We have developed a computable two-country general equilibrium model with overlapping generations of agents. Two main issues are addressed: (i) how does the differential ageing process across countries affect international capital flow, and (ii) to what extent do the policy reforms play a...

This paper describes the basic structure and multipliers of the 2015 version of The ESRI Short-Run Macroeconometric Model of the Japanese Economy, which was first released in 1998. The model is basically a demand-oriented, traditional Keynesian model with IS-LM-BP framework; however, it adopts...

This study analyzes the educational achievement of immigrant children in Japan. Since foreign migrants began to enter Japan in large numbers in the early 1990s, their children, or the second generation born or raised in Japan, have largely come of age. A growing number of studies have pointed...

Recently the role of wages in deflation process has been rarely taken as a serious study subject in Japan. However, looking at prices in the economy as a whole from the cost side, wages are the biggest cost factor and, therefore, the development in wages should have a close relationship with the...

We have developed a multi-period computable endogenous growth overlapping generations model generated by the accumulation of human capital. To study whether ageing itself and policy reform that aims to cope with aging make any quantitative impact through human capital formation on the Japanese...

This paper introduces the Carlson-Parkin [1975] method (henceforth, CP) and its variants, which derive an inflation expectation series using actual inflation and published aggregates from a survey on individual economic agents, to beginners. We use the survey results from the Bank of Japan's...

As the household sector as a whole is very heterogeneous economically and socially, it is necessary to separate more homogeneous groups within the sector (United Nations et al. "System of National Accounts 1993"19.9). In this paper by sub-sectors of households according to size of income and net...

This paper rigorously justifies the approximation of aggregate imitational behavior in large populations by the deterministic dynamics given by Bjonerstedt and Weibull. We first clarify what models fit their formulation, in which the stochastic dynamics depends only on the average frequencies of...

We have developed a computable two-country general equilibrium model with overlapping generations of agents. Two main issues are addressed: (i) how does the differential ageing process across countries affect international capital flow, and (ii) to what extent do the policy reforms play a...

Japan's development of information technology (IT) is said to have lagged behind the U.S. throughout the "lost decade", as the 1990s are often described. However, if we harmonize the national accounts for the two countries, the contribution of IT to economic growth turns out to be nearly...