After the financial crisis deepened from September 2008, large US corporations temporarily had difficulty getting funding, but conditions have gradually improved since the beginning of 2009, in step with growth in corporate bond issuance. In the US, although nonperforming loans have hampered the...

Using a simple stochastic growth model, this paper demonstrates that the coefficient of variation of aggregate output or GDP does not necessarily go to zero even if the number of sectors or economic agents goes to infinity. This phenomenon known as non-self-averaging implies that even if the...

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent...

We study productivity dispersions across workers, firms and industrial sectors. Empirical study of the Japanese data shows that they all obey the Pareto law, and also that the Pareto index decreases with the level of aggregation. In order to explain these two stylized facts, we propose a...

We discuss superstatistics theory of labour productivity. Productivity distribution across workers, firms and industrial sectors are studied empirically and found to obey power-distributions, in sharp contrast to the equilibrium theories of mainstream economics. The Pareto index is found to...

Pour le Japon, les quinze dernieres annees ont ete marquees par une hausse excessive puis par une chute du cours des actions et du prix des terrains. Les "bulles speculatives" sont devenues le maitre mot. Il est donc naturel et comprehensible que de nombreux economistes japonais et etrangers se...