The purpose of the paper is to examine what kind of investment theory can explain the recent movements in corporate investment in Japan. To explain the drastic decline in corporate investment in the wake of the bubble economy, economists applied Tobin's Q theory with liquidity constraints or...

We develop a two-country model of international trade that incorporates offshoring opportunities, and we analyze the effects on employment and effective demand of offshoring in the home country under stagnation when there is a liquidity trap. A rise in the tariff on imported outsourced goods...

Using a multi-region, multi-sector computable general equilibrium model, this paper studies economic impacts of border adjustments for climate change policy. Our model is a 12 regions, 22 sectors recursive dynamic model from 2004 to 2020 and we use GTAP7.1 for a benchmark dataset. We assume that...

This is an empirical study on the policy package on child allowance, using the micro data from the 2007 Comprehensive Survey of Living Conditions of the People on Health and Welfare (Ministry of Health, Labour and Welfare) , this paper analyzed an impact of the new child allowance in Japan. The...

Substantial improvement in health conditions during 35 years from 1970 to 2005 has made Japan one of the top countries for longevity in the world. This paper tries to quantify value of the improvement by willingness-to-pay (WTP) for a decline in death rate during the period, following Murphy and...

This paper tries to quantitatively examine the impact of intergenerational transfers on asset inequality among Japanese households. For that purpose, we estimate an intergenerational asset transfer function with various control variables, using a unique micro dataset taken from the "Household...

Implementing public policy for the management of low-probability/high-consequence disasters is problematic. There is no implicit normative rule for setting investment priority to reduce the impact of such rare disasters, since it is difficult to recognize the benefit of the investment. Current...

This paper proposes a new method to estimate parameters, natural rates, and business cycles of dynamic stochastic general equilibrium models simultaneously and consistently. It is based on the Monte Carlo particle filter and a self-organizing state space model. In our method, we estimate the...

The Earned Income Tax Credit (EITC) is the largest cash or near-cash U.S. antipoverty program. Taxpayers gain access to the EITC by having incomes below certain thresholds and by filing a tax return. For a taxpayer to receive a larger EITC available to families with children, the EITC-qualifying...

Recently, the damage estimations for the anticipated Tokyo Inland Earthquake released by the Center of Disaster Management Council assumed extensive damage, including a death toll of approximately 11,000 people, the collapse of 850,000 buildings, and a maximum economic loss of 112 trillion yen...