In this paper, we use a two-period overlapping generations model to examine the behavior of an economy that incorporates intergenerational transfers of time. In the first part, we describe the dynamics and steady state of the economy in which there is no government. We show that the rate of life...

This paper investigates the holdup problem in the dynamic search market where buyers and sellers search for their trading partners and specific investments are made after match but before trade. We show that frictionless (competitive) market imposes severe limitations on attainable efficiencies:...

This paper applies the framework of McGrattan and Prescott (2005) to the Japanese economy using an accounting dataset. Restricting our attention to the steady growth path in the 1980s, we show that the estimated value of intangible capital in Japan is enormous compared to the U.S. and the U.K....

In this paper, it examines the relationship between the infant mortality rate (IMR) and introduction of new agricultural laborsaving technology which contributed to reduce labor absorption in rice production and labor intensity and increase the agricultural productivity by using the data of...

In this paper, we construct a simple dynamic two-party electoral competition model in which the degree of political instability is endogenously determined. We consider the campaign contributions as stock variable which is gradually accumulated by both partyfs direct investment and induced the...

This paper measures the welfare cost of the Japanese economy in a elost decadef from 1990 to 2002, by using panels of different consumer groups. This paper finds that the costs for consumers in the lower and middle income quintiles and in urban districts are much higher, while it is a benefit...

Although the flow of funds statistics showing various financial assets and liabilities of each institution is released by Bank of Japan, the statistics of the whole inter-institutional flow of funds is not available. We can calculate statistics of inter-institutional flow of funds by estimating...

In this paper I examine A. C. Pigou's views on the unemployment policies, based on the premise that, as he himself acknowledged, his theory of business fluctuations was one integral part of his whole thought about unemployment. In his Industrial Fluctuations (1927), Pigou gave the most extensive...

To achieve a truly fair way of managing people in organizations and increase organizational competitiveness, designing procedures and structures of human resource management systems appropriately is not sufficient. What are needed in advance are top management's moral or ethical aspirations for...

Under the Japanese patent system, an applicant has to request examination within a given period of time after application. This paper studies the timing of a request for examination when return on patent is uncertain. When a firm files a patent application, it acquires a timing option limited...