著者

山崎 福寿 大滝 雅之

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.1, pp.65-77, 1990-03-20 (Released:2008-02-28)

参考文献数

6

---

This paper studies the relationship between the abolishment of a deposit interest ceiling and the stability of macroeconomy, using a simple stochastic macroeconomic model. The derived conclusions are as follows; First, the abolishment of a deposit rate ceiling will improve the effectiveness of the economic policy when the economic fluctuation is mainly attributed to the random shock of high-powered money market. By contrast, if the shock of either loan or goods market is dominant, economic policy will be less effective. Second, the probability of lenders' bankruptcy will decrease when monetary shocks (i. e. H. P. M. and loan) are dominant.

著者

上島 康弘

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.78-87, 1990-03-20 (Released:2008-02-28)

参考文献数

19

---

In this paper, we build a two-period model which focuses on On-the-Job training and derive the effects of specific training on wage profiles and on dismissals. The main results we obtain are as follows:(i) Our two period wage-employment contract dominates the familiar repetitive spot contract in the environment of restricted information.(ii) In this contract, the employees are not necessarily dismissed even if a business deficit is incurred.(iii) In principle, greater amounts of specific training make wage profiles steeper and restrict dismissals.

著者

柳田 辰雄

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.166-177, 1989-06-20 (Released:2007-10-19)

参考文献数

10

---

Economists have two major stands in international monetary economics. One is the monetary approach, the other is the asset market approach. This paper trys to integrate the two approach, by introducing a goods inventory as an asset. Dornbusch (1976) analyzed an interaction between an asset and a good market by postulating that the asset market is continuously in equilibrium, while the goods market adjust slowly to equilibrium. By this model, he explained the observed volatility and overshooting of exchange rates. His model, however, accomodates price adjustment but ignored quantity adjustment in the goods market. In this paper, I present a general framework for an open economy analysis, by modeling an open economy with a goods inventory, similar to Van Duyne (1979). In this model, a goods inventory functions not only as a buffer between effective demand and output but also as an asset. The asset market has money, a goods inventory, domestic bonds and foreign bonds. Assuming perfect substitutability between domestic and foreign bonds, interest rate parity is introduced. Major lessons of the paper are as follows. In a small open economy with a goods inventory as an asset, an increase in the foreign interest rate increases the domestic interest rate, decreases the price of the goods inventory, and depreciates the current exchange rate in the short run, and thereby decreases income and improves current account in the medium run. A monetary expansion increases the goods inventory price, decreases the interest rate, and thereby increases income and improves current account. An increase in a tax-financed government expenditure does not change the asset prices in the short run, and in the long run increases income and deteriorates current account due to an increase in domestic absorption.

著者

伊藤 成康

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.178-182, 1989-06-20 (Released:2007-10-19)

参考文献数

10

著者

江崎 光男

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.135-151, 1989-06-20 (Released:2007-10-19)

参考文献数

14

---

Using a computable general equilibrium (CGE) model of Japan that integrates real and financial sectors, this paper quantitatively evaluates impacts of oil price changes on the Japanese economy in both industrial and macro levels. The integration of real and financial sectors is a new attempt in the field of CGE studies, which makes it possible to analyze not only such real aspects of industrial production and GDP growth but also such monetary aspects as inflation and foreign exchange rate. Impacts of oil price changes are analyzed by comparative statics in 1982. Results are summarized as eight implications on macro fundamental variables, industrial productions and prices, and structural and technological changes.

著者

岩本 康志

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.40, no.2, pp.152-165, 1989-06-20 (Released:2007-10-19)

参考文献数

30

---

This paper analyzes the long run effects of budget deficits on capital formation and inflation using the concept of the real budget deficit. The paper shows that in the long run the real deficit has policy implications that are opposite to the traditional budget deficit adopted in previous theoretical work. Under the real deficit framework, budget deficits depress capital formation in the debt financing case or the constant expenditure case, but facilitate capital formation in the money finance case with constant tax revenue. The paper also considers how alternative specifications of the savings base affect these conclusions.

著者

貝山 道博

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.39, no.2, pp.174-185, 1988-06-20 (Released:2007-10-19)

参考文献数

11

---

In this paper, we analyze the following problem, using Alonso-Wheaton type two-city model; when the change of the unit transport cost in a city affects not only the utility level of its residents but also that of the residents in the other city through inter-city migration, how should its change be evaluated?We get the following results: Under an optimal inter-city income transfer, the benefits of the change of the unit transport cost in a city is measured correctly by the partial equilibrium measure. But, otherwise, its measure becomes over (under)-estimated if the marginal external effect of migration in the city is larger (smaller) than that in the other city.

