著者

島本 哲朗

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.1, pp.50-61, 1991-03-20 (Released:2007-10-19)

参考文献数

14

---

There is a general view that the monetary authority can attain a better performance by using information known only to it. This paper discusses the validity of this view under the situation where the monetary authority does not know the information sets of the private sector. We conclude that while the above view still holds if the information known only to the monetary authority is released to the private sector, it is not necessarily true if such information is used to the feedback rule of money supply.

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.41, no.3, pp.282-285, 1990-09-20 (Released:2007-10-19)

参考文献数

13

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.41, no.4, pp.289-299, 1990-12-20 (Released:2007-10-19)

参考文献数

21

---

This paper investigates the optimal choice of monetary policy instrument when the feedback rule on past disturbances is optimally chosen. In the analysis, monetary feedback rule is based not only on current interest rate but also on past disturbances. In the neoclassical model where expectations are rational, the choice of monetary instrument can be redundant in stabilizing output. However, in the sticky price model and the model with adaptive expectations, the choice of monetary instrument in stabilizing output is the Pool's rule whether the feedback rule on past disturbances is optimally chosen or not. A crucial point in the analysis is that the price equation is forward-looking in the neoclassical model with rational expectations but is backward-looking in the sticky price model or the model with adaptive expectations.

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.41, no.4, pp.300-316, 1990-12-20 (Released:2007-10-19)

参考文献数

18

---

This paper analyzes the structures of end-of-period and beginning-of-period specifications of asset equilibrium under portfolio adjustment costs and intertemporal optimization motives, by distinguishing effective from notional asset demands and planning horizon from market period length. We show: (1) The expectations functions in discrete time converge to continuously differentiable functions of time in the continuous time limit. (2) Quasi end-of-period equilibrium is a relevant notion to deal with effective asset demands. (3) The two specifications are equivalent in continuous time only if the perfect foresight condition is satisfied. (4) The balance sheet identity and the flow budget constraint are equivalent.

著者

HIROYUKI CHUMA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.4, pp.317-335, 1990-12-20 (Released:2007-10-19)

参考文献数

18

---

If policyholders surrender their level-premium permanent life insurance contracts in favor of a “buy term and invest the cash value by themselves” proposal, would they be better off? In response to such a standing question in life insurance literature, so-called “separatists” recommend that saving and protection elements of life contracts should be separated. Their argument is based on the observation that: (a) level-premium life insurance overcharges the policyholders and (b) an individual can invest his life insurance savings more wisely than can the life insurance company. Against such a recommendation, however, most of life insurance specialists stoutly maintain the view: People can effectively preserve their life protection only when the saving feature is combined with the protection feature. The purpose of this paper is to offer a through economic analysis on these conflicting doctrines.

著者

大滝 雅之 山崎 福寿 深尾 京司

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.4, pp.336-352, 1990-12-20 (Released:2007-10-19)

参考文献数

26

---

Deregulation of Japan's foreign exchange markets has remarkably progressed in 1980s. This paper studies how the deregulation affects the pattern of economic fluctuations and the optimal monetary policy. The monetary authority is assumed to control money supply in response to various exogenous shocks, in order to minimize the weighted average of variances of GNP and the price index. Interestingly, in the economy with deregulated foreign exchange markets, the monetary authority should response more sensitive to shocks which are occurred at foreign countries such as unexpected changes of foreign government expenditure and monetary policy than to domestic shocks. It is shown that the optimal monetary policy derived in this paper is free from Lucas Critic in that the policy which is optimal under the assumption of static expectation on government policy is not necessarily optimal under rational expectation.

著者

柳川 範之

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.4, pp.353-366, 1990-12-20 (Released:2007-10-19)

参考文献数

19

---

Brander and Spencer (1984a) showed the new aspect of the tariff policy in the imperfectly competitive market (rent shifting). This paper examines how welfare is affected and the policy fails when the direct investment is induced by that tariff policy. It is shown, among other things, that (a) welfare of the host country is lowered even compared to the free trade regime when entry is restricted, that (b) with free entry of firms, welfare of the host country is enhanced compared to the free trade regime, and that (c) if the traiff war occurs, welfare of the both countries are always lowered compared to any regimes.

著者

MARIKO YOSHIDA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.4, pp.367-373, 1990-12-20 (Released:2007-10-19)

参考文献数

7

---

In this paper we consider the pure exchange overlapping-generations model with money. This model assumes the double infinity of consumers and commodities. Hence it is not so easy to show the existence of a competitive equilibrium in this model as to show a competitive equilibrium in the finite horizon economy. This paper claims to prove the existence theorem: Under a set of assumptions about consumer's utility functions and initial endowments, we show the existence of a monetary competitive equilibrium where money has a finite positive exchange value over the infinite horizon.

著者

荻野 和則

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.183-187, 1990-06-20 (Released:2007-10-19)

参考文献数

13

---

In a specific factor model we examined the equivalence of tariffs and quotas under capital movements. We derived three results. First, both policies become equivalent despite the presence of the foreign capital which is fixed. Second, under free capital mobility, welfare depends only on the domestic price irrespective of the kind of policies. Third, the equivalence breaks down and the quota policy establishes higher welfare, a lower domestic price and the lower foreign capital stock under free capital mobility.

