This paper surveys and reexamines Fiscal Theory of Price Level's (FTPL, hereafter) theoretical framework as well as empirical and policy implications. A simple theoretical model, which unifies various models and notations scattered in the literature, is presented and reexamined through changes...

What do Japanese manufacturing companies achieve by investing in R&D? Is there no doubt among Japanese managers about the assumption that the more R&D, the better the companies perform? This paper deals with these issues by reviewing the previous research on the relationships between R&D...

The migration equilibrium model allows us to employ information on land rents to evaluate the effects of local fiscal variables. Several studies apply the model by Robach (1982), which measures the value of amenities, to the case of public capital, assuming that public capital does not affect...

I. Research Background The unemployment rate exceeding 5% indicates a serious situation in employment which rapidly deteriorated in the 1990s. This paper conducts an empirical analysis of creation and destruction of jobs (employment opportunities) and mobility of labor force (hiring and quitting...

This paper uses a unique census data on Japanese nursing homes to evaluate the determinants of nursing home exit and the price elasticity of the institutional care. We take two approaches to address these by making use of micro-level data from Kaigo Service Shisetsu Zigyousho Chousa (Survey on...

In this paper we conducted a detailed analysis of Japan's TFP growth by making use of the Japan Industrial Productivity Database (the JIP Database) which we have recently completed. We got the following results. 1.After taking account of the quality of labor and the capacity utilization rate we...

This discussion paper surveys empirical analyses on education in Japan, focusing on educational attainment, school efficiency, demand for education, and relations between education and social stratification. It compares purposes, methodologies, results and policy implications of previous...

Despite many analyses of the causes of Korea's 1997 financial crisis three questions still remain: 1) Why did a healthy-looking Korean economy come to a crisis so suddenly? 2) Why did the Korean economy get worse despite the announcement of bailout programs? and 3) Why could Korea succeeded in...

This paper describes the basic structure and multipliers of the revised version of the CAO Short-Run Macroeconometric Model of the Japanese Economy, which was firstly released in 1998 (Hori et al. [1998]). The model is basically a demand-oriented, traditional Keynesian-type model with IS-LM-BP...

This paper describes the tentative structure and multipliers of the revised version of the EPA Short-Run Macroeconometric Model of the Japanese Economy, which was released in 1998 (Hori et al. [1998]). The model is basically a demand-oriented, traditional Keynesian-type model with IS-LM-BP...