著者

HIROAKI HAYAKAWA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.14-31, 1994-03-18 (Released:2008-02-28)

参考文献数

55

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This paper shows, under recursive preferences, that if a cash-in-advance constraint is formulated along the Baumol-Tobin transactions theory of liquidity preferences by considering leisure-transaction time tradeoffs, the Stockman-Abel cash-in-advance model becomes equivalent to the Sidrauski type money-in-the-utility-function model in its implications on the superneutrality of money. If such tradeoffs are extended to include production hours, a new dichotomy emerges in the sense that the effect of money growth on steady state capital intensity depends on the extent to which the marginal productivity of capital and the rate of time preference are affected.

著者

KAZUNORI OGINO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.32-40, 1994-03-18 (Released:2008-02-28)

参考文献数

21

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Using the specific-factors model of a competitive small open economy, this paper shows how the standard welfare analysis of capital flows with tariffs and quotas are modified in the presence of unemployment. Employment of labor is endogenously determined and our analysis establishes a departure from the traditional results with full employment. We show several policy implications. Free trade does not necessarily lead to a welfare gain for the country and the optimal policy intervention is considered. This paper derives the conditions under which a capital inflow will help or harm a country in the cases of tariffs and quotas.

著者

TOMOKO KISHI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.41-54, 1994-03-18 (Released:2008-02-28)

参考文献数

40

著者

ATSUSHI YOSHIDA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.55-72, 1994-03-18 (Released:2008-02-28)

参考文献数

14

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This paper will propose a complementary test for the hypothesis of the term structure with risk premia and make an empirical study on the Japanese Gensaki (bond repurchase) market using daily data. This complementary test employs an idea of reasonableness of risk premia. We adopt the probability that the return from an uncertain bond is greater than the return from a sure bond as a measure of the reasonableness of risk premia The important feature of this reasonableness measure is that it does not depend upon the specification of individuals' preferences. The calculated measure shows that the hypothesis of term structure with risk premia in the Gensaki market must be doubted.

著者

KENJI SUZAKI MAKOTO OHTA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.1, pp.73-94, 1994-03-18 (Released:2008-02-28)

参考文献数

11

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This paper presents hedonic analyses of residential land prices and rents in Kanagawa Prefecture, a typical bedtown prefecture of Tokyo, during the bubble period 1986-1988. Land characteristics explain land prices well in the bubble, but their relative imputed prices changed significantly over time. Access to Tokyo City, especially to Shinjuku Station, increased its importance in explaining land prices. Also the imputed prices of other characteristics are studied in detail. Rents are studied hedonically in a similar way. The relative imputed prices of characteristics were stable over time for rent. The estimated correlation coefficient between land price and rent increased over time. Thus it appears that the land price formation approached the rent formation hedonically in the bubble.

著者

KAZUHARU KIYONO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.4, pp.289-310, 1993-12-20 (Released:2007-10-19)

参考文献数

19

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The present paper clarifies an importing country's choice of a partner for a free trade area (FTA) formation in imperfect competition. Before FTA formation, the importing country is unable to impose the higher tariff on the imports from the exporting country with the lower marginal cost for preventing the outflow of monopoly rent under the“most favored nation”constraint of the GATT. However by choosing to form a FTA with the exporting country with the greater marginal cost, the importing country can undertake tariff discrimination (though incomplete) to enhance its welfare. But it definitely reduces the world production efficiency.

著者

BERNHARD ECKWERT ULRICH K. SCHITTKO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.4, pp.311-324, 1993-12-20 (Released:2007-10-19)

参考文献数

8

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This paper analyzes the dynamic behavior and efficiency properties of a disaggregated two-country model with production. Trade occurs in consumption goods, investment goods and in equities issued by firms of both countries. However trade between the two countries is always balanced, so that no international lending and borrowing takes place and no international trade in equities is allowed. In the long run the economy may not converge to a stationary state but exhibits endogenous competitive business cycles. The efficiency properties of these cycles are closely related to those of the stationary equilibrium. Loosely speaking, weak efficiency of a cyclical equilibrium is more likely the more efficient (in a Pareto sense) the stationary equilibrium, the more volatile the intertemporal price ratio and the larger the period of the cycle is.

著者

YOSHIKIYO SAKAI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.4, pp.325-338, 1993-12-20 (Released:2007-10-19)

参考文献数

11

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The role of secrecy in the implementation of monetary policy has recently not only stimulated various arguments by economists, but also greatly increased their interest in the effectiveness of the secrecy. This study is associated with the effects of secrecy on the interest rate and how social welfare is influenced. My model may suggest the possibility that the disclosure of monetary policy can both improve social benefit and reduce the undue disturbance or overreaction of the market place if the agents are assumed to be rational in the competitive setting.

著者

TAKAKO IDÉE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.4, pp.339-360, 1993-12-20 (Released:2007-10-19)

参考文献数

30

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A positive productivity shock contemporaneously overshoots the shadow prices of land and capital, being followed by stimulated investment and higher land price inflation due to the presence of land adjustment cost.Sectoral differences in land property tax may generate bubbles under perfect foresight. It is, however, ‘super rational’ and completely consistent with agents' long-run optimization behavior. The bubbles do not emerge if the tax favors households and if the land reallocation cost is sufficiently small.Therefore, differential land tax treatment, in combination with a productivity shock, seemed to play one of crucial roles for recent land price bubbles in Japan. The recent revision of house and land renting law will decrease the adjustment cost to contribute to stabilizing the land price.

