This paper proposes an alternative measure to the Lucas-Obstfeld model to analyze the welfare costs of stagnation, and provides a practical illustration of both the Lucas-Obstfeld model and the alternative model. Compared with the Lucas-Obstfeld model, the alternative model can evaluate: (i)...

We assess the IMF supported program on the structural reforms after the Asian crisis in 1997 in terms of the before-after, with-without and event study approaches with applying a time varying parameter model to the nine Asian stock markets. All the supported countries except for Thailand (...

In this paper, we focus on the skill formation when considering the trade impacts on labor markets. Although workers are identical as unskilled labor, they differ in their productivity as skilled. Workers become skilled by incurring the training costs. Introducing the above settings into a trade...

This paper has measured the welfare cost, investigated the effects of and the recovery process of the 1997 Asian crisis, and evaluated the IMF-supported programs. The paper finds: (i) the ratios of ewhole costf to the consumption level of the hypothetical economy are large: 30% for Thailand, 50%...

To investigate how fertility rates interrelate with the modern economy, we construct a simple model in which variety expansion of consumption goods reduces fertility rates. In our model, variety expansion reduces the relative price of a composite of differentiated goods compared to child-...

This paper examines the rice price co-movement in Tokugawa Japan, especially between the the Dojima Rice Market established in 1730 and the rice market in Otsu established in 1735. Both markets were representative rice markets in Tokugawa period Japan. Before applying the empirical analyses,...

After the Second World War, the productivity movement was spread out in Western European countries and in Japan. After that, the productivity movement was developed also in developing countries, e.g. India, and in some developed countries such as Germany and Italy until today. Japan Productivity...

Transport modal choice is considered to be influenced by natural environmental change and transport network improvement. This paper reveals how these impacts affect individualsf decisions on selecting transport mode under an extension plan of Osaka Monorail Loop-line. To estimate these impacts,...

This note determines a sufficient condition on (von Neumann-Morgenstern) utility functions to preserve (reserve) comparative risk aversion under general background risks. Our condition is weaker than the one determined by Nachman (1982, Journal of Economic Theory). Nachmanfs condition requires...

This paper studies sustainability of economic growth considering the risk of natural disasters caused by pollution in an endogenous growth model with physical and human capital accumulation. We consider an environmental tax policy, and show that economic growth is sustainable only if the tax...