Exploiting an ideal experiment situation, this paper provides clear evidence of consumption smoothing against an anticipated income change. Until FY2002, Japanese public employees received large and predictable bonus payments three times a year, but the third bonus in March was abolished in...

It is noteworthy that the cross-border technology flow has increased rapidly with progress of globalization in recent years. Although the issue on how intellectual property rights (IPRs) affect the international technology flow is of great interest, the empirical study using micro-data is not...

One of the urgent problems the Japanese economy is confronted with is understood how to raise the productivity of service industries which have more than 70% share in the total economy. The real problem in the current situation, however, is that the solution goes to a superficial and ad-hoc...

The middle 1990s began a serious economic recession for Japan known as the "lost decade". Productivity appears to be a contributing factor to the recession with service sectors receiving an especially bad reputation for low productivity compared to the manufacturing industries. But this...

This paper is an introduction to Dynare and New Keynesian, dynamic stochastic general equilibrium models. In recent years, micro-founded macroeconomic models is a hot topic in monetary policy analysis, for example, Yun (1996), Gali (2002). A simple new Keynesian model is often called new IS-LM....

The Great Depression in Japan, also known as the Showa Depression, was not as serious as the Great Depressions in other countries. There have been many arguments to back up this claim: Harada, Sato, and Nakazawa [2007] concluded that Japan's monetary policy alleviated the Depression. This...

Many studies agree that the Great Depression in the 1930s was caused by deflationary monetary policy, but few empirical studies have been conducted on the Showa Depression in Japan. Among them, some argue that fiscal policy is effective in stimulating the economy, but others do not. And, most...

Postwar Germany accepted a large number of workers, especially from Turkey, Italy, and Greece, in the course of the "German Wirtschaftswunder," or "Economic Miracle." After the ban on recruitment in 1973, the inflow of foreign workers to Germany decreased; however, due to the inflow of the...

Using the analytical framework of the environmental Kuznets curve, this study examines whether developing countries in the world enjoy the latecomer's advantage or suffer the latecomer's disadvantage in the area of environmental management and technology, with a focus on representative...

The estimations of economic losses caused by disasters are vital to tackle the national problem of alleviating the damage. The losses have been estimated by various entities such as governments, researchers, and think tanks. The estimated losses, however, vary by definitions, periods, and areas,...