This paper examines how pay-as-you-go (PAYG) pension reform from a defined-benefit scheme to a defined-contribution scheme affects economic growth in an overlapping generations model with endogenous growth. We show that in economies in which the old-age dependency ratio is relatively high and...

We consider cannibalization in a duopoly model in which …rms with di¤erent costs supply two vertically di¤erentiated products in the same market. We …nd that an increase in the di¤erence in quality between the two goods or a decrease in the marginal cost of the high-quality goods leads to...

We examine whether free trade is superior to tariff policy if the government of an importing country cannot precommit to an ex ante optimal tariff rate in the presence of a time lag between production and trade decisions. Based on a simple partial equilibrium model with an export monopoly, we...

This paper constructs a reciprocal market model of intra-industry trade in network goods to consider the implications of network externalities for an optimal tari policy and the welfare eects of bilateral tari reductions. We show that the degree of network externalities nontrivially aects the...

Taking into account non-constant marginal costs, this paper considers the eects of a tari cut combined with a consumption tax increase on welfare, government revenue, and market access. We show that welfare, government revenue, and market access can all improve with this policy reform under...

This study is an analysis of the gap between the desired and actual number of children for four developed countries. Although the direct costs of raising children is an indispensable element in decision-making regarding having children, it has hardly been treated in relevant studies. We estimate...

Constructing a dynamic game model of trade of an exhaustible resource, this paper compares feedback Nash and Stackelberg equilibria. We consider two dierent leadership scenarios: leadership by the importing country, and leadership by the exporting country. We numerically show that as compared to...

We build a general equilibrium model of monopolistic competition with moral hazard contracting to examine the interactions among skill-biased technological change (SBTC), organizational changes, and skill premium and within-group wage inequality. While the existing literature finds that the...

Using the Hamilton–Slutsky extended endogenous timing game of observable delay framework, we analyze the endogenous timing of tariff policy in the presence of a time lag between production and trade decisions. We particularly focus on the strategic relationships between the government of the...

The Bank of Japan has used some unconventional monetary easing measures for more than a decade, and it is often pointed out that it might damage the Bank’s capital and thus jeopardize its credibility. First, this paper reviews the past literature on the role of central bank capital and how a...