Intertemporal elasticity of substitution (IES) is an important macroeconomic parameter that relates the real interest rate to consumption and thereby aggregate demand. In this paper, we estimate IES in Japan following Ogaki and Reinhart's two-good model. And given that Japanese economy stagnated...

At the turn of the millenium, most of the APEC countries have embarked upon an ambitious plan for open multilateralism. Using an 18-region, 16-sector dynamic computable general equilibrium (CGE) model of the global economy, we evaluate the effects of APEC trade liberalization on member-country...

This paper studies a class of infinitely repeated games with two players in which the action space of each player is an interval, and the one-shot payoff of each player is additively separable in their actions. We define an immediately reactive equilibrium (IRE) as a pure-strategy subgame...

The purpose of this paper is to present a framework to understand that the government's implementation of export subsidy is influenced by the political pressure from the home firms which can bear the costs of forming and maintaining a lobby in order to overcome a free-rider problem associated...

Our study investigates the effect of Japanese horizontal keiretsu group membership on firm risk and return. Like prior studies, our results show that horizontal keiretsu membership has a negative effect on firm profitability. However, we find that horizontal keiretsu networks are likely to...

What factors influence a state-owned enterprise in a transition economy to choose between alternative technology acquisition strategies? This study uses two frameworks developed in the context of industrialized economies -transition costs economics and organizational capacities-to propose...

The world is increasingly interconnected with each other in terms of goods, money, and labor (international migration). In view of the importance of international migration in recent years, the purpose of this paper is to analyze, somewhat rigorously, the economic impact of migration on sending...

Japan's money supply and its role in monetary policy have drawn considerable attention especially since the Bank of Japan adopted its "quantitative easing" scheme in March 2001. This paper focuses on the role of money supply as an information variable and reexamines the empirical relationship...

In this paper we conduct an exploratory investigation of how the management of R&D activities are viewed from the perspective of the subsidiary and examine how this and the relationship between the subsidiary and the parent effects the learning process of the multinational enterprise. We find...

This paper attempts to clarify how the integration of software and hardware is related to product systems and product development organization in the growing electronic equipment market in the IT age. As a framework for analyzing the effect of integration, we will examine the influence of...