Migration may be used as a strategy to improve a householdfs comparative income position in residential areas. Previous studies have found empirical evidence that relative incomes affect emigration decisions. However, no effect is detected for internal migration. In this paper, we reexamine the...

The purpose of this paper is to propose a seigniorage model including the contributions of Bailey (1956) and Marty (1976), using a different framework to Mankiw (1987), to test whether their results are supported, and use a numerical example to estimate the seigniorage model. The government...

The purpose of this note is to explain theoretically the observed entire density of wages which is hump-shaped and right-skewed. I extend the model brought up by Halko et al . (2008) to introduce heterogeneity of firmfs productivity. It causes a difference in the support of wage offers, a wider...

Birmingham Assay Office was established in 1773 by Toy manufacturers producting plated goods like Matthew Boulton. Main products of Birmingham were plated by gilt technique, so it was not easy to get credit for their products as growing area. Assay office had to be needed not only for the...

This paper explores the effect of consumption externalities on equilibrium dynamics of a standard neoclassical growth model in which there are two types of agents. To emphasize the presence of heterogenous agents, we distinguish intergroup consumption externalities from intragroup consumption...

Using the standard neoclassical growth model with two types of agents, we examine how the presence of heterogenous agents affects the stabilization role of progressive income taxation. We first show that if the marginal tax payment of each agent increases with her relative income, the steady...

A sustainable fiscal state needs to have two critical factors: A stable tax base and access to an efficient bond market. The Tokugawa Shogunate had a stable land tax revenue, which was inherited to modern Japan after the Meiji restoration. Taxation, however, was restricted by the constitution...

There are many approaches for estimating an integrated variance and covariance in the presence of market microstructure noise. It is important to know a dependence of noise to construct the integrated variance and covariance estimators. We study a time dependence of bivariate noise processes in...

This paper considers the possible effects of broader-based local government, especially extended associations, in Japanese local public finance. We mainly analyze scale effects in public long-term care insurance expenditure, with our results indicating a U shaped expenditure structure. We also...

The goal of this paper is to detect the degree to which court decisions control the stringency of employment protection and investigate how such judicial discretion affects labor market performance. However, Identification difficulty arises because court decisions are volatile against economic...