This study uses the EU public power generating sector as a case study to investigate the environmental efficiency and productivity enhancing performance of the European Union’s CO2 Emissions Trading Scheme (EU ETS) in its pilot phase. Using Data Envelopment Analysis methods, we measure the...

We use historical industrial emissions data to assess the level of abatement and overallocation that took place across European countries during the pilot phase (2005-2007)of the European Union Emission Trading Scheme. Using a dynamic panel data model, we estimate the counterfactual...

This study uses the EU public power generating sector as a case study to investigate the environmental efficiency and productivity enhancing performance of the EU ETS in its pilot phase. Using Data Envelopment Analysis methods, we measures the environmental efficiency and the productivity growth...

We use an unobserved components model to extract the foreign exchange risk premium from the excess ex post returns of East Asian currency assets over US dollar assets and derive the implied expected future spot rates of East Asian currencies against the US dollar. Empirical results, obtained...

This paper surveys and reexamines Fiscal Theory of Price Level's (FTPL, hereafter) theoretical framework as well as empirical and policy implications. A simple theoretical model, which unifies various models and notations scattered in the literature, is presented and reexamined through changes...

What do Japanese manufacturing companies achieve by investing in R&D? Is there no doubt among Japanese managers about the assumption that the more R&D, the better the companies perform? This paper deals with these issues by reviewing the previous research on the relationships between R&D...

The migration equilibrium model allows us to employ information on land rents to evaluate the effects of local fiscal variables. Several studies apply the model by Robach (1982), which measures the value of amenities, to the case of public capital, assuming that public capital does not affect...

I. Research Background The unemployment rate exceeding 5% indicates a serious situation in employment which rapidly deteriorated in the 1990s. This paper conducts an empirical analysis of creation and destruction of jobs (employment opportunities) and mobility of labor force (hiring and quitting...

This paper uses a unique census data on Japanese nursing homes to evaluate the determinants of nursing home exit and the price elasticity of the institutional care. We take two approaches to address these by making use of micro-level data from Kaigo Service Shisetsu Zigyousho Chousa (Survey on...