The realized stochastic volatility model of Takahashi, Omori, and Watanabe (2009), which incorporates the asymmetric stochastic volatility model with the realized volatility, is extended with more general form of bias correction in realized volatility and wider class...

Estimates of the extent of the corporate economy in eightyâ€one countries in 1910, when the number of corporations globally reached about half a million, show that the US and the British Empire alone accounted for threeâ€quarters of these. The aggregate market value of approaching a...

In this paper, we suggest the new variable selection procedure, called MEC, for linear discriminant rule in the high-dimensional setup. MEC is derived as a second-order unbiased estimator of the misclassication error probability of the lin- ear discriminant rule. It is shown that MEC not only...

　　 This paper develops a new scheme for improving an approximation method of a probability density function, which is inspired by the idea in<em> the Hilbert space projection theorem</em>. Moreover, we apply “Dykstra's cyclic projections algorithm†for its implementation....

This is the second article of my series, “Improving Economic Statistics in order to Improve Economic Policy and Research.†It fleshes out some of the issues presented in the first article, Miwa [2014]. Focusing on SNA (GDP) estimates, this study investigates the availability and...

In the late 1940s, the Japanese economy transited to a market economy from an economy under the government planning and control, which had continued since the period of the Sino-Japanese War. This paper explored the impact of the transition on the micro-aspect of the economy, focusing on the...

Mitsubishi Corporation (Mitsubishi Shoji), a trading company under Mitsubishi Zaibatsu, increased its sales rapidly in the 1920s and 1930s, and threatened to catch up with Mitsui & Co. (Mitsui Bussan), the largest trading company in prewar Japan. In this paper, we constructed the data that...

In the late 1940s, the Japanese economy transited to a market economy from an economy under the government planning and control, which had continued since the period of the Sino-Japanese War. This paper explored the impact of the transition on the micro-aspect of the economy, focusing on the...

How do local governments react to the accumulation of debt? Whereas public debt/GDP ratio has reached the worst levels in Japan, this paper provides evidence of corrective action: the marginal response of primary surpluses to changes in debt is increasing in the debt-GDP ratio. This paper also...

　　 This paper examines the effectiveness of consumer subsidies to encourage the installment of solar panels in Japan. Such subsidies can be justified on the ground that the prices to consumers of the conventional energy alternative do not reflect their full social costs. The paper...