Under a declining population, the engine for economic growth is regarded as broadly defined technical progress or innovation. We demonstrate that the production of goods always follows logistic growth. This simple fact results from the saturation of demand for any existing goods and services....

Technological progress, especially product innovation, plays an important role in generating economic growth under the conditions of low fertility and an aging population. Technological progress is typically measured by total factor productivity (TFP) and much research is done internationally....

Technological progress, especially product innovation, plays an important part in generating economic growth under the conditions of low fertility and an aging population. Technological progress is typically measured by growth accounting, that is, total factor productivity (TFP). The analysis of...

Tackling issues relating to low fertility and aging population is widely acknowledged as the most important challenge for the Japanese economy and society in the twenty-first century. There is a general consensus that given these issues of low fertility and aging population, innovation that is...

This publication is in Japanese. Neither an English translation of the publication nor an English abstract is available.

Exploiting dramatic changes in individual corporate behavior as well as macroeconomic environment for the period between 1982 and 2005, this paper empirically investigates the determinants of corporate cash holdings using the panel data of the companies listed at the three major stock exchanges....

Perception of the business cycle can differ among firms, which has been confirmed by extensive survey data. The question we want to answer in this paper is "What causes differences in business cycle perception?" by utilizing a newly designed questionnaire. Specifically, we match properties...

Perception of the business cycle can differ among firms, which has been confirmed by extensive survey data. The question we want to answer in this paper is "What causes differences in business cycle perception?" by utilizing a newly designed questionnaire. Specifically, we match properties...