Showing 1 - 10 of 53
Persistent link: https://www.econbiz.de/10002942854
This paper considers the macroeconomic effects of retailers' market concentra- tion and buyer-size discounts on inflation dynamics. During Japan's "lost decades," large retailers enhanced their market power, leading to increased exploitation of buyer-size discounts in procuring goods. We...
Persistent link: https://www.econbiz.de/10010890011
Attempts by governments to stop bubbles by issuing warnings seem unsuccessful. This paper examines the effects of public warnings using a simple model of riding bubbles. We show that public warnings against a bubble can stop it if investors believe that a warning is issued in a definite range of...
Persistent link: https://www.econbiz.de/10010904306
We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the U.S. scanner data. Second, regular prices are almost as flexible as those in the U.S. and...
Persistent link: https://www.econbiz.de/10010904311
We estimate a medium-scale DSGE model of the Japanese economy following Christiano, Eichenbaum and Evans (2005), Smets and Wouters (2003) and Levin et al. (2005). By using actual capital utilization data and modifying the formulation of utilization following Greenwood, Hercowitz and Huffmann...
Persistent link: https://www.econbiz.de/10010907504
Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the pa- per, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related...
Persistent link: https://www.econbiz.de/10010933535
Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the paper, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related with...
Persistent link: https://www.econbiz.de/10010934444
Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the paper, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related with...
Persistent link: https://www.econbiz.de/10010949187
This paper tries to shed light on the optimal inflation rate by investigating the effects of changes in inflation on resource allocation via changes in the effective tax rates. Given that some taxes are not lump-sum but subject to the proportional/progressive tax schedule, and that taxes are...
Persistent link: https://www.econbiz.de/10010928923
Negative correlations between inflation and demographic aging were observed across developed nations recently. To understand the phenomenon from a politico-economic perspective, we embed the fiscal theory of the price level into an overlapping-generations model. In the model, successive...
Persistent link: https://www.econbiz.de/10011269151