The purpose of this article is to provide an explanation for the success of deregulation implemented in the Japanese oil industry by investigating the economic norm in Japanese gasoline market, namely, how a firm expects its rivals to react when the firm changes its output decisions. Using the...

A model of labour productivity that distinguishes between permanent and transient shocks on productivity is proposed. We show that this model is a type of unobserved components model -- a random walk with drift plus noise model. The advantage of this approach is that it provides a coherent...

In this article, we set out a model of labour productivity which distinguishes between shocks which change productivity permanently and shocks which have transient affects on productivity. We show that this model is a type of unobserved components model -- a random walk with drift plus noise...