
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.43, no.2, pp.165-176, 1992-06-20 (Released:2007-10-19)
参考文献数
20

In this paper, the dynamic factor demand system that is derived from a firm's dynamic optimization behavior in the presence of adjustment costs is estimated for the Japanese iron and steel industry. The main estimation results we obtain are as follows;(1) The data indicate that adjustment costs for labor are much less important than those for capital.(2) We find that the demands for materials, energy and labor have become more responsive to changes in their own prices through the first and second oil crises, while the demand for capital has become less responsive to changes in each price.(3) It is found that capital and energy are substitutes in the long run.
著者
JAE-CHEOL KIM BYONG-KOOK YOO
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.193-209, 1992-09-18 (Released:2007-10-19)
参考文献数
16

The present paper examines the welfare effect of ex post rate-of-return regulation. Unlike the traditional rate-of-return regulation on a monopoly, the regulation is mainly for oligopolistic industries and of the ex post nature. At the end of each year, total revenue of the firms as a whole is calculated. If the revenue is greater than the revenue requirement of all firms, a portion of the excess is taxed from the firms according to a certain prescribed rule. On the other hand, if the revenue falls short of the revenue requirement, the agency subsidizes the firms for the shortage. It is shown how the regulation affects social welfare by creating an artificial competitive environment for the firms and by controlling industry cost efficiency. The optimal regulation is also analyzed.
著者
YASUHITO TANAKA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.210-229, 1992-09-18 (Released:2007-10-19)
参考文献数
21

In this paper I examine the welfare effects of tariffs in international free-entry oligopolies under integrated markets in a two-country world model. I shall show that a small specific (or ad-variorum) tariff imposed by the home country exercises the same welfare effect as a small specific (or ad-variorum) tariff imposed by the foreign country in a free trade equilibrium. These unilateral specific (or ad-variorum) tariffs and reciprocal specific (or advariorum) tariffs make the home and the foreign countries better off if demand functions of oligopolistic goods are concave (or concave or linear). (JEL No. 411, 611)
著者
SHIN-ICHI FUKUDA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.230-245, 1992-09-18 (Released:2007-10-19)
参考文献数
24

The purpose of this paper is to analyze the appropriate stabilization rules among a large number of countries. By decomposing the world system into one aggregate and N-1 difference systems, the paper calculates the desirable monetary rules in the N-country model. we find that the optimal monetary rule is a combination of the global monetary rule and the intervention rule. In general, the derived rule depends on the number of countries and the relative magnitudes of exogenous variances. The paper first analyzes the symmetric world economy and extends the results to the asymmetric world.
著者
是川 晴彦
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.246-257, 1992-09-18 (Released:2007-10-19)
参考文献数
15

This paper considers the issues of gradual reform of not only commodity tax but also factor tax. Using the two-sector model, a simple rule of tax reform is proposed, after the effects of changes of tax rates on the social welfare are examined. This rule, which is expressed in terms of observable economic variables, is applicable however tax rates may be assigned.
著者
康 聖一
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.3, pp.258-265, 1992-09-18 (Released:2007-10-19)
参考文献数
4

This paper examines the economic role of mandatory disclosure in a noisy rational expectations model. Many theoretical studies of discretionary disclosure suggest that firms never have the incentive to spend less on disclosure than is socially optimal and offer no support for mandatory disclosure regulations.This paper, however, derives the paradoxical result that mandatory disclosure may increase the social surplus even when firms have the incentive to spend more on disclosure than is socially optimal. The reason is that mandatory disclosure may increase the cost of disclosing too much information and discourage firms from making this overdisclosure decision.
著者
大住 康之
出版者
日本経済学会
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.1, pp.67-79, 1992-03-19 (Released:2007-10-19)
参考文献数
15

The disequilibrium theory developed by Barro-Grossman (1976), Malinvaud (1985), Muellbauer-Portes (1978) etc has contributed toward elaborating the theory of unemployment. Malinvaud expanded the static version of disequilibrium theory into dynamic one. He asserts that Keynesian unemployment is lasting, whereas classical unemployment is transient by nature. His analysis of the assertion, however, is incomplete in part.In this paper, we examine Malinvaud's assertion by using a generalized dynamic model. This model clalifies the dynamic movement of the system through the regimes of Keynesian unemployment, classical unemployment and repressed inflation. We find that whether Malinvaud's assertion holds true or not depends on the size of potential exess demand in goods markets and the relative regidities of prices and wages.
著者
HIDEO KONISHI
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日
vol.43, no.2, pp.97-104, 1992-06-20 (Released:2007-10-19)
参考文献数
14

The optimal public good provision rule under optimal nonlinear income taxation is analyzed. In this case Pigou's conjecture-the level of a public good should be reduced than the first best level when it is financed by distortionary taxes-is justified under weak conditions. Using the decomposition method in Hatta, et. al. (1988), the following proposition is also shown. The optimal public good provision level should be lowered, if (a) the average marginal tax rate is high, (b) the marginal tax rate and the willingness to pay for the public good have a positive covariance, (c) the public good is more complementary with leisure and more of a luxury good than the commodity.