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Classification Numbers (classification + number)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting96%

Kinds of Classification Numbers

  • jel classification number
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    Selected Abstracts

    Uncertainty and Investment: Some Evidence from the Panel Data of Japanese Manufacturing Firms

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2000
    Kazuo Ogawa
    We analyse empirically the effect of uncertainty on fixed investment based on a panel data set of Japanese manufacturing firms. The uncertainty measure, represented by the conditional standard deviation of the sales growth rate, is constructed by employing three different statistical models. We also decompose the demand uncertainty into aggregate, industry-wide, and firm-specific forms of uncertainty. We find that uncertainty, in particular aggregate and industry-wide uncertainty, exerts a significantly negative effect on investment irrespective of the statistical methods chosen. We also find that this negative relationship between investment and uncertainty is closely related to the degree of irreversibility of capital. JEL Classification Number: D92. [source]

    International Duopoly, Tariff Policy and the Superiority of Free Trade

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2000
    Yutaka Horiba
    This paper addresses the effectiveness of tariff policy in the long-run production framework in which decisions must be made about plant size and the level of output to be produced by foreign duopolists competing with each other in the importing country's market. We consider two types of tariff regime, discriminatory and uniform, and show that the importing country's welfare is unambiguously higher in the uniform tariff case. We consider free trade in the same production framework and show that, as the long-run capacity decision becomes increasingly relevant relative to the short-run quantity decision, free trade dominates tariffs in welfare rankings. JEL Classification Number: F1. [source]

    Pareto-Improving Redistribution in a Monopoly

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2003
    Jacques Thépot
    This paper discusses the impact of income transfers between consumers of a monopoly. In this context, redistributing the incomes could induce an increase of the demand elasticity which leads to a lower monopoly price, beneficial to any consumer. Under mild assumptions on the demand function, we prove the existence of a transfer maximizing the market coverage which remains advantageous for any contributing consumer. It is proved that the producer is also better off. Then the transfer is Pareto-improving. In the linear demand case, analytical results are found. Extensions to Cournot oligopoly and natural monopoly pricing are considered. JEL Classification Numbers: D31, D64, H2, L13 [source]

    Altruism and Determinacy of Equilibria in Overlapping Generations Models with Externalities

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2003
    Alain Venditti
    This paper deals with an OLG model with production and a single commodity, in which agents are assumed altruistic and the aggregate production function contains external effects. I prove that, if the technology satisfies a minor assumption, which encompasses positive and negative externalities, some curvature conditions on the utility function ensure local determinacy of stationary and period 2 equilibria. I prove that non-separable, strictly concave preferences are a fundamental ingredient for the occurrence of indeterminate equilibria. Finally, considering the case of unbounded growth, I establish that for any utility and production functions a unique balanced growth path is globally determinate. JEL Classification Numbers: C62, E32 [source]

    Environmental Tax Policy and Long-Run Economic Growth

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2003
    Tetsuo Ono
    This paper focuses on two competing effects of environmental taxation on long-run economic growth. One is a negative force, which hampers production; the other is a positive force, which increases the level of environmental quality bequeathed to future generations. The analysis shows that there exists a critical level of the tax that balances one force with the other. If the tax is initially set below (or above) the critical level, then raising the tax rate is beneficial (or harmful) to economic growth. JEL Classification Numbers: D62, D91, H26, O11, O30, Q20 [source]

    Growth Effects of Free Trade under Increasing Returns

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2002
    Ilaria Ossella-Durbal
    This paper addresses the long-term sustainability of the growth effects from trade, within the context of a dynamic optimization model where the investment sector exhibits an initial phase of increasing returns. It is proved that the qualitative properties of trade and growth remain valid, even for decreasing, rather than constant, returns to scale in the consumption sector. That is, trade enables an economy to escape a "poverty trap" and enjoy unbounded growth. Moreover, the asymptotic long-run growth rate of the optimal consumption levels with trade is determined, establishing that trade has a beneficial effect on long-run growth. JEL Classification Numbers: O41, F12. [source]

    Low-Growth Equilibrium Accompanied by High Levels of Educational Attainment

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2002
    Koichi Yotsuya
    The paper demonstrates the low-growth trap associated with high educational attainment in an overlapping-generations model by examining the dual positive effect of senior educated workers in leading-edge technology: on technological progress and on young workers' on-the-job learning. If new technology is sufficiently productive, young workers will demand education to update technology when old, and high technological growth is sustained in the future. Conversely, if new technology is unproductive, they will demand education merely to improve the skills necessary for existing technology, and technological progress will stagnate. Nevertheless, vigorous investment in education occurs since young workers have little hope for on-the-job learning. JEL Classification Numbers: I20, J24, O33, O40. [source]

