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

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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.

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

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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.

著者

RICHARD BEASON

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.57-66, 1992-03-19 (Released:2007-10-19)

参考文献数

14

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Much academic discussion and public policy has been directed toward the issue of the cost of borrowed funds by firm scale in Japan. The traditional wisdom has been that the cost of such funds is much greater for small firms than for large. In this paper, I account for the impact of compensating balances in calculating effective interest rates paid by firms of different size. I find that the process determining interest rates for the two sizes of firms does differ, but that there has been much convergence recently. Possible explanations for this convergence are explored in the paper.

著者

NORIYUKI YANAGAWA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.362-373, 1991-12-20 (Released:2007-10-19)

参考文献数

13

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This paper examines moral hazard problems where performance is unverifiable. In contrast to standard cases, traditional mechanisms fail to achieve the first best outcome if performance, the quality of the product here, is unverifiable.This paper shows that, by using a third party, high quality products can be supplied under perfectly competitive prices and the first best outcome is achieved. Furthermore, the behavior of the third party which explained in this paper is consistent with the actual behavior of distributors. So we can conclude that distributors may contribute to assure the unverifiable qualities.The mechanism explained here differs considerably from the traditional arguments concerning, for example, monitoring quality. Distributors do not have to observe levels of quality. The repeated game between producer and consumer, and the contract between producer and distributor both support this mechanism.

著者

KUNIO KAWAMATA AKIRA OKADA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.289-291, 1991-12-20 (Released:2007-10-19)

著者

脇田 成

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.275-286, 1991-09-20 (Released:2007-10-19)

参考文献数

17

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Using survey data in the Tokyo foreign exchange market we consider the two popular hypothesis that explain the drastic appreciation of the yen after the G5. One hypothesis is that the long-term expected rate is drastically changed and the other is that the coordinated monetary policy moves the expectations of market participants. Standard tests of rational expectations do not give the affirmative evidence on these hypothesis.

著者

MIKIO NAKAYAMA LUIS QUINTAS SHIGEO MUTO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.292-302, 1991-12-20 (Released:2007-10-19)

参考文献数

14

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This paper presents a model of a trade of information such that resales of it are freely allowed, yet no agent has the incentive to resell after he acquired it. Agents can communicate with each other in advance of the trade, and make an agreement to prevent resales; but the agreement is not binding. The information can be shared in a set of agents only if the agreement is self-enforcing, and we call such a set of agents a resale-proof set. It is shown that sharing in a resale-proof set of the smallest size is the only outcome that is not dominated by any resale-proof set.

著者

AKIRA OKADA KENICHI SAKAKIBARA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.315-333, 1991-12-20 (Released:2007-10-19)

参考文献数

6

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This paper discusses how a democratic state can emerge as a result of a social contract and how it evolves dynamically in a society with a public good that confronts the Prisoners' Dilemma. Individuals of the society play a game of institutional arrangements to establish a state in which there are two classes: an enforcer who collects tax and has punishing power and enforcees who pay tax. Our main result is that the state emerges with a positive probability if and only if the productivity of the society is lower than a certain level which is determined by the population and the marginal productivity of the public good, and that the state will disappear as soon as the productivity becomes greater than this critical level.

著者

KUNIO KAWAMATA KENICHI SHIMOMURA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.334-346, 1991-12-20 (Released:2007-10-19)

参考文献数

9

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We utilize a simple two-product-one-factor oligopoly model with ni identical firms in industry i(i=1, 2). Assuming the concavity of the profit functions, this paper will establish, among other things, that (a) if firms behave “more collusively” in an industry, the individual outputs and the aggregate output of the industry diminish and the price increases. In particular, this allows us to compare the output levels corresponding to the competitive equilibrium, Cournot equilibrium and that in the collusive solutions. Another point we hope to stress is that (b) the aggregate profit of an industry and profits of individual firms may change rather counter-intuitively when behavioral rules of firms change.In reference to (b) above, we will give somewhat unexpected results in which the aggregate profit of the first industry is smallest when all the firms in the industry (or in each of the two industries) cooperate, at an intermediate profit level when they act as Cournot oligopolists and largest when they act as price takers.

著者

KAZUHARU KIYONO MASAHIRO OKUNO-FUJIWARA KAORU UEDA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.347-361, 1991-12-20 (Released:2007-10-19)

参考文献数

17

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This paper inquires into the effect of choice of protection means, tariffs or quotas, on the economy's protection level for a small country within a specific-factor model when the protection level is determined by the lobbying activities by each industry (non-cooperative game) or jointly by negotiations of all the industries concerned (cooperative game). We will see that strategic interaction among lobbying industries gives rise to non-equivalence between tariffs and quotas.

