Depreciation width of the GDP deflator has expanded, influence of distribution sector is pointed out as a background of enlargement in depreciation width after 1999. This paper analyzes 1) effects of the fluctuations in distributor's margin ratio on GDP deflator and real GDP, and discusses the...

A number of hypotheses have been proposed to examine why Japan's household saving rate was high. This paper takes advantage of a micro-level data from Public Opinion Survey on Household Financial Assets and Liabilities to reexamine the effects of the bonus system on households' savings. We find...

During the 1970 's, Japan's economy attained sustainable growth and experienced considerable economic fluctuations, including the two Oil Shocks. There are various arguments on what caused the growth and fluctuations, but few attempts have been made to analyze them based on a neo-classical...

Japan's employee-based corporate governance is in a far-reaching transition, and has a larger presence of outside directors as board members in the 1990s. We examine how board composition affects measures for employment downsizing by constructing a unique firm-level measurement of excess...

This paper describes the basic structure and multipliers of the 2005 revised version of The ESRI Short-Run Macroeconometric Model of the Japanese Economy, which was first released in 1998 (Hori et al. [1998]). The model is basically a demand-oriented, traditional Keynesian-type model with an...

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...