We examine the effect of social pressure on the outcomes of football matches by assessing those matches that did not have spectators as a result of the COVID-19 pandemic. From the results of 768 matches with 43 unattended matches in Japan's top two divisions for the 2020 season, we find...

This study investigates the sources of Japanese business fluctuations since the 1990s, taking into account both external shocks (e.g., risk premium and foreign demand shocks) and domestic supply and demand shocks. We use the sign-restricted VAR model based on the theoretical model to identify...

This paper examines fiscal sustainability conditions in the Japanese economy estimating a Markov-switching vector autoregressive (VAR) model. Three fiscal sustainability conditions are identified in one VAR model: the stance of government, Domar (1944)-type GDP growth, and other factors. The...