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

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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

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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

SHIGEMI YABUUCHI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.1, pp.80-85, 1992-03-19 (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.43, no.2, pp.97-104, 1992-06-20 (Released:2007-10-19)

参考文献数

14

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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.

著者

HIROFUMI FUKUYAMA

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.105-117, 1992-06-20 (Released:2007-10-19)

参考文献数

18

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In a multiple output, multiple input setting, five measures of returns to scale are currently available in the literature. These measures have been useful empirical tools, but there remain some limitations regarding data availability and the choice of behavioral assumptions. To cope with these limitations, we will introduce three new measures of returns to scale and thus will close a gap in the literature. Then, we show that our three measures are theoretically equivalent to the existing five measures. Thus, the eight measures, with their corresponding data requirements and behavioral assumptions, are also reported here for the empirical purpose of gaining greater flexibility in the choice of behavioral goals and data requirements. In this way, we unify the results in the literature and our present study and, in addition, summarize the relationship among the eight measures diagrammatically.

著者

CHEN-MIN HSU

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.118-128, 1992-06-20 (Released:2007-10-19)

参考文献数

25

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This paper extends existing inventory literature by introducing current and future quantity constraints into a model of inventory holding behavior. It provides a framework for the analysis of the impact of future quantity expectations on current decisions, a concept that is used in the temporary equilibrium with quantity rationing literature but lacks a theoretical rationale. And it also shows that the more optimistic the firm is about future sales the more labor it will hire and therefore the more output it will produce. In addition, it shows that the extrinsic uncertainty of sales rationing induces the firm to hold less inventories.

著者

MASAHIRO YABUTA

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.129-138, 1992-06-20 (Released:2007-10-19)

参考文献数

18

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The purpose of this paper is primarily to assess the policy effect of TIP (Tax-based Incomes Policy) both on the real wage rate and the rate of unemployment. Originally it was stressed that TIP could curb the inflationary wage bargaining process between labour and management. In the early 1980's, however, the major target which TIP pursued was to reduce the rate of unemployment rather than the rate of inflation. In the neoclassical context, TIP can reduce the level of NAIRU. However, as far as the Keynesian viewpoint is concerned, we can suggest the possibility that TIP does not succeed in reducing the rate of unemployment. In this case, we would still need to combine TIP with a traditional demand management policy.

著者

TAKAKI ABE

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.139-153, 1992-06-20 (Released:2007-10-19)

参考文献数

13

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In an economy with incomplete markets, it is hard to define the objective each firm possesses because it is difficult to evaluate the state contingent net outputs of a firm as current values and aggregate them as the net value of the firm. In this paper, extending Radner's (1972) model of an exchange economy and viewing the relationship between firms and shareholders as noncooperative, we define an appropriate equilibrium in which each firm has a rational perception of the net value of the firm and maximizes this perceived net value. Then we analyze a characterization of the efficiency of equilibria introducing a new notion of efficiency.

著者

KEN URAI

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.154-164, 1992-06-20 (Released:2007-10-19)

参考文献数

17

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An equilibrium existence theorem for the economy with infinitely many consumers and commodities is proved in a general structure of the direct system of economies. The method of proof is new and direct in the sense that the fixed point argument is applied directly to the inverse limit of price spaces without using the truncation method.

著者

MITSUO SAITO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.1, pp.1-18, 1992-03-19 (Released:2007-10-19)

参考文献数

56

著者

TETSURO SHIMAMOTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.1, pp.19-32, 1992-03-19 (Released:2007-10-19)

参考文献数

13

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In this paper we discuss the performance of the economy attainable in a situation where both the monetary authority and the public obtain full information on the exogeneous aggregate shock with the orthodox model of new classical macroeconomists like Lucas (1973). The main result of this paper is that if each economic agent interprets such information as its‘private information, ’the performance of the economy, instead of improving, worsens with the acquisition of the new information. This result has very important implications for the plausibility of Muth's rational expectations hypothesis.

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.1, pp.33-51, 1992-03-19 (Released:2007-10-19)

参考文献数

19

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This paper investigates a new welfare implication of foreign exchange market intervention under time-consistent monetary policy. When the monetary authority can observe nominal exchange rate instantaneously, there exists an incentive to intervene in foreign exchange market. However, the lower degree of intervention reduces the temptation for the monetary authority to generate unanticipated inflation. Hence, a rise in the variance of import shocks which reduces the degree of intervention might raise the social welfare in a Nash equilibrium. Furthermore, because of these endogenous intervention rules, the gains from coordination depend on the relative magnitude of various exogenous variabilities.