    Monetary Transmission and Inventory: Evidence from Japanese Balance-Sheet Data by Firm Size

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2002
    Kazuo Ogawa
    I analyse the response of inventories and short-term debts to monetary policy using disaggregated data on Japanese manufacturing firms classified by firm size. I find that monetary contraction decreases the inventories of large firms; however, inventories of small and medium firms increase considerably for the first several quarters. This implies that in a subcontracting system small and medium subcontractors serve as a buffer and alleviate the monetary shocks felt by their large parent firms. Moreover, inventory build-ups are financed by increases in accounts payable. I also find that for small firms land asset is important in easing credit conditions and increasing inventories. JEL Classification Numbers: E22, E32, E44, E51. [source]

    Effects of the Reform of the Social Medical Insurance System in Japan

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2002
    Atsushi Yoshida
    We estimate outpatient medical care demand functions and examine the effects of the 1997 reform of the medical insurance system. We focus on the issue of which persons have been most affected by the reform and on the extent to which price elasticities have changed since the reform. The estimation results show that the reform affected mainly dependants' demand for medical care, which implies that all members of the household shared the increase in the medical costs of the head of the household. Price elasticities ranged from ,0.18 to ,0.26 before the reform, and from ,0.08 to ,0.11 after the reform. JEL Classification Numbers: C35, I10, I18. [source]

    Globalization versus Protectionism: Consequences for Long,Term Growth and Welfare in the South

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2002
    Hans Jarle Kind
    This paper develops an endogenous growth model with two intrinsically symmetric regions, the North and the South. The analysis shows that globalization tends to increase long,term economic growth, but the South may become deindustrialized and suffer a welfare loss. I none the less find that protectionism need not reverse international inequalities: on the contrary, owing to locational hysteresis the South may lageven further behind. However, with continued globalization welfare in the South will unambiguously increase. JEL Classification Numbers: F12, F13, F15. [source]

    A Theory of Voluntary Unrequited International Transfers

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2002
    Murray C. Kemp
    This paper proposes a theory of voluntary unrequited international transfers which explicitly allows for an international externality such that the well being of each country is influenced by the well being of other countries. Formulating a simple two,country and two,commodity model, this paper shows that (a) either neither country extends aid to the other, or one country extends aid and both countries benefit from the aid; and (b) there exist acceptable (Arrow,Debreu) economies such that neither country extends aid to the other, and there exist acceptable economies such that one country extends aid to the other. JEL Classification Numbers: F11, F35. [source]

    The Choice of Optimal Protection under Oligopoly: Import Tariff v. Production Subsidy

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2002
    Tsuyoshi Toshimitsu
    Economists researching the area of optimal protection have tended to analyse the ranking of alternative policy tools in the presence of perfect competition, either when the government in an importing country achieves a non-economic target, or when there is a market distortion. Assuming international oligopolistic competition, I reconsider the choice of optimal policy instruments, i.e. an import tariff and a production subsidy. I show that the choice of optimal policy instruments depends on the relative number of home firms and foreign ones and on the magnitude of international cost differences. JEL Classification Numbers: F12, F13. [source]

    Are the Japanese Selfish, Altruistic or Dynastic?

    THE JAPANESE ECONOMIC REVIEW, Issue 1 2002
    Charles Yuji HoriokaArticle first published online: 18 DEC 200
    I analyse a variety of evidence for Japan and, where available, for the United States on bequest practices, the importance and nature of bequest motives, bequest division, the willingness of individuals to help others, etc., in order to shed light on which model of household behaviour applies in the two countries. My results suggest that the selfish lifecycle model is the dominant model of household behaviour in both countries but that it is far more applicable in Japan; that the dynasty model is also more applicable in Japan but is not of dominant importance even there; and, conversely, that the altruism model is far more applicable in the USA. JEL Classification Numbers: D12, D64, D91, E21. [source]

    Employment Risk and Optimal Trade Policies

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2001
    E. Kwan Choi
    This paper considers trade policies and welfare in a Harris,Todaro model with risk-averse workers. Workers are assumed to have identical and homothetic preferences, but their incomes differ, depending on whether and where they are employed. When workers are equally valued, maximizing social utility is equivalent to maximizing the utility of a rural worker. An optimal policy consists of a production subsidy on the exportable and an import tariff. This model explains the widespread use of import tariffs on manufactured goods along with production subsidies on the export sectors in many LDCs. JEL Classification Numbers: F13, D8. [source]

