Permanent Income Hypothesis (hereafter, PIH) is one of the central concepts in macroeconomics. Single equation version of PIH is often appeared in textbooks and academic papers. But, even in single equation version of PIH Romer(2006) suggested, to get economic insights from estimation, we need...

In 1993, World Bank defined Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand as HPAEs (High-Performing Asian Economies). World Bank admired their high growth. In this paper, we evaluate the result of total package of their policy, Rapid Growth and Macroeconomic Stability....

Potential output is the largest amount of products that can be produced by fully utilizing available labor and capital stock; the output gap is defined as the discrepancy between actual and potential output. If data on production factors contain measurement errors, total factor productivity...

In 1993, World Bank defined Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand as HPAEs (High-Performing Asian Economies). World Bank admired their high growth. In this paper, we evaluate the result of total package of their policy, Rapid Growth and Macroeconomic Stability....

Furceri and Karras(2007, 2008) insisted that smaller countries are subject to more volatile business cycles than larger countries and country size really matters, using annual and quarterly data from 1960 to 2000. They measure country size with population size. In this paper, we calculate...

Furceri and Karras(2007, 2008) insisted that smaller countries are subject to more volatile business cycles than larger countries and country size really matters using international data from 1960 to 2000. They measure country size with population size. In this paper, we calculate welfare...

Potential output is the largest amount of products that can be produced by fully utilizing available labor and capital stock; the output gap is defined as the discrepancy between actual and potential output. If data on production factors contain measurement errors, total factor productivity...

Furceri and Karras(2007, 2008) insisted that smaller countries are subject to more volatile business cycles than larger countries and country size really matters using international data from 1960 to 2000. They measure country size with population size. In this paper, we calculate welfare...

As International Monetary Fund(2006) suggested, the inflation rate is less sensitive to business cycles in 1990s than before 1990s in the world. The so called Âgflattening Phillips curveÂh becomes the global phenomenon. If this phenomenon is dominant in the world, how does it affect the...

We use the hyperbolic discounting model as the model that saving of each household varies in the steady state. In this model, there is a trade off that consumers will decrease future consumption and saving because of their temptation of current consumption. Therefore the degree of commitment...