著者

JUN WAKO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.4, pp.303-314, 1991-12-20 (Released:2007-10-19)

参考文献数

7

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We investigate general properties of weak domination in the Shapley-Scarf exchange model with indivisible goods. We prove that every weakly dominated allocation is weakly dominated by some competitive allocation. Furthermore, if an allocation does not weakly dominate some other allocation, it is a weakly dominated allocation or the two allocations are indifferent. By using these results, we show that every non-competitive allocation is weakly dominated by some competitive allocation. The nonempty strong core proves to be a von Neumann-Morgenstern solution. We give also a necessary and sufficient condition for the equivalence of the strong core and the competitive allocations.

著者

MASAHIRO KAWAI ITZHAK ZILCHA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.2, pp.174-180, 1991-06-20 (Released:2008-02-28)

参考文献数

13

著者

CHARLES YUJI HORIOKA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.237-253, 1991-09-20 (Released:2007-10-19)

参考文献数

15

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In this paper, I analyze the determinants of saving in Japan using national income accounts data for the 1955-87 period. My results suggest that the age structure of the population is the primary determinant of both trends over time in Japan's saving rate and the high level thereof relative to the other developed countries and that Japan's saving rate can be expected to decline sharply due to the rapid increase in the ratio of the aged population to the working-age population. The level and rate of growth of income, wealth, (in the case of private and national saving) the unemployment rate, and (in the case of household saving) inflation are also found to influence the level of saving in Japan, and Japanese households are found to see through the corporate veil to some extent but not through the government veil.

著者

二神 孝一

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.2, pp.164-173, 1991-06-20 (Released:2008-02-28)

参考文献数

32

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This paper examines Harrodian instability by using the model in which a representative firm maximizes its own profit rate taking a subjective demand function into account. The subjective demand function considered by the firm contains the aggregate demand of economy as an important parameter. This implies that the firm would pay attention to the economic state as a whole. The analysis based on this model shows that its stationary state can be asymptotically stable or there can exist closed cycles around the stationary state in spite of Harrodian investment behavior. Applying the Hopf bifurcation theorem we can demonstrate such character of the dynamic system considered in this paper. Disequilibrium may take place at the stationary state, hence, we call the fluctuation "quasi growth cycle."

著者

土田 秀

出版者

日本経済学会

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.2, pp.181-191, 1991-06-20 (Released:2008-02-28)

参考文献数

9

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.42, no.3, pp.193-212, 1991-09-20 (Released:2007-10-19)

参考文献数

21

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A version of the overlapping generations model is used to analyze consumer behavior and the properties of monetary equilibria if agents are faced with a nonlinear rate-of-return schedule on saving. Optimal individual decisions depend on economic parameters in a non-standard way. Unlike money stocks may be crowded out of the economy by the competitive mechanism. In a long run rational expectations equilibrium either real stock prices or the aggregate supply of stocks constitute a free parameter of the model. In the short run, if expectations are inelastic, no endogenous constraints on nominal stock prices exist while nominal goods and real stock prices are restricted to certain subsets of the positive real line.

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.42, no.3, pp.213-223, 1991-09-20 (Released:2007-10-19)

参考文献数

15

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This paper considers the relationship between the quality of product and the market structure, under the assumption that the demand price of the good is increasing in its quality. Then we investigate the welfare effects of three types of quality regulation based on the surplus analysis.

著者

AKIKO HORIE

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.224-236, 1991-09-20 (Released:2007-10-19)

参考文献数

9

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In this paper, we examine the effect of increasing competitiveness defined by the increase in the number of firms competing in a product market on the risk and incentive of managers of managerial firms. If the costs are perfectly correlated, Cournot competition will reduce the risk each firm must bear and enhance the level of effort of the risk-averse manager. Even in this case, however, free entry does not bring about socially optimal managerial effort. On the other hand, if the costs are stochastically independent, the increase in the number of firms can give managers additional risk and lower managerial incentive.

著者

TSUNEMASA SHIBA

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.3, pp.254-274, 1991-09-20 (Released:2007-10-19)

参考文献数

64

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Using a battery of specification error tests, I find several regime shifts in the Japanese money demand since early 1960's to the present in both M1 and M2CD. I conclude that the real partial adjustment model a la Goldfeld with appropriate interest rate variable, to be solid in terms of sign conditions, significance of estimated coefficients and tests of misspecifications. Estimated M2CD function displays a remarkably solid forecasting ability, and it tracks the rapid growth of Marshallian K2 after 1986.

著者

KAZUMI ASAKO

出版者

JAPANESE ECONOMIC ASSOCIATION

雑誌

The Economic Studies Quarterly (ISSN:0557109X)

巻号頁・発行日

vol.42, no.2, pp.117-123, 1991-06-20 (Released:2008-02-28)

参考文献数

8

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Targeting nominal income is sometimes advocated over targeting money supply because the former is simply one step closer to the ultimate goal of the stabilization of real economic activity. The unsatisfactory records of achieving the money supply target itself are often criticized as well by the advocates of nominal income targeting. In this note, I shall show that the imprecise controllability of money supply per se is a factor against, rather than for, targeting nominal income. The presence of multiplier uncertainty leads to a similar conclusion.