The purpose of this paper is to propose a seigniorage model including the contributions of Bailey (1956) and Marty (1976), using a different framework to Mankiw (1987), to test whether their results are supported, and use a numerical example to estimate the seigniorage model. The government...

The purpose of this paper is to investigate what decreases TFP, why TFP has decreased in some countries and how large the decreases of TFP are. We focus on the quality of labor and capital inputs and use cross country data for the manufacturing industries of some OECD countries. We provide a...

This paper measures the welfare cost of the Japanese economy in a elost decadef from 1990 to 2002, by using panels of different consumer groups. This paper finds that the costs for consumers in the lower and middle income quintiles and in urban districts are much higher, while it is a benefit...

This paper investigates whether the upturns and downturns of the U.S. market exert asymmetric influence on the conditional mean and volatility of the Japanese market using the daily returns on stock price indices. Using both the EGARCH and SV models, which simultaneously allow two kinds of...

Previous researches studied how the components of fiscal spending affect the economic growth but did not explicitly enquire into how to adjust the components in order to achieve the highest rate of economic growth starting from the present shares of components. We investigate how to determine...

The purpose of this paper, by introducing the adjustment expense of global income transfers across N countries, is to produce an explicit rule for the planner country regarding income transfers, and to investigate the effects of income transfers on each countryfs welfare. The findings are: (i)...

The paper incorporates a partial asymmetric price adjustment model for individual investors action into an EGARCH model, clarifies the relationship between the price adjustment speed, the market efficiency and asymmetric price adjustment, and measures over (under)-evaluation of stock value. The...

This paper proposes an alternative measure to the Lucas-Obstfeld model to analyze the welfare costs of stagnation, and provides a practical illustration of both the Lucas-Obstfeld model and the alternative model. Compared with the Lucas-Obstfeld model, the alternative model can evaluate: (i)...

We assess the IMF supported program on the structural reforms after the Asian crisis in 1997 in terms of the before-after, with-without and event study approaches with applying a time varying parameter model to the nine Asian stock markets. All the supported countries except for Thailand (...

This paper has measured the welfare cost, investigated the effects of and the recovery process of the 1997 Asian crisis, and evaluated the IMF-supported programs. The paper finds: (i) the ratios of ewhole costf to the consumption level of the hypothetical economy are large: 30% for Thailand, 50%...