著者

河村 真

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.269-274, 1993-09-20 (Released:2007-10-19)

参考文献数

12

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This paper measures returns to density and size for Japanese public bus operations in metropolitan areas. When returns to density are increasing, bus operations enjoy scale economies, the route length fixed. When returns to sizes are increasing, bus operations, allowed to change the route length, enjoy scale economies. Translog cost function of bus operations is estimated, using 6 metropolitan bus operations' data pooled from 1980 to 1985, in order to measure the degrees of returns to density and size. The estimates of returns to density and size could be obtained, using estimated parameters of the cost function. It is observed that the returns to density is increasing, evaluated at the sample mean. The public bus operations exhibit economies of density. On the other, the returns to size are decreasing, evaluated at the sample mean. Bus operations exhibit diseconomies of size. Then, more frequent operations enable Japanesee public bus operations in metropolitan areas to enjoy scale economies, based on the estimates of returns to density and size.

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

成田 淳司

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.3, pp.275-283, 1993-09-20 (Released:2007-10-19)

参考文献数

26

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It is widely held that the life cycle hypothesis of consumption is not accepted by Japanese data. In this paper, the life cycle hypothesis of consumption is tested by using Japanese cohort data instead of cross-section data. First, the earnings function of household head is estimated, and the future stream of the earnings is predicted by the function. Then, human capital is estimated. Finally, the life cycle hypothesis of consumption is proven to be accepted.

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.

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

MASAYA SAKURAGAWA

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.216-232, 1993-09-20 (Released:2007-10-19)

参考文献数

11

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In the presence of asymmetric information between a lender and a borrower with costly monitoring, we investigate a contract form and an optimal loan size are investigated. The optimal contract has the features of a standard debt contract. However, the optimal loan size does not always take the form of maximum equity participation. If per unit of return from lending is a decreasing function of the loan size, the contract takes the form of maximum equity participation. Conversely, if per unit of return from lending is an increasing function of the loan size, overinvestment or overborrowing may arise.

著者

WILSON A. ALLEY

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.206-215, 1993-09-20 (Released:2007-10-19)

参考文献数

11

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This paper uses a behavioural approach to test the hypothesis that Japan's regional banking performance is primarily the result of efficiency and is best described by the efficient structure hypothesis as opposed to the structure-conduct-performance hypothesis. Our model allows us for the first time to estimate the degree of (implicit) collusion in the Japanese regional banking industry. This paper finds that significant collusion does occur. This result leads us to conclude that the structure-conduct-performance hypothesis better explains Japan's regional banking performance.

著者

BERNHARD ECKWERT

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.193-205, 1993-09-20 (Released:2007-10-19)

参考文献数

21

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Within the framework of a stochastic version of the overlapping generations model a general choice theoretic portfolio approach is presented. Competitive equilibria are shown to be nonoptimal in a Pareto sense (and hence can potentially be improved by some policy action), if there exist two individuals of some generation t, such that the ratio of marginal utilities of future consumption is random. Finally, a short-run welfare criterion is provided, which is based on observable data only. The ordering induced by this criterion on the set of competitive equilibria is not complete, however.

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.44, no.2, pp.178-184, 1993-06-18 (Released:2007-10-19)

参考文献数

12

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In this note, we investigated a rule for the optimal provision of public goods in a many consumerseconomy when an optimal commodity tax is available. We obtained an intuitive formulawhich demonstrates that divergence from the first best rule is based on (i) the revenue repercussioneffect, (ii) the Pigou-Harberger's dead weight loss effect, and (iii) the total distribution effectof public good provision. How this result relates to previous works was also analyzed. It was shown that our decomposition formula does apply even for the cost benefit approach employed in Batina (1990).

著者

佃 良彦

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.1, pp.93-94, 1993-03-19 (Released:2008-02-28)

著者

A. CHATURVEDI TRAN VAN HOA GOVIND SHUKLA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.97-107, 1993-06-18 (Released:2007-10-19)

参考文献数

9

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The paper investigates the effects of misspecifying the disturbances in a linear regression model as spherical on the efficiency properties of the Stein-rule estimators. Asymptotic distribution of the Stein-rule estimator based on the OLS estimator is derived when the disturbances covariance matrix is nonscalar. The effects of non-spherical disturbances on the dominance conditions of the Stein-rule estimator is also observed. The risks under quadratic loss function of the Stein-rule estimators based on the OLS and the FGLS estimators are compared under a Pitman drift criterion.

