The effect of unemployment risk on the timing of homeownership is examined through the use of a retrospective panel of Japanese households. We obtain the following results by applying the split population duration (SPD) model: (1) unemployment risk, as proxied by the probability of unemployment,...

This paper tests whether wages in Japanese Labor market are determined by current labor market condition or by past labor market conditions. following Beaudry and DiNardo (1991) which analyze U.S males. In contrast to previous findings for Canada and the U.S., implicit contract models with...

We investigate the global dynamics of financial integration by constructing a two-country model of overlapping generations in the presence of financial market frictions. The inversed U-shaped relation between the interest rate and the capital stock brought about by imperfect enforcement becomes...

Focusing on firms from the electrical machinery and electronics industry, this paper investigates the impact of foreign direct investment (FDI) on home productivity using activity-level data rather than, as most previous studies have done, firm-level data. Distinguishing between horizontal and...

This paper draws on five waves of Japan household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed effects logit model to investigate the effect of Japanese government policy on owner-to-owner residential moves. We examine whether housing equity constraints...

This paper analyzes the amakudari practice in Japan. Amakudari refers to situations where government agencies contact the private firms that they regulate, asking them to provide employment for their retiring elite bureaucrats. Upon employment at the private firms, bureaucrats may collude with...

This study provides sufficient conditions for non-emptiness of the core of a market for indivisible commodities with middlemen. This market is formulated as a three-sided assignment game without sidepayments. Our conditions are characterized by special properties of three-sided assignment games...

This paper considers welfare allocation rules when cities far from a river basin share water resources. The underlying situation is that the cities share a pipe from the water source and they are willing to distribute the welfare produced by using water. I propose two welfare allocation rule:...

The Japanese defense market is an oligopoly. Firms in the defense industry also produce civilian goods, and the revenues they obtain from defense contracts are quite small relative to the revenues coming from the production of private goods. Because the Japanese constitution prohibits arms...

Prior research on brand equity or brand value has assumed that all products are the same in their functions but different in their marketing activities of firms. However, although we can assume that products are the same in not only their functions but also their marketing activities, prior...