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To control for product quality and exchange rate effects, we use the Japanese regional data to study the Penn effect – the positive relationship between price and income levels. Comparable with the evidence from international data, the Penn effect is significant in the Japanese prefectural...
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This book theoretically and empirically investigates the emergence of strong money demand in wartime Japan (1937 …–1945), its disappearance after the end of the war (1945–1949), and the reemergence of strong money demand in contemporary Japan … contemporary Japan, can now be interpreted in line with the above augmented theory. In the present, strong money demand at near …
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In this paper, we investigate changes in the impacts of world crude oil prices on domestic prices in Japan. First, we …
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