We conducted business cycle accounting (BCA) using the method developed by Chari, Kehoe, and McGrattan (2002a) on data from the 1980s--1990s in Japan and from the interwar period in Japan and the United States. The contribution of this paper is twofold. First, we find that labor wedges may have...

The paper analyses the rapid progress and the consequences of China's integration in Asian production networks. International processing activities, based on Asian inputs and mainly carried out by Asian affiliates have been the engine of China's trade expansion in the nineties. China's position...

This paper is a revised version of DP02-E-005, where the mathematical structure of the model in this paper is substantially different from the previous one. The finding that countries that take a slow approach to reform during a financial crisis run into problems of persistent stagnation is...

The effects of IT on the decision making structure of firms has been a topic of debate for decades. On the one hand, IT increases the information available to top management, and the coordination advantages that it provides may lead firms to centralize decision making. On the other hand, IT...

Although manufactured goods have come to make up the bulk of China's fast expanding exports, the country's competitiveness still lies in low-value-added products. Reflecting this, Chinese exports do not directly compete with Japanese exports; rather, they complement each other. China's export...

A key intention of the regulatory reform of transmission charge schemes on Japan's electric power market was to promote inter-regional competition between power suppliers by lowering long-distance transmission charges with a postage-stamp charge scheme. This can lead to extensive use of...

In this paper, we analyze whether the total debt ratios and bank loan ratios of Chinese listed companies had any impact on their fixed investment in 2001-2006, and whether this impact, if it existed, differed among companies with differing investment opportunities. Our results are as follows....

This paper examines the pre-exit productivity performance and asks how productivity affects future survival, controlling for firm size and unobserved firm heterogeneity. Based on firm-level data in Japan for 1995-002, we found that firms did not face "sudden death" but there was a "shadow of...

This paper investigates how employee representation affects, and is affected by, the way corporations structure themselves. In the analytical framework employed in the paper, the structure of the corporation and national labour institutions constitute key constraints on the goals of unions and...

Existing theories consistently predict that relationship banking enhances credit availability for new firms. To put more concretely, these theories predict that soft information acquisition about borrowers' creditworthiness and the resulting incumbent lender's profit-improving and...