    Strategic Information Acquisition in Capital Markets*

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2001
    Andreas Szczutkowski
    A simple model of an asset market is presented, where agents are asymmetrically informed and hence information is transmitted through the price system. Prior to the trading period, a group of traders is given the opportunity to decide in a collusive arrangement whether they want to undertake a (costless) analysis which yields information about the future dividends of a risky asset. It will be shown that the fully rational and risk-averse insiders can do better without the information, if the dividend volatility of the risky asset is sufficiently low. JEL Classification Numbers: D82, G14. [source]

    Stable Optimal Cycles With Small Discounting in a Two-sector Discrete-time Model: A Non-bifurcation Approach

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2001
    Harutaka TakahashiArticle first published online: 18 DEC 200
    This paper presents a standard two-sector optimal growth model with general neoclassical production functions: strictly quasi-concave, twice continuously differentiable homogeneous of degree 1 functions. Instead of applying the standard local bifurcation theory, I exploit two well established properties in Turnpike Theory,"simple dynamics" and the Neighbourhood Turnpike, and, combining both results, I demonstrate that there exists an interval of the discount factor near 1 such that a corresponding optimal steady state is totally unstable and an optimal path converges asymptotically to a two-period cycle for a chosen discount factor in it. JEL Classification Numbers: O21, O41. [source]

    Taxation, Human Capital Accumulation and Economic Growth

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2001
    Shuanglin Lin
    Previous studies have shown that tax rates and the growth rate of output are negatively related under the assumption that government wastes tax revenues. This paper shows that, if tax revenues are used for human capital accumulation, tax rates and the growth rate can be positively related. An increase in the human capital tax rate will increase (decrease) the growth rate when the initial tax rate is small (large). An increase in the physical capital tax rate will increase the growth rate when savings are completely interest-inelastic. The effects of income taxes and lump-sum taxes on growth are also analysed. JEL Classification Numbers: E6, H2, O4. [source]

    Optimal Nonlinear Income Taxation and Heterogeneous Preferences

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2001
    Naosumi Atoda
    An attempt is made to find a nonlinear optimal income taxation structure for the Japanese income taxation system, assuming that individuals have heterogeneous preferences between income and leisure. Attention is paid to the horizontal equity considerations and the implications for income as distinguished between skilled and unskilled labour. JEL Classification Numbers: H20, H55, I31. [source]

    A Non-homothetic Globally Concave Flexible Cost Function and its Application to Panel Data

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2001
    Shinichiro Nakamura
    A new non-homothetic globally concave flexible cost function is introduced and applied to a panel of firms in the Japanese paper and pulp industry. This cost function is a mixture of the generalized McFadden form and the generalized Ozaki form due to Nakamura (1990). A generalized index of technical change is used in place of the standard quadratic form of time-trend. The estimated cost function satisfied global concavity, and the symmetry condition of the Slutsky matrix was not rejected. Homotheticity was strongly rejected. JEL Classification Numbers: C33, D24. [source]

    Nonlinear Pricing in General Equilibrium Models with Joint Production

    THE JAPANESE ECONOMIC REVIEW, Issue 1 2001
    Kazuya Kamiya
    This paper considers general equilibrium models of public utilities which produce either public goods or private goods. In the models, cases of increasing returns are not a priori excluded. The products of the public utilities and their costs are allocated to the consumers according to a rule that is dependent on information communicated to the public utilities. We show that if the public utilities follow a nonlinear pricing rule, the equilibrium allocations are always Pareto-optimal. Moreover, the message space is of finite dimensions. JEL Classification Numbers: D51, D60, H41, H42. [source]

    Estimation of the Investment Thresholds of Large Japanese Manufacturers

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2000
    Yuzo Honda
    We approximate the investment threshold by the point at which a logistic curve has the largest curvature of convexity. Our threshold estimates are 1.82 and 1.51 in Tobin's marginal Q for machinery manufacturers and chemical/metal manufacturers, respectively. These numbers lie in between the two estimates calculated by Barnett and Sakellaris for US manufacturers. Our estimates exceed one in all industries, which also agrees with Dixit and Pindyck's analytic result. The threshold for the electrical machinery industry is higher than the others. An increase in uncertainty raises the investment threshold, while an appreciation in asset value lowers it. JEL Classification Numbers: C23, E22. [source]

