It is sometimes argued that central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. It...

This paper studies the role of internal migration in income convergence across regions in Japan. Neoclassical theory predicts that migration should have been an important source of convergence, but regression results suggest otherwise. The paper investigates the possibility that this discrepancy...