This paper examines the heterogeneity of capital stocks using financial statement data of publicly listed Japanese firms. We conduct factor analysis on investment rates among various capital goods and estimate factor loadings of each as its reactions to common factors like total factor...

Although many CGE models have already been developed for analyzing the climate policy in Japan, most of them only investigate national level impacts. However, impacts of emissions regulations are likely to vary considerably by region because there are large regional differences in household...

The purpose of this paper is to measure intangible assets, to construct the capital stock of intangible assets, and to examine the contribution of intangible capital to economic growth in Japan. We follow the approach of Corrado, Hulten, and Sichel (2005, 2006) to measure intangible investment...

Following the approach of Corrado, Hulten, and Sichel (2005, 2006), we measure intangible investment and examine the contribution of intangible capital to economic growth in Japan. We find that the ratio of intangible investment to GDP in Japan has risen during the past 20 years and now stands...

Trends and changes in total factor productivity (TFP) have been the subject of a considerable amount of research from both theoretical and empirical approaches, at both the microeconomic and macroeconomic levels, as a driver of economic growth and fluctuations. A traditional growth accounting...

By emphasizing the effect of forward-looking price expectations on aggregate demand, the authors investigate the relative performances of two rule policies, i.e., money supply targeting and nominal income targeting. Unlike earlier conclusions reached by C. Bean (1983) and K. D. West (1986), the...