著者

MASANORI BERNARD OKAMOTO MITSUHIRO ODAKI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.193-204, 1990-09-20 (Released:2007-10-19)

参考文献数

22

---

An extended version of Sims' noncausality is presented on partitioned subvectors of multiple time series. It is shown that this is not equivalent to “generalized” Granger's noncausality in multiple time series. The necessary and sufficient condition for both Granger's instantaneous noncausality and the extended version of Sims' noncausality to be held is that block matrices of the MA representation are zero. A statistic for testing noncausality is given and its asymptotic distribution is chi-square distribution with the degree of freedom of the numbers of components of a subvector. An expression of relative power contribution in multiple time series is introduced in view of noncausality test.

著者

YUSAKU KATAOKA HIROSHI MIYASHITA KIMIO MORIMUNE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.205-220, 1990-09-20 (Released:2007-10-19)

参考文献数

21

---

A class of models generalizing Koyck distributed lag models is applied to the problem of measuring market response Yt to a communications mix Zt-s consisting of media advertising or promotional expenditures. Rewriting these models as Yt=αYt-1+βZt+error term, α: 2×2, an ordinary least squares (OLS) estimate of α is obtained and the analytical expression for the first moment of an OLS estimate is derived under the assumption that Yt is normally and independently distributed. These results, in combination with an asymptotic expansion of the generalized hypergeometric function, yield a new approximate first moment formula for the OLS estimate.

著者

CHULSOON KHANG

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.221-234, 1990-09-20 (Released:2007-10-19)

参考文献数

13

---

In wake of the recent Black Monday stock market crash it is often argued that the twin deficits of the U.S. (government) budget and trade are the main causes for the “ailing” U.S. and world economies. It is argued within the framework of a two-country dynamic model that the persistent current account imbalance and its implied national indebtedness are a natural consequence of differential national saving rates in the world of integrated capital markets and that any direct interference hampering an orderly flow of capital makes both countries worse off. It is also shown that, though an increase in the saving rate of the higher saving country makes the lower saving country better off, an increase in the saving rate of the lower saving country makes the higher saving country worse off, both in the short run and long run.

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.41, no.3, pp.235-246, 1990-09-20 (Released:2007-10-19)

参考文献数

8

---

In a general overlapping-generations economy, the existence of a Pareto-optimal allocation is proved by using Zorn's lemma, and the existence of a competitive equilibrium is proved, without truncation, by using Glicksberg's fixed point theorem. The assumptions such as Intertemporal Irreducibility or Intertemporal Resource-relatedness are not needed.

著者

ANTONIO D'AGATA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.247-258, 1990-09-20 (Released:2007-10-19)

参考文献数

17

---

In dealing with the existence of gains from trade due to overhead costs, Negishi (1969) and (1972) extended Bain-Sylos Labini theory of oligopolistic markets to a general equilibrium framework. In our opinion, Negishi's analysis exhibits several drawbacks which should be clearly spelled out and removed if one wants to have a satisfactory study of barriers to entry in a general equilibrium framework.The aim of this paper is to make clear what, in our view, the weak points in Negishi's analysis are, and to formulate a more satisfactory general equilibrium model in which, following Bain and Sylos Labini's analysis, overhead costs yield barriers to entry.

著者

KAZUHIKO MIKAMI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.259-269, 1990-09-20 (Released:2007-10-19)

参考文献数

15

---

This paper considers a trade-off between efficiency and equity which results from a commodity tax reform. First we derive a theoretical proposition which characterizes the efficiency effect and the equity effect brought about by a tax reform. Then, we apply the theoretical result to Japanese liquor tax structure and calculate the welfare variation caused by a tax reform.

著者

JACQUES THÉPOT

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.3, pp.270-281, 1990-09-20 (Released:2007-10-19)

参考文献数

9

---

This paper develops an analysis of price and investment strategies of duopolists over a business cycle by using a differential game model. The results indicate how competition within an industry contributes to the instability of investment of the firms and to the spreading of the recession throughout the economic system.

著者

中込 正樹

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.88-90, 1990-03-20 (Released:2008-02-28)

参考文献数

3

著者

永谷 敬三

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.91-92, 1990-03-20 (Released:2008-02-28)

著者

酒井 泰弘

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.92-93, 1990-03-20 (Released:2008-02-28)

著者

WOLFGANG MAYER

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.41, no.2, pp.97-114, 1990-06-20 (Released:2007-10-19)

参考文献数

14

---

This paper adopts a non-Walrasian formulation of the labor market, as suggested by Arrow, Negishi, and Hahn, and constructs a general equilibrium trade model in which unemployment occurs although wage rates adjust. The purpose of the study is to examine the effectiveness of various trade policies on unemployment in different sectors and on income received by factor owners. Different assumptions about intersectoral mobility of both labor and capital are introduced, with the implication that policies which seem to fight sectoral unemployment in the short run might lead to higher unemployment in the long run. Concerning endowment changes, if a country experiences an inflow of labor, this will raise unemployment rates only temporarily, but leave them unchanged in the long run. Finally, the impact of tariffs on factor returns in unemployed industries is limited to short-run effects, while endowment changes have no impact on factor returns in either short or long run.