In many industries, competition is far from perfect and managerial efficiency (or a fixed cost) varies among firms. However, traditional measurement of technological progress assumes perfect competition and no fixed cost. This paper incorporates these two factors in the technological-progress...

This paper analyzes intellectual property regimes in the United States and Japan by means of patents granted from 1940 to 2005 and 1965 to 2005, respectively. Making use of the database released by the World Intellectual Property Organization (WIPO), we search for presence of a one-time change...

We analyse the relationship between functional income distribution and economic growth in Austria, France, Germany, the Netherlands, the UK and the USA from 1960 until 2005. The analysis is based on a demand-driven distribution and growth model for an open economy inspired by Bhaduri and...

This paper compares the sources of income inequality in Japan and the United States. We exploit two longitudinal household surveys to decompose the income inequality in both countries. For Japan, we use Keio Household Panel Survey data and the five latest waves (2009-2013). For the United...

The stated purpose of the antidumping laws is to prevent unfair trade and to punish foreign producers for predatory pricing. The practical effect, however, is to prevent foreign producers from selling their products in a domestic market, even when pricing has not been abnormally low or...

These days, Americans seem to take their corporate governance model for granted. Shareholder interests are what matter. But this essay traces the history of corporate governance to show that such models change over time. And they are different in other nations, such as Japan. I argue that...

Does competitive pressure foster innovation? In addressing this important question, prior studies ignored a distinction between discrete innovation aiming at entirely new technology and continuous improvement consisting of numerous incremental improvements and modifications made upon the...

Does competitive pressure foster innovation? Technical progress consists of numerous small improvements made upon the existing technology continuous improvement and innovative activities aiming at entirely new technology (discrete innovation). Continuous improvement is often of limited relevance...

We develop a span-of-control model where managerial skills are endogenous and the outcome of investments over the life cycle of managers. We calibrate this model to U.S plant-size data to quantify the effects of distortions that are correlated with the size of production units. These distortions...

In this paper we propose a time-varying parameter VAR model for the housing market in the United States, the United Kingdom, Japan and the Euro Area. For these four economies, we answer the following research questions: (i) How can we evaluate the stance of monetary policy when the policy rate...