Economists unanimously agree that economic agents’ expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational, leaving unexamined the fundamental question whether individual agents’...

The Japanese tax system applies relatively low marginal tax rates on most economic activities which, in combination with moderate tax elasticities of the bases, indicate that the overall distortion from the tax system (the excess burden) is probably modest compared with other OECD countries....

This paper argues that the comparatively low levels of business start-ups in Japan need not be a matter of concern in so far as the pattern of growth relying on existing companies persists. But the declining trend of start-up rates may be worrisome for it may indicate waning entrepreneurship and...

Because of substantial improvements in the health of its citizens during the thirty-five years from 1970 to 2005, Japan is noted among countries with the greatest average life spans. In this article, the author attempts to quantify the economic value of this longevity by estimating...

Economists agree that economic agents' expectations are crucially important in determining macroeconomic outcomes. However, mainstream macroeconomists usually simply assume that expectations are rational. Against this background, this study examines the properties of Japanese households'...