著者

福井 清一

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.159-168, 1993-06-18 (Released:2007-10-19)

参考文献数

18

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The objective of this paper is to investigate the mechanism of labor force participation in Japanese farm households. For the purpose of empirical study, Tobit type 2 model is applied to the Farm Household Survey Data. The marked findings is that in the labor force participation decision of male members, the family system has an important role as well as the market wage and the farmsize, and the off-farm income of the female earner and the number of dependents are less significant.

著者

RICHARD G. ZIND

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.108-116, 1993-06-18 (Released:2007-10-19)

参考文献数

19

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We analyze in this study the relation between changes in the price level and in income growth in the LDCs. Based on the World Bank 1965-1980 growth rates data drawn from 66 LDCs, we found significant evidence of a positive causal relation between the money supply growth rate and the inflation rate and a negative causal relation between income growth and the inflation rate. We also found that the money supply growth rate impacted positively both the inflation rate and income growth. The effect of this increase on income depends on the response of economic agents to the price increases. Our estimates, based on Summers and Heston data, agree with a basic postulate of the Lucas model: there is a significant weakening of the response as the variance of the nominal income growth rate increases. Finally, we found that prices have tended to converge among nation over the past two decades.

著者

北坂 真一

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.142-158, 1993-06-18 (Released:2007-10-19)

参考文献数

25

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In this paper, I investigate structural change and economic fluctuations in Japan by estimating a structural VAR model including four macroeconomic variables, real GNP, the GNP deflator, money supply (M2+CD) and interest rate (call rate). The main results I obtain are as follows;(1) Structural change tests show that the structural change in the Japanese economy in the 1970's may have occurred before the first oil crisis.(2) Granger causality tests show that fluctuations in real GNP and the GNP deflator caused changes in money supply in the former period (1956:1-1969:4), but in the latter period (1970:1-1988:4), those relationships disappeared and conversely fluctuations in money supply caused changes in output.(3) Innovation accounting shows that the convergence speed of the endogenous variables to exogenous innovations, in the latter period, was slower and also the interdependency of each variable was more complicated than in the former period.

著者

RAYMOND G. BATINA TOSHIHIRO IHORI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.117-130, 1993-06-18 (Released:2007-10-19)

参考文献数

16

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An increase in the foreign country's stock of debt will raise the world interest rate and may cause the world economy to begin following a divergent path which eventually leads to bankruptcy. A number of austerity measures are discussed, e.g., tax increases, public spending decreases, and institutional reforms. Each will have a different effect on the steady state equilibrium and the dynamic adjustment path of the economy and paradoxical results may occur depending on the response of capital accumulation.

著者

MOTOTSUGU FUKUSHIGE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.131-141, 1993-06-18 (Released:2007-10-19)

参考文献数

22

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After tax income and consumption of each income class are cointegrated respectively, we can estimate an ideal before tax consumption from the Permanent Income Hypothesis point of view. In this paper, with this estimated before tax consumption, we calculate the before tax version of the economic inequality measure proposed by Fukushige (1989), and evaluate the tax progressivity by their rate of change from the before tax version to the after tax version. This index has several theoretical advantages. Also its empirical application to Japanese data makes its advantages clear.

著者

TERUKAZU SURUGA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.2, pp.169-177, 1993-06-18 (Released:2007-10-19)

参考文献数

15

著者

TAKESHI AMEMIYA MAKOTO SAITO KEIKO SHIMONO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.1, pp.13-28, 1993-03-19 (Released:2008-02-28)

参考文献数

6

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In this paper we analyze the investment patterns of Japanese households using three kinds of generalized Tobit models. We consider the following three types of investments: (1) bank deposits, (2) long-term income-gain assets, and (3) capital-gain assets. Generalized Tobit models are called for because there are households which do not possess either or both of the last two types of assets. In our data every household does possess the first type of asset, and this fact will be incorporated into our models as a priori specification. The three models we estimate are a simultaneous equations Tobit model, a Dubin-McFadden type model, and a sequential Tobit model. The first model arises from a Kuhn-Tucker solution to the maximization of a quadratic utility function subject to the constraint that the sum of the investments into the three types of assets is equal to an exogenously-determined value of the total assets of a household. The second model is based on the assumption that there are fixed costs of owning the last two types of assets. Finally, the last model is derived from the assumption that a household first determines the amount of the first type of asset it should hold and second allocates whatever left into the other two types of assets. Simpler, more obvious ways to analyze our data are available, such as ordinary least squares, probit and logit, and standard Tobit. These estimates are also reported and compared with our elaborate estimates in a later section.

著者

HITOSHI HAYAMI

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.44, no.1, pp.79-92, 1993-03-19 (Released:2008-02-28)

参考文献数

10

著者

大谷 一博

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.43, no.5, pp.431-432, 1992-12-25 (Released:2008-02-28)