著者

KENJI TSUJI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.4, pp.361-373, 1993-12-20 (Released:2007-10-19)

参考文献数

14

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This paper investigates whether there has been risk sharing between a main bank and borrowing companies in Japan. Horiuchi, et al. (1988) claim that systematic relationships indicating the existence of risk-sharing between them cannot be generally observed. However, contracts conditional on operating profits as in Horiuchi, et al. (1988) may not be feasible because of the moral hazard problem. As Christopher (1982) suggests, indexed contracts are one way to circumvent the moral hazard Here, an optimal indexed contract involving risk sharing is derived, and is shown to be consistent with the behavior of companies in the Japanese chemical industry.

著者

小野 善康

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.5, pp.402-419, 1993-12-24 (Released:2007-10-19)

参考文献数

66

著者

JUNJI YANO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.233-241, 1993-09-20 (Released:2007-10-19)

参考文献数

22

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Several implications, including those regarding regime change, derived from the equilibrium business cycle models, were applied to evidence from the two pre-war regimes. The neutrality hypothesis was not rejected for both regimes and a comparison of the results was in favor of the Lucas hypothesis on the slope of the Phillips curve. However, some discrepancy concerning the Sargent-Neftci hypothesis remained. Furthermore, the Pesaran test revealed a limitation of the Barro's testing procedure.

著者

KAZUHARU KIYONO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.242-249, 1993-09-20 (Released:2007-10-19)

参考文献数

6

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This paper generalizes Dansby-Willig's industry performance gradient index so as to explicitly relate the maximal feasible welfare improvement rate in imperfectly competitive markets with the number of firms perceiving market power and the industry-wide distribution of marginal costs. Two specific examples of the proposed generalized index are fully explored to obtain two results: (i) the greater number of oligopolistically behaving firms lowers but (ii) the greater variance of the marginal-cost distribution over the industry increases the maximal feasible rate of welfare improvement.

著者

TADASHI YAMADA TETSUJI YAMADA JOHAN M. KANG

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.250-262, 1993-09-20 (Released:2007-10-19)

参考文献数

29

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The aim of this paper is to examine the impact of labor market conditions, represented by male civilian unemployment rates, on seven major categories of crime. We propose a theoretical model from which the positive macro relationship between the unemployment rate and the crime rate is explicitly derived. The solution of the proposed model shows the concurrent counter-cyclical movements of the unemployment and crime rates, which is found to be consistent with the US time series data from the first quarter of 1970 to the fourth quarter of 1983. Thus, we propose a view that an increase in the unemployment rate triggers a subsequent increase in the crime rate. Further, we find that the unemployment rate is statistically exogenous in the VAR model, which indicates a fact that there lie the economic forces and motivations behind the positive relationship between the unemployment rate and the crime rate.

著者

KAZUHIRO OHTANI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.263-268, 1993-09-20 (Released:2007-10-19)

参考文献数

10

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In this paper, we examine the small sample properties of R2 based on the Stein-rule estimator of coefficients (say, R2S) when relevant regressors are omitted in a specified model. The following is shown, when the model is correctly specified, the bias of R2S is smaller than that of R2 based on the OLS estimator (say, R2S), and the mean square error (MSE) of R2S is smaller than or comparable with that of R20. But, as the magnitude of specification error increases, both bias and MSE of R2S become larger than those of R20.

著者

河村 真

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.3, pp.269-274, 1993-09-20 (Released:2007-10-19)

参考文献数

12

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This paper measures returns to density and size for Japanese public bus operations in metropolitan areas. When returns to density are increasing, bus operations enjoy scale economies, the route length fixed. When returns to sizes are increasing, bus operations, allowed to change the route length, enjoy scale economies. Translog cost function of bus operations is estimated, using 6 metropolitan bus operations' data pooled from 1980 to 1985, in order to measure the degrees of returns to density and size. The estimates of returns to density and size could be obtained, using estimated parameters of the cost function. It is observed that the returns to density is increasing, evaluated at the sample mean. The public bus operations exhibit economies of density. On the other, the returns to size are decreasing, evaluated at the sample mean. Bus operations exhibit diseconomies of size. Then, more frequent operations enable Japanesee public bus operations in metropolitan areas to enjoy scale economies, based on the estimates of returns to density and size.

著者

成田 淳司

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.3, pp.275-283, 1993-09-20 (Released:2007-10-19)

参考文献数

26

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It is widely held that the life cycle hypothesis of consumption is not accepted by Japanese data. In this paper, the life cycle hypothesis of consumption is tested by using Japanese cohort data instead of cross-section data. First, the earnings function of household head is estimated, and the future stream of the earnings is predicted by the function. Then, human capital is estimated. Finally, the life cycle hypothesis of consumption is proven to be accepted.

著者

TADAAKI YOSHIOKA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.284-288, 1993-09-20 (Released:2007-10-19)

参考文献数

10

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.44, no.2, pp.178-184, 1993-06-18 (Released:2007-10-19)

参考文献数

12

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In this note, we investigated a rule for the optimal provision of public goods in a many consumerseconomy when an optimal commodity tax is available. We obtained an intuitive formulawhich demonstrates that divergence from the first best rule is based on (i) the revenue repercussioneffect, (ii) the Pigou-Harberger's dead weight loss effect, and (iii) the total distribution effectof public good provision. How this result relates to previous works was also analyzed. It was shown that our decomposition formula does apply even for the cost benefit approach employed in Batina (1990).

著者

BERNHARD ECKWERT

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.193-205, 1993-09-20 (Released:2007-10-19)

参考文献数

21

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Within the framework of a stochastic version of the overlapping generations model a general choice theoretic portfolio approach is presented. Competitive equilibria are shown to be nonoptimal in a Pareto sense (and hence can potentially be improved by some policy action), if there exist two individuals of some generation t, such that the ratio of marginal utilities of future consumption is random. Finally, a short-run welfare criterion is provided, which is based on observable data only. The ordering induced by this criterion on the set of competitive equilibria is not complete, however.