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.45, no.2, pp.119-130, 1994-06-20 (Released:2008-02-28)

参考文献数

10

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This paper examines the welfare effect of a tax reform policy which diversifies the commodity tax rates in a three good economy with pure profit. If the commodity taxes are uniform initially, it is welfare improving to raise the tax on the commodity whose demand is more complementary with leisure and whose supply is more inelastic to wage. The formula we obtain treats the supply and the demand sides symmetrically. Furthermore, we can show that if the tax reform is welfare improving, then it increases labor supply in the economy, too. If the commodity tax rates are widely diversified, replacing commodity taxes by a wage income tax is welfare improving even in an economy with pure profit.

著者

ENGELBERT J. DOCKNER HARUTAKA TAKAHASHI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.2, pp.131-140, 1994-06-20 (Released:2008-02-28)

参考文献数

24

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In this paper we deal with dynamic Cournot competition and explore the relationship between the stability properties of an equilibrium path and quasi-competitive behavior of the market. More precisely we show that the stability conditions introduced for the static case ensure global convergence of a unique dynamic equilibrium path towards the steady state and quasi-competitiveness of the entire equilibrium path in the neighborhood of the steady state as well as the stationary state itself.

著者

YASUO MAEDA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.2, pp.141-158, 1994-06-20 (Released:2008-02-28)

参考文献数

14

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Understanding what accounts for the relationship between monetary measures and the output of the economy is one of the basic issues of macroeconomics. It has been argued that there exists a positive relationship between money and output. However, in most general equilibrium models, money is neutral in the sense that monetary measures affect price levels but not output (in the long-run or when it is expected). Money in those models is outside money. King and Plosser (1984), however, found that the correlation between money and output is primarily with inside money. In this paper, as the first step in the study to investigate the relationship between monetary measures and output, a rigorous general equilibrium model in which inside money and outside money coexist is constructed. The dependence of the steady-state value of inside money and output on parameters which describe the environment of the economy is also studied.

著者

YOSHIHIRO KANEKO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.2, pp.159-178, 1994-06-20 (Released:2008-02-28)

参考文献数

35

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Using a version of two-asset optimal lifetime consumption model with human wealth, we analyze the effect of income tax on interest on portfolio selection and savings rate as compared to that of capital gains tax and the combined effect of the two taxes. We suggest a method of measuring the welfare cost of capital income taxes in this life-cycle setting and apply it to Japanese workers households classified by cohort. We calculate the ratio of compensation to lifetime expenditures considered as a measurement of the welfare cost. Households who bear these taxes would pay this ratio of lifetime consumption expenditures before taxation so as to avoid remaining the post-tax level of utility. The estimation results show that the welfare cost of both income tax on interest and capital gains tax is between 3% and 7% of the sum of lifetime expenditures at each period after taxation.

著者

PETER T. KIM

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.45, no.2, pp.179-191, 1994-06-20 (Released:2008-02-28)

参考文献数

16

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This paper examines the limiting distribution of estimates of cumulant spectral densities. The proposed estimator of the cumulant spectral density is constructed by replacing product moments with estimates of product moments according to the definition of the cumulant, followed by taking a weighted Fourier transform of these estimated cumulants. Kim (1989) showed this estimator to be consistent. Under stationarity and ρ-mixing, asymptotic normality is shown to obtain.

著者

YASUO UEKAWA

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.1-13, 1994-03-18 (Released:2008-02-28)

参考文献数

14

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The following duopoly model of trade will be considered. There are two goods (0 and 1). Good 0 is produced by perfectly competitive firms and good 1 is produced with nonlinear cost functions by a domestic firm and a foreign firm, each following the Cournot behavior. The home country can consider an import tariff and/or an export subsidy as policy instru-ments. In this paper we shall consider the full optimum and some constrained optima where only one instrument is available and examine effects on national and world welfare of a change in the domestic import tariff or export subsidy.

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

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.