文献一覧: JAPANESE ECONOMIC ASSOCIATION (出版者)

The present paper examines the welfare effect of ex post rate-of-return regulation. Unlike the traditional rate-of-return regulation on a monopoly, the regulation is mainly for oligopolistic industries and of the ex post nature. At the end of each year, total revenue of the firms as a whole is calculated. If the revenue is greater than the revenue requirement of all firms, a portion of the excess is taxed from the firms according to a certain prescribed rule. On the other hand, if the revenue falls short of the revenue requirement, the agency subsidizes the firms for the shortage. It is shown how the regulation affects social welfare by creating an artificial competitive environment for the firms and by controlling industry cost efficiency. The optimal regulation is also analyzed.

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1 0 0 0 OA WELFARE EFFECTS OF TARIFFS IN FREE-ENTRY OLIGOPOLY UNDER INTEGRATED MARKETS

著者: YASUHITO TANAKA
出版者: JAPANESE ECONOMIC ASSOCIATION
雑誌: The Economic Studies Quarterly (ISSN:0557109X)
巻号頁・発行日: vol.43, no.3, pp.210-229, 1992-09-18 (Released:2007-10-19)
参考文献数: 21

In this paper I examine the welfare effects of tariffs in international free-entry oligopolies under integrated markets in a two-country world model. I shall show that a small specific (or ad-variorum) tariff imposed by the home country exercises the same welfare effect as a small specific (or ad-variorum) tariff imposed by the foreign country in a free trade equilibrium. These unilateral specific (or ad-variorum) tariffs and reciprocal specific (or advariorum) tariffs make the home and the foreign countries better off if demand functions of oligopolistic goods are concave (or concave or linear). (JEL No. 411, 611)

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1 0 0 0 OA DESIRABLE RULES OF MONETARY COORDINATION AND INTERVENTION AMONG A LARGE NUMBER OF COUNTRIES

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.3, pp.230-245, 1992-09-18 (Released:2007-10-19)
参考文献数: 24

The purpose of this paper is to analyze the appropriate stabilization rules among a large number of countries. By decomposing the world system into one aggregate and N-1 difference systems, the paper calculates the desirable monetary rules in the N-country model. we find that the optimal monetary rule is a combination of the global monetary rule and the intervention rule. In general, the derived rule depends on the number of countries and the relative magnitudes of exogenous variances. The paper first analyzes the symmetric world economy and extends the results to the asymmetric world.

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1 0 0 0 OA A NOTE ON SHORT RUN EFFECTS OF GROWTH ON WELFARE UNDER VARIABLE RETURNS TO SCALE

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

2021-01-28 20:35:00
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1 0 0 0 OA ON THE PUBLIC GOOD PROVISION RULE UNDER A NONLINEAR INCOME TAX

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

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.

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1 0 0 0 OA MULTIPLE OUTPUT MEASURES OF RETURNS TO SCALE

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

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.

2021-01-28 20:35:00
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1 0 0 0 OA DUAL DECISIONS OF FIRMS, INVENTORY STOCK, AND QUANTITY EXPECTATIONS

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

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.

2021-01-28 20:35:00
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1 0 0 0 OA THE SIMPLE MACROECONOMIC TIP MODEL: A WORLD OF KEYNESIAN UNEMPLOYMENT

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

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.

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1 0 0 0 OA GENERAL EQUILIBRIUM IN AN ECONOMY WITH INCOMPLETE STOCK MARKETS

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

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.

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1 0 0 0 OA DIRECT SYSTEM OF ECONOMIES WITH INVERSE SYSTEM OF PRICE SPACES

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

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.

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1 0 0 0 OA THE DEVELOPMENT OF THE NATIONWIDE ECONOMETRIC MODEL

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

2021-01-28 20:34:00
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1 0 0 0 OA MISPERCEPTIONS OF INFORMATION SETS AND ECONOMIC PERFORMANCE

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

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.

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1 0 0 0 OA TIME-CONSISTENCY, FOREIGN EXCHANGE MARKET INTERVENTION, AND THE WELFARE EFFECTS OF EXOGENOUS VARIABILITY

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

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.

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1 0 0 0 OA OPTIMAL MONETARY POLICY WITH FINITE LIFETIMES

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

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.

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