著者

AKIRA YAKITA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.1, pp.52-56, 1992-03-19 (Released:2007-10-19)

参考文献数

15

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In a two-period overlapping generations context, postulating the instantaneous social welfare function consisting of utilities of generations who live at that time and defining their discounted sum as the social objective, it is shown that optimal monetary policy depends on income distribution between generations within a period and on relative social marginal weights to the generations, and that, even when income distribution is optimized, i.e., even in the first-best optimum, the optimal money growth rate is not equal to the social discount factor unless the planner attaches to the working generation the relative weight equal to the social discount factor.

著者

RICHARD BEASON

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.1, pp.57-66, 1992-03-19 (Released:2007-10-19)

参考文献数

14

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Much academic discussion and public policy has been directed toward the issue of the cost of borrowed funds by firm scale in Japan. The traditional wisdom has been that the cost of such funds is much greater for small firms than for large. In this paper, I account for the impact of compensating balances in calculating effective interest rates paid by firms of different size. I find that the process determining interest rates for the two sizes of firms does differ, but that there has been much convergence recently. Possible explanations for this convergence are explored in the paper.

著者

NORIYUKI YANAGAWA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.362-373, 1991-12-20 (Released:2007-10-19)

参考文献数

13

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This paper examines moral hazard problems where performance is unverifiable. In contrast to standard cases, traditional mechanisms fail to achieve the first best outcome if performance, the quality of the product here, is unverifiable.This paper shows that, by using a third party, high quality products can be supplied under perfectly competitive prices and the first best outcome is achieved. Furthermore, the behavior of the third party which explained in this paper is consistent with the actual behavior of distributors. So we can conclude that distributors may contribute to assure the unverifiable qualities.The mechanism explained here differs considerably from the traditional arguments concerning, for example, monitoring quality. Distributors do not have to observe levels of quality. The repeated game between producer and consumer, and the contract between producer and distributor both support this mechanism.

著者

脇田 成

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.275-286, 1991-09-20 (Released:2007-10-19)

参考文献数

17

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Using survey data in the Tokyo foreign exchange market we consider the two popular hypothesis that explain the drastic appreciation of the yen after the G5. One hypothesis is that the long-term expected rate is drastically changed and the other is that the coordinated monetary policy moves the expectations of market participants. Standard tests of rational expectations do not give the affirmative evidence on these hypothesis.

著者

KUNIO KAWAMATA AKIRA OKADA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.289-291, 1991-12-20 (Released:2007-10-19)

著者

MIKIO NAKAYAMA LUIS QUINTAS SHIGEO MUTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.292-302, 1991-12-20 (Released:2007-10-19)

参考文献数

14

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This paper presents a model of a trade of information such that resales of it are freely allowed, yet no agent has the incentive to resell after he acquired it. Agents can communicate with each other in advance of the trade, and make an agreement to prevent resales; but the agreement is not binding. The information can be shared in a set of agents only if the agreement is self-enforcing, and we call such a set of agents a resale-proof set. It is shown that sharing in a resale-proof set of the smallest size is the only outcome that is not dominated by any resale-proof set.

著者

JUN WAKO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.303-314, 1991-12-20 (Released:2007-10-19)

参考文献数

7

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We investigate general properties of weak domination in the Shapley-Scarf exchange model with indivisible goods. We prove that every weakly dominated allocation is weakly dominated by some competitive allocation. Furthermore, if an allocation does not weakly dominate some other allocation, it is a weakly dominated allocation or the two allocations are indifferent. By using these results, we show that every non-competitive allocation is weakly dominated by some competitive allocation. The nonempty strong core proves to be a von Neumann-Morgenstern solution. We give also a necessary and sufficient condition for the equivalence of the strong core and the competitive allocations.

著者

AKIRA OKADA KENICHI SAKAKIBARA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.315-333, 1991-12-20 (Released:2007-10-19)

参考文献数

6

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This paper discusses how a democratic state can emerge as a result of a social contract and how it evolves dynamically in a society with a public good that confronts the Prisoners' Dilemma. Individuals of the society play a game of institutional arrangements to establish a state in which there are two classes: an enforcer who collects tax and has punishing power and enforcees who pay tax. Our main result is that the state emerges with a positive probability if and only if the productivity of the society is lower than a certain level which is determined by the population and the marginal productivity of the public good, and that the state will disappear as soon as the productivity becomes greater than this critical level.