In this paper, we give a general equilibrium model of the financial structure including money, bonds, and several banks and their integration and abolition. We treat a bank as a coalition of members of the society, (not as a member of the society), and use the social coalitional equilibrium...

This study presents an overlapping-generations model with altruism towards children. We characterize a Markov-perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of political...

This paper develops an overlapping-generations model with altruism towards children. The paper characterizes a Markov perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of...

This study presents an overlapping-generations model featuring endogenous growth, collective wage-bargaining, and probabilistic voting over fiscal policy. We charac- terize a Markov-perfect political equilibrium of the voting game within and across generations and show the following results....

The purpose of this paper is to provide objective statistical evidence on the effectiveness of nontraditional monetary policy. The quantitative easing monetary policy, adopted by the Bank of Japan for the period from March 2001 to March 2006, had a stimulating effect on investment and production...