In this paper, we analyze feasible bias-reduced versions of point estimates for predictive regressions: The plug-in estimates, which are based on the augmented regressions proposed by Amihud and Hurvich (2004) and Amihud, Hurvich and Wang (2010), and the grouped jackknife estimate by Quenouille...

This paper studies the effects of the diffusion of a General Purpose Technology (GPT) that spreads first within the developed North country of its origin, and then to a developing South country. In the developed general equilibrium growth model, each final good can be produced by one of two...

We prove the existence of a competitive equilibrium for an economy with an atomless measure space of agents and an infinite dimensional commodity space. The commodity space is a separable Banach space with a non-empty interior in its positive cone. We dispense with convexity and completeness...

This paper empirically studied the relative risk aversion (RRA) implied from the options prices and historical returns of the Nikkei 225 index around the 2007-2008 subprime loan crisis. The extended use of Japanese option data and an estimation method of physical density are innovations...

Taking a multi-scalar approach to capitalism from the perspective of recent economic geography and regarding public transport as an element of capitalist regulation, this study compares the provincial and national spatial scales. Rescaling occurs when provinces assume responsibility for...

Many studies have confirmed that the separation of parents and children has a negative impact on children's growth. Although compulsory-education barriers for migrants' children have gradually disappeared in China, many families who migrate to cities have to leave their school-age children in...

This paper examines the influence of family human capital on offspring's economic status in post reform rural China, using nationally representative cross-sectional survey of rural households for 2002. Focuses are on family class origin and occupational experiences. The major findings are as...

This study empirically investigates whether several negative income shocks to medical suppliers lead them to provide patients with unnecessary and/or excessive treatments. We use a variable that is objectively assessed as representing inducement: the amount of fraudulent and/or incorrect claims...

We study an economy where agents are heterogeneous in entrepreneurial ability, and may decide to become workers or entrepreneurs. The government is motivated by a production externality to impose regulations on entrepreneurship, and sets a level of red tape to test regulation compliance. In an...

Economists agree that economic agents' expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational. Against this background, this study examines the properties of Japanese households'...