This article considers a pure-endowment stationary stochastic overlapping generations economy, in which agents have maximin expected utility preferences. Two main results are obtained. First, we show that multiple stationary monetary equilibria exist, and hence real as well as price...

A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

We use a large household panel for Japan (Keio Household Panel Survey, KHPS), to estimate household-size economies in energy consumption. Household-size economies we obtain are significant and sizable: the per-capita energy-related spending of a two-adult household is only about two thirdsof a...

Most research has shown that positive electric word-of-mouth (e-WOM) has positive effects, while negative e-WOM has negative effects on consumer attitude towards a product. However, negative e-WOM may have positive impacts rather than negative impacts. Using ANOVA in three experiments, this...

In this study, we investigate the effect of a positive public investment shock on Japan's private consumption, real wages, and real effective exchange rate using a factor augmented vector autoregressive (FAVAR) model applied to a rich dataset. We demonstrate that private consumption increases,...

Whether universal preschool education can eliminate the achievement gap among children in the long term has been debated in the United States and elsewhere. This paper offers new evidence from the experience of massive preschool education expansion in Japan. Using prefecture-level panel data, we...

This paper discusses some new evidences on intra-industry trade (IIT). In particular, we focus on EU trade with Eastern European countries, using trade data at HS eight-digit product level for the period 1988 - 2010. Our findings include Eastern European countries' rise up the quality ladder,...

We describe the mechanism of feedback methods of counting single transferable votes, such as Meek's method, in the framework of n-person strategic games. We show that the games are in the class introduced by Masuzawa (International Journal of Game Theory 32:2003 and 37:2008), and that for any...

Purposes of this paper are to establish the model for explaining Japanese young's housing demand and to derive the implication to guide Japanese housing policy. For this, I investigate the determinants of their tenure choice, considering their housing independence from their parents. On the...

Inspired by the observed contrasting patterns of geographical distribution of the electric machinery industry in East Asia and Europe, this paper conducts an empirical clarification of the difference in spatial relationships in the industry sizes among countries within a region by use of spatial...