This paper showed that the drop of propensity to consume in Japan during the lost decade is attributable to increase of income risks, mainly due to rises in unenployment rate/ To asses the impacts of income risks, we used the buffer stock saving model and a numerical method. The buffer stock...

This study augments a second-generation Schumpeterian growth model to employ human capital explicitly. We clarify the general-equilibrium interactions of subsidy policies to R&D and human capital accumulation in a unified framework. Despite a standard intuition that subsidizing these...

We use a survey of the Japanese youth within 10 year after high school graduation to investiage the impacts of the academic and social skills on their success in the job market. We find three major factors account for the job market outcome immediately after school: school characteristics and...

This paper uses a unique survey of the Chinese youth to construct a panel data in which we keep track of geographical and job mobilities. Our estimation results deliver the following major findings. (1) The sample individuals are highly mobile. Job quits and relo- cations are frequent and they...