This paper provides a theoretical explanation for why the presence of asset bubbles can lead to higher economic growth in concurrence with high consumption by using a simple endogenous growth model. In the model economy, long-lived valuemaximizing firms continuously improve the quality of their...

This paper studies investment decisions by economic agents in cases where the tax rate is decided through voting. It will be shown that, in some cases, only a Pareto-dominated tax policy on the wrong side of the Laffer curve is supported under rational expectations. Thus, the governments may...

By using the panel data of 59 semiconductor companies in 2001-2013 this study investigates the characteristics of financial condition of each product segment and explores the effective product line policy in semiconductor industry. Semiconductor is well-known as one of the fundamental products...

We introduce into a Schumpeterian growth model an inventive step, which is a minimum innovation size required for patents, and thus a patentability requirement. We show that in order to satisfy an inventive step requirement, each R&D firm targets only industries in which the incumbentfs...

This study presents a two-period overlapping-generations model featuring en- dogenous growth and intergenerational conflict over fiscal policy. In particular, we characterize a Markov-perfect political equilibrium of the voting game between gen- erations, and show the following results. First,...

This paper develops a two-period overlapping-generations model featuring en- dogenous growth and intergenerational conflict over fiscal policy. In particular, the paper characterizes a Markov-perfect political equilibrium of the voting game be- tween generations, and shows the following results....

This study presents an overlapping generations model to capture the nature of the competition between generations regarding two redistribution policies, public education and public pensions. In addition, we investigate the effects of population aging on these policies and economic growth from a...

This study extends the multi-country, politico-economic model of fiscal policy developed by Song, Storesletten, and Zilibotti (2012) to incorporate wage inequality within each country. In this extended framework, we present conflict within and across generations over fiscal policy and show that...

This paper investigates the human resource (HR) practices of Japanese companies operating in India. We studied 10 Japanese companies based on 17 interviews. The paper elaborates five major HR practices and explains why Japanese companies have established a specific set of HR practices in India....

This study presents an overlapping-generations model with altruism towards children. We characterize a Markov-perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of political...