We analyse the contribution of land to production activity for Japanese manufacturing industries employing panel data of the firms. Since land is not necessarily held for production purpose, we check the concavity of the cost function to see whether production is conducted efficiently.

Standard money-in-utlity dynamic models assume satiable liquidity preference, and thereby prove the existence of a full employment steady state. Using the same model, Ono (1994) shows that under insatiable liquidity preference there is a case where a full employment steady state does not exist...

Based on a panel data set of the Japanese corporations, we investigate into the collateral role of the land assets. We estimate the Euler equation of investment decision rule by the GMM when the corporations face borrowing constraints.

Direct conversion of methane to methanol with minimum energy consumption could become a key technology for highly efficient utilization of fossil fuel, because low-quality or low-temperature (∼100°C) energy sources can be used and regenerated by converting methanol to hydrogen. For this...

We examine the role of bank loans in the Japanese economy by analyzing the lending behavior of banking firms and the investment behavior of non-financial firms.

We estimate a corporate demand model for bank loans on the basis of a panel data set of the Japanese corporations. What is novel is an explicit treatment of borrowing constraints in the estimation, which is formulated as a function of the land asset of the firms. The model is estimated by...

Based on a panel data set of the Japanese corporations, we investigate into the collateral role of the land assets. We estimate the Euler equation of investment decision rule by the GMM when the corporations face borrowing constraints.