著者

CHIKASHI MORIGUCHI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.1, pp.1-11, 1991-03-20 (Released:2007-10-19)

参考文献数

5

著者

HIROKI TSURUMI WILLIAM KAN

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.1, pp.12-26, 1991-03-20 (Released:2007-10-19)

参考文献数

44

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A Bayesian inferential procedure for a gradual switching regression with an autocorrelated and heteroscedastic error term is derived and applied to estimate money demand functions in the U.S., Canada, and Japan using quarterly data. The empirical results show that the money demand functions in these countries switched regimes gradually. Unit root tests are applied to time series data on money and the results indicate that the tests are sensitive to regime changes as well as to the autoregressive error processes.

著者

TOSHIO SERITA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.1, pp.27-39, 1991-03-20 (Released:2007-10-19)

参考文献数

19

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This paper analyzes international asset pricing with a one-period, two-country international asset pricing model (IAPM), and reports the results of empirical tests using a new method suggested by Gibbons and Ferson (1985). The world market portfolio, including exchange risk, plays the most important role in pricing risk of foreign exchange and risky assets. Since investors' investment opportunities vary across countries because of exchange risk, the optimal portfolio varies across countries. Unlike most previous work with a one-country CAPM, the empirical tests of this IAPM do not reject the model.

著者

HIDEMASA TSUBONUMA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.1, pp.40-49, 1991-03-20 (Released:2007-10-19)

参考文献数

10

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This paper analyses, in the context of a financial market, the effects of disclosure of information by firms on information allocations that are consistent with endogenous information collection. It is shown that, as the precision of information disclosed by firms increases, all of the marketed information becomes concentrated within a smaller fraction of traders, but if the precision exceeds a certain level, the concentrated allocation of information becomes not viable. We also show that welfare impacts of disclosure on traders depend on the level of their initial endowment of a risky asset.

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

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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

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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

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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

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

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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

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

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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

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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

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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

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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

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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

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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

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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

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

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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.

著者

KATSUSHI TERASAKI

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.115-123, 1990-06-20 (Released:2007-10-19)

参考文献数

7

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The purposes of this article are to construct a simple general equilibrium model with pure public good and endogenous factor income tax based on the Lindahl pricing rule and consistently to generalize Okamoto (1985) further. The main result is that if all the factor augmenting functions attached to the primary inputs in the private sectors are directly proportional to each other, then the stability condition is satisfied and the main trade theorems hold.

著者

JUN IRITANI

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.124-133, 1990-06-20 (Released:2007-10-19)

参考文献数

10

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The non-linear Leontief System has been built on the‘Input Function.’The objectives of this paper are to give a micro foundation of input functions in a competitive economy and to examine whether or not standard results remain true in the non-linear environments. The results obtained here are (i) that we can successfully construct an input function from the neoclassical production functions, (ii) that the duality equality holds, and (iii) that weak solvability implies local solvability.

著者

TADASHI YAGI

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.134-154, 1990-06-20 (Released:2007-10-19)

参考文献数

16

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Many people believe that it is undesirable to redistribute income through an annuity system. From an efficiency point of view, it seems to be better to use a tax system to redistribute income. This paper examines the reasons why an annuity system is used to redistribute income, even when the tax system has a redistributive role. Without myopia and capital market imperfections, redistribution through an annuity system has no advantage compared with a tax system. If individuals are myopic and the capital market is imperfect, however, redistribution through an annuity system increases national saving and has a positive effect on capital formation. The paper shows, in addition, that differences in behavior among income classes are important for public policy-making.