This paper presents an overlapping generation model for the framework of analyzing the long-run trend in land prices, with the following propositions: First, it is possible to define a steady state in which land price measured in terms of the commodity price is rising. The land price increase in...

In this paper, our aim is to develop an alternative approach to analyzing a macroeconomic model where markets do not clear. Earlier approaches have had difficulties in interpreting effective demand, a key concept in disequilibrium macroeconomics. We propose a new definition of effective demand...

This paper investigates how financial weakness among Japanese banks in the second half of the 1990s was reflected in pricing in the financial markets. Two indicators, the Japan premium (JP) and the stock price spread (SP)-deviation between the bank stock index (BINDEX) and stock price index...

This paper examines the movements of the Distance to Default (DD), a market-based measure of corporate default risk, of major failed Japanese banks in order to evaluate the predictive power of the DD measure for bank failures. The DD became smaller in anticipation of failure for most cases. Both...

This study examines whether pre-crisis international reserve accumulations, as well as exchange rate and reserve policy decisions made during the global financial crisis, can help to explain cross-country differences in post-crisis economic performance. Our approach focuses not only on the total...