This paper examines the unemployment controversy between J. M. Keynes and A. C. Pigou, mainly from the latter's viewpoint. In this controversy, although he eventually conceded de- feat, Pigou attempted to prove that money wage cuts were effective on employment regardless of the level of interest...

This paper examines whether IT (information technology) management enhances the effects of IT investments. Our empirical analyses are based on the unique survey data. Main findings are as follows. Firms with IT management have higher effects of IT investments. The result holds when the indexes...

This paper presents a simple model that displays a joint determination of income inequality and intergenerational mobility affected by redistributive taxation. The model shows that a larger redistribution improves equality and utility and enhances mobility when the poor are financially...

The aims of this study were to identify predictors regarding peoplefs willingness to be vaccinated against influenza and to determine how to improve the inoculation rate using our original large-scale survey in the USA in 2005. The main results are (a) a model of bounded rationality explains...

Do we have too few children? We intend to address this question. In developed countries, the fertility rate has declined since WWII. This may cause a slowdown in the growth of GDP in developed countries. However, important factors for the well-being of individuals are per capita variables, like...

We examine macroeconomic stability of a monetary economy with habit formation in consumption. We assume that monetary authority controls the rate of nominal interest in response to inflation and output gap. We show that in the presence of habit persistence not only active but also passive...

This paper derives a preemptive equilibrium in strategic investment in alternative projects. The problem is formulated in a real options model with a multidimensional state variable that represents project-specific uncertainty. The proposed method enables us to evaluate the value of potential...

This paper explores a two-country model of capital accumulation with country-specific production externalities. The main concern of our discussion is to investigate equilibrium determinacy (aggregate stability) conditions in a financially integrated world economy. We show that the...

In this paper, I show that accountability for inflation target will improve social welfare when the central bank makes transparency-opaqueness choices endogenously. The key elements are uncertainty of the firmsf informational quality, the opacity bias of constrained discretionay monetary policy...

The purpose of this paper is to investigate what decreases TFP, why TFP has decreased in some countries and how large the decreases of TFP are. We focus on the quality of labor and capital inputs and use cross country data for the manufacturing industries of some OECD countries. We provide a...