著者

伊藤 隆敏

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.281-283, 1987-09-30 (Released:2008-02-28)

著者

藤森 頼明

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.4, pp.372-373, 1987-12-20 (Released:2008-02-28)

著者

今 喜典

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.223-233, 1987-09-30 (Released:2008-02-28)

参考文献数

17

---

This paper examines the effects of the bank-customer relationship in a corporate growth model with imperfect capital market. Repeated transactions under the customer relationship in the bank loan market are mainly caused by the efficient use of the information accumulated during their past transactions when the bank evaluates the firm's credit worthiness. Advantages from this inside information, however, would be deminishing as this firm grows since the corporate growth itself reveals publicly the credit worthiness of the firm.Introducing these two factors into a corporate growth model, and formulating the bank-customer relationship as a long term contract, we determine endogenously the length of the contract, the corporate growth rate, and the interest rate under the contract. Our main conclusions are that, compared with the non-repeated transactions, (1) the loan interest rate is lower under the customer relationship, and (2) the corporate growth rate decrease (increase) under the customer relationship if the firm size is large (small) at the beginning of the contract.

著者

北川 雅章

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.234-244, 1987-09-30 (Released:2008-02-28)

参考文献数

9

---

This paper puts an important strand to the discussion on the intermediate target policy for income stabilization. We explicitly introduce distinction between money supply (MS) and high-poweredmoney (HPM), a la Horiuchi (1980).MS is used as an intermediate target variable, which implies the level of fund available in the financial market is fixed. In such a case, any real disturbance affects the equilibrium condition of the financial market, because amount of loans cannot respond to the borrower's demand. If, on the other hand, HPM is used, the equilibrium condition of the financial market is independent from the real disturbance.Horiuchi proposes to use HPM as an intermediate target variable if the IS disturbance is dominant. However, we revise his conclusion, because MS rule adds another stabilizing effect through interest change due to LM shift. Our conclusion is derived by making an explicit role of lenders and borrowers in the financial market, a la Modigliani and Papademos (1980), which was not explained in Horiuchi.

著者

大竹 文雄

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.245-257, 1987-09-30 (Released:2008-02-28)

参考文献数

17

---

It is often asserted that the introduction of the new Employment Insurance System (EIS) in 1975 was the main cause of the notable increase in the rate of unemployment after the first oil shock in Japan. In this paper we analyze the causal relationship between the revision of the EIS and unemploy ment behavior by using gross flow data of labor force insured by the old and new insurance schemes. We find that the global effect of the revision on the unemployment rate is relatively small, as compared with the effect of sectoral shifts and the aging of the labor force.

著者

小尾 恵一郎

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.275-276, 1987-09-30 (Released:2008-02-28)

著者

金子 隆

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.276-278, 1987-09-30 (Released:2008-02-28)

著者

岸本 哲也

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.279-280, 1987-09-30 (Released:2008-02-28)

著者

辻村 和佑

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.280-281, 1987-09-30 (Released:2008-02-28)

著者

貝塚 啓明

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.2, pp.190-191, 1987-06-20 (Released:2008-02-28)

著者

鳥居 昭夫

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.199-211, 1987-09-30 (Released:2008-02-28)

参考文献数

9

---

Samuelson-Modigliani developed the dual theorem by applying the neoclassical growth model. We should now ask whether the dual theorem is intrinsic to the macro growth theory or it depends on the neoclassical growth model. This paper examines the dual theorem rather in the Keynesian world. Our model assumes an independent Robinsonian investment function and the KeynesWicksell adjustment process. Our main result is: if the adjustment speed of the product price is faster than that of money wage rates, then the dual theorem does not hold for any magnitude of saving propensity, while it is true otherwise.

著者

鷲田 豊明 置塩 信雄

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.3, pp.212-222, 1987-09-30 (Released:2008-02-28)

参考文献数

14

---

Contrary to the static theories of investment, Keynes stated in the General Theory that the reduction of expected money-wage-rates in the future would reduce the investment in quantity. This assertion, however, cannot be supported by the Neo-classical theories such as Jorgenson models or adjustment models of investment. We construct his model described in the General Theory. The main character is that the models have the capital equipment with finite operating periods. Certainly, his models support the assertion in the simplest case. Moreover, we can see that more generalized models do not necessarily support them.

著者

池田 尚司

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.38, no.1, pp.86-89, 1987-03-20 (Released:2007-10-19)

参考文献数

5