In many countries we observe a gap between macroeconomic and microeconomic statistics. In order to explain the underreporting observed in microeconomic statistics, the present paper tests the misreporting hypothesis through the double hurdle model. The misreporting hypothesis is based on some...

In this paper, we develop a new model that explicitly considers two endogenous consumption items and investigates its applicability to consumption-capital asset pricing model (C-CAPM) by testing it with various sets of instruments. We found that our model is not rejected with reasonable values...

In Japan in the 1950s and 1960s the economic objectives for consumers, corporations and the government coincided. Consumers wanted to improve their standard of living, corporations tried to increase their productivity through modernisation and industrialisation and the government attempted to...