In this article, we examine the dynamic interdependencies among components of Japan's consumer price index (CPI) using a two-lag time-varying loading factor (TLTVLF) model. Whereas previous studies have typically decomposed CPI series into long-term trends, seasonal patterns, and cyclical...

Prime Minister Sanae Takaichi is proposing very restrictive migration policies. This paper argues that, given Japan's past migration strategy, large-scale immigration will become unavoidable. By contrast, other countries facing similar structural labour shortages will be able to respond not only...

This study examines how digital transformation (DX) unfolds in Small and Medium-sized Enterprises (SMEs) through an analytical integration of dynamic capabilities (DCs) and service-dominant logic (SDL). While DX research is abundant, existing studies tend to discuss internal organizational...

We study why inflation responds differently to economic activity over time. Using survey data covering the universe of Japanese firms, we show that firms are unable to perfectly distinguish aggregate from sector-specific demand changes, leading to positively correlated expectations about these...

Export controls play a prominent role in the ongoing technological race between the United States and China. This study investigates the short-term direct effects of US export controls on US exports as well as the indirect effects of these measures on the exports of third countries. We collect...

This paper analyzes the impact of the age structure of the population on the household saving rate using time-series data for Japan for the 1955-2019 period. It finds that there is a cointegrating relationship between Japan's household saving rate and her dependency ratio (the ratio of the...

Japanís prolonged ZLB period alongside substantial debt accumulation makes it a compelling laboratory for testing whether fiscal multipliers differ across normal and ZLB periods. This paper investigates this question using a sign- and zero-restricted TVP-VAR that jointly identifies fiscal rules...

This study builds on the concept of loss tolerance by introducing investment grip, a behavioral interpretation that captures investors' commitment to long-term objectives under adverse market conditions. While loss tolerance traditionally measures the maximum financial loss an investor can...

This study investigates gender differences in labor market outcomes among highly educated individuals in Japan, emphasizing heterogeneity by fields of study, with a focus on STEM. Using data from the Japanese Panel Study of Employment Dynamics (JPSED), we find that women with STEM degrees begin...

The automotive industry is undergoing an intensive technological transformation driven by environmental regulations, supply-chain disruptions, and the growing competitiveness of electric and digitally integrated vehicle producers. This study examines the impact of advanced manufacturing...

Prime Minister Sanae Takaichi is proposing very restrictive migration policies. This paper argues that, given Japan's past migration strategy, large-scale immigration will become unavoidable. By contrast, other countries facing similar structural labour shortages will be able to respond not only...

Seasonal allergies affect over 400 million people globally, yet the broader economic consequences of pollen exposure remain understudied. Evidence from Japan's ambulance records suggests that high-pollen days are associated with increases in accidents, including traffic accidents and...