We estimated the extent to which ezombief SMEs existed in Japan by using panel data set of firms and investigated borrowing and investment functions of ezombief SMEs. We found that 5%`13% of SMEs are ezombief firms. As for borrowing behavior, ezombief firms did not succeed in reducing their...

This paper investigates the transitional dynamics of a basic Schumpeterian growth model under constant relative risk aversion. In this model, there are three patterns of the evolution of wage inequality: (a) skill-biased technological change, i.e., technological progress leads to a widening of...

We construct a small open economy model of endogenous growth with public capital accumulation and examine how a debt policy rule under which the government gradually reduces its debt-GDP ratio to a target level affects macroeconomic stability, fiscal sustainability, and welfare. We obtain the...

We experimentally investigate the existence of the disposition effect and loss aversion as its potential cause. Our approach includes three key characteristics: (i) An environment closely mimicking actual stock markets; (ii) Individual-specific reference prices; (iii) A direct test of loss...

This paper develops an overlapping-generations model with uncertain lifetimes and altruism towards children. The paper characterizes a Markov perfect political equilibrium of voting over two conflicting policy issues, public education for the young and social security for the elderly. The model...

This paper calculates effective tax rates on capital income (interest, dividends, and capital gains on equities) in Japan and analyzes the impact of the revision of the Small Saving Tax Exemption for interest income (the so-called Maruyu System) on Japanese household portfolios. My contributions...

This paper is an attempt to use the Hausman-Taylor (HT) estimation to examine the determinants of trade flows of Asean Free Trade Area (AFTA). Based on the two-way error component form of the gravity model, we employ the HT technique to estimate export flows by a country panel data of 39...

This study empirically analyzed downward nominal wage rigidity using time-series cross-industry data from 1981 to 2002, a period which included deflation. We found that nominal wages remained rigid to downward pressure by expected deflation and labor-market tightness. Estimations according to...

We consider the problem of sharing a divisible good, where agents prefer more to less. First, we prove that a sharing rule satisfies strategy proofness if and only if it has the quasi-constancy property: no one changes her own share by changing her announcements. Next, by constructing a system...

This paper studies the growth effect of money supply in the presence of increasing returns and endogenous labor supply. By using a simple model of endogenous growth with a cash-in-advance constraint, it is shown that the growth effect of money supply depends on the specifications of preference...