In order to investigate sources of the Great Recession (Dec. 2007 to Jun. 2009) of the US economy in the latter portion of the first decade of the 2000s, we modified the standard New Keynesian dynamic stochastic general equilibrium (DSGE) model by embedding financial frictions in both the...

Outstanding of local government bonds in Japan has increased rapidly after the 1990s, and now reached the highest level. It is important to reduce and manage not only the outstanding amount of national government bonds but also local government bonds. We observe that the management system of...

This paper examines trend in labor income inequality for individuals in Japan with focus on young male. Gini coefficient and other inequality measures are computed for labor income of male, using data from Employment Status Survey which covers not only regular workers but non-regular, temporary...

One of the measures to cope with corporate scandals is monitoring by the administrative agencies. This paper refers the theory of the monitoring, inspects some current Japanese administrative monitoring systems and indicates desirable way to design social system based on law and economic theory....

The Japanese economy has experienced price deflation since the mid-1990s. Despite the importance of overcoming deflation, there has been little recent research on price expectations in Japan. This paper takes advantage of an original and rich quarterly household-level data set from the "Kokumin...

In this paper, a new applied general equilibrium model is presented, where monopolistic competition under the economy of increasing return to scale is explicitly implemented. The equilibrium data sets are compiled from the 2000 Input-Output Tables released in 2004. Implementing monopolistic...

Using short-term interest rates from the 1980s to 2003, we test the real interest rate parity between Japan and eight Asian countries. The parity can not be rejected for Singapore only. Tests by 5-year period show the number of rejections is smaller in the 2000s than in the first half of the...

This is a revision of our previous paper (Shimizutani and Noguchi (2002) ESRI Discussion Paper Series No.60) based on a new dataset extended to 2003. This study takes advantage of micro-level information to make a projection of demand for at-home care services in Japan. We have observed a rapid...

This paper analyses possible causes of large discrepancies among official data for imputed rent for owner-occupied dwellings in Japan, those including National Accounts, Regional Accounts, Input-output Table, and National Survey on Family Income Expenditure. By reviewing the methodologies used...

This paper analyzes the macroeconomic impact of high oil prices on various national economies. Using an analytical model, I show that oil price-real GDP/nominal price elasticities can be estimated roughly from current oil prices, GDP, and oil imports and exports. In contrast to large-scale...