What is the driving force of the macroeconomic fluctuations in Japan over the past forty years? To answer this question, we specify a structural vectorerror-correction model using combination of long-run and short-run restrictions. Especially by dividing the supply shocks such as neutral and...

This paper theoretically analyzes the Early Warning System (EWS) of the IMF based on the principal-agent model. We search for trade-off of the optimal contract of the IMF under the interim intervention and the noise of the signal. The main findings are as follows. First, when the net loss coming...

This paper measures human capital development in the Japanese workforce after WWII. An increase in workers years of schooling is believed to have aided Japans economic growth after WWII. The development of human capital has acquired increasing importance for Japans future economic growth given...