In this paper we propose an estimation strategy for DSGE models with occasionaly binding constraints, such as models with a zero lower bound for the nominal interest rate (ZLB). The usual likelihood approach is based on a first order approximation of the model around its deterministic steady...

The purpose of this paper is to estimate the effects of deflation on intergenerational inequality through the pension system. The current automatic adjustment mechanism (ADM) for pension benefits introduced in the 2004 Pension Reform is not activated during the deflation. The 2009 Pension...

The purpose of this paper is to conduct an empirical analysis on the impact of Japan's IT investment based on the revised macroeconomic data we build in this paper using 2005 Input-Output Table published March 2009. For this purpose, we build the time series data of Japan's IT investment and...

In this paper, we extract common factors from nearly 120 series of Japanese macroeconomic Panel Data as the diffusion index of business cycles, using the estimation method proposed by Stock and Watson (1998, 2002a,b). This model referred to as Approximated Dynamic Factor Model, can be estimated...

In this paper, we propose and evaluate the forecasting model of Coincident Composite Index (CCI) using Affine Term Structure Model of interest rates that consider the tendency of term spread leading business cycle by approximately 24 months. Our forecasting model modified the macro finance model...

In this paper we conduct an international comparison about the effective outcome of investment in information technology and corresponding corporate reforms. Based on an international survey of 18,500 firms in Japan, the United States, Germany, and South Korea, we divide effective respondent of...

This paper examines the factors that lie behind the intergenerational transfers (through bequests andeducational investment) and retirement allowances in Japan. It is based on our unique microdatataken from the "Survey of Family Relationship, Job Experience, and Intergenerational...

Managing disaster risks with low probability and high consequences is one of the big challenges for the Japanese disaster management policy. In this paper, a questionnaire survey on disaster management policy for sustainable disaster management was conducted from the perspective of...

This paper studies the quantitative impact of the efficiency of lender banks on their client firms' total factor productivity. By using the panel data for bank and firm characteristics including the efficiency of banks, we empirically establish the positive correlation between the growth and the...

There are two approaches to make a management style on the basis of post-modern political and administrative system. The first approach is positive approach to create a decision-making process based on volunteer, independency, and creativity of citizen. The second one is deliberative democracy,...