During the period of 2001-2006, the Liberal Democratic Party (LDP) adopted a market-oriented policy under the Koizumi cabinet. In 2006, following the formation of the first Abe cabinet, the LDP returned to a traditional redistributive policy. We assume that the supporters of the Koizumi cabinet...

We formulate nominal wage adjustment by incorporating various concepts of fairness. By applying it into a continuous-time money-in-utility model we examine macroeconomic dynamics with and without a liquidity trap and obtain the condition for persistent unemployment, and that for temporary...

This analysis presents a joint logit probability model in which, for the first time, the household's current housing tenure choice and expected co-residence with its children are hypothesized to be simultaneously determined. Empirical analysis indicates that there is a positive correlation...

We analyse empirically the effect of uncertainty on fixed investment by estimating an accelerator-type investment function based on a panel data set of the Hapanese manufacturing firms. The uncertainty measure, represented by the conditional standard deviation of the sales ghrowth rate, is...

This paper compares the Italian and the Japanese education systems and looks at the interaction between these systems and labour market outcomes. We model the Japanese labour market, characterised by the limited labour turnover and by the emphasis on hiring straight from school, and the Italian...