    Japanese Rice Market Liberalization: A Competitive Equilibrium Approach

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2000
    Hiroshi Fujiki
    This paper quantifies the effect of Japanese rice imports on the Japanese rice market with special attention to the farmland market in the year 2000, based on information available in 1997. Tariff and quota policies do not affect the equilibrium price of rice and rent significantly, given the current acreage controls. The removal of the acreage control programme would reduce the autarky price of rice by 30%. With free importation of rice into Japan, the price of rice would be halved, and the potential increase in the consumer surplus could be 0.3% of the 1995 Japanese GDP. JEL Classification Numbers: F14, Q17, Q18. [source]

    The Premium,Dividend Competition in the Prewar Japanese Life Insurance Industry: A Game-Theoretic Interpretation

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2000
    Yoshiro Tsutsui
    Between 1917 and 1935, Japanese life insurance companies competed with each other on a premium,dividend basis. We propose that such competition took the form of product differentiation, exploiting differences in discount rates or price expectations among policy-holders. Our model shows that under some conditions the introduction of such competition can be beneficial to the competitive companies. It is shown that these conditions were satisfied at that time, and that more detailed factors are also consistent with the model. JEL Classification Numbers: C72, D43, G22, N25. [source]

    Platforms and Real Options in Industrial Organization

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2000
    Ken-Ichi Imai
    We need a robust theory to analyse the dynamics of new industrial organizations that are being created by the explosion of information technology. This paper sets out a new theoretical perspective and suggests a new empirical framework towards formulating such a theory. The new conceptual tools of analysis presented here include the "platform" as a key element of new market structures, "real options" analysis to deal with genuine uncertainty, and an understanding of a new form of competition that takes place among different platforms. JEL Classification Numbers: L10, L12, L15, D81. [source]

    Japanese Contributions to the Theory of International Trade

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2000
    Paul Oslington
    This paper outlines a number of significant Japanese contributions to the theory of international trade in the postwar period, and identifies some of their characteristic topics and methods. It then seeks to explain these characteristics, with reference to Japan's intellectual and cultural heritage, its pressing national priorities, and the situation of the Japanese economist within Japanese society and the economics profession internationally. It is argued that despite these common characteristics we cannot speak meaningfully of a Japanese school of trade theory, although there is a characteristically Japanese approach to trade policy. Finally, some reasons for the neglect of Japanese contributions are explored. JEL Classification Numbers: B20, F19. [source]

    How to Determine the Number of Relations Among Deterministic Trends

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2000
    Michio Hatanaka
    Hatanaka (1998a) showed that the number of relations between deterministic trends of different variables played an important role in empirical studies of macroeconomic theories. In the present paper two methods are presented to determine the number from the time-series data. The one investigates eigenvalues of the data covariance matrix on a parametric model of trends accommodating interrelationships. The other analyses OLS residuals on the basis of a looser concept of interrelated trends. JEL Classification Numbers: C32, C50. [source]

    On the Optimality of Restricting Credit: Inflation Avoidance and Productivity

    THE JAPANESE ECONOMIC REVIEW, Issue 3 2000
    Max Gillman
    The paper presents a model in which the consumer uses up resources in order to avoid the inflation tax through the use of exchange credit. In an example economy without capital, the credit tax is optimal when the resource loss from credit use dominates the productivity effect and the inefficiency of substitution towards leisure as a result of the credit tax. The paper also examines second-best inflation policy in this context, given a credit tax. It then extends the economy to an endogenous growth setting and shows how restricting inflation avoidance can increase productivity. JEL Classification Numbers: E13, E51, E61, G21. [source]

    Optimal Growth with Endogenous Technical Progress: Hicksian Bias in a Macro Model

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2000
    Ryuzo Sato
    If productivity growth is endogenous, the question of whether to allocate some resources to increase the efficiency of capital needs to be examined in spite of the conventional wisdom that only Harrod-neutral technical progress is compatible with the steady state. This paper describes the crucial role that the production technology and research sectors play in determining the allocation of resources for accumulating physical capital and enhancing the productivity of inputs. We develop a model of biased growth, where, even in the steady state, the efficiency of capital and labour are increasing due to the allocation of resources to the research sector. JEL Classification Numbers: C62, O31. [source]

    Growth Effects of Bubbles in an Endogenous Growth Model

    THE JAPANESE ECONOMIC REVIEW, Issue 2 2000
    Koichi Futagami
    This paper examines the possibility of the existence of bubbles and their effects on the growth rate by using an endogenous growth model. A necessary and sufficient condition for the existence of steady-state equilibrium with bubbles is provided. If non-zero rates of the useless asset supply are allowed, a steady-state equilibrium with bubbles exists even if the growth rate of the bubbleless equilibrium is lower than the market interest rate. The growth rate in the steady state with bubbles depends positively on the supply rate of the useless asset. Dynamic properties of bubbles are also analysed. JEL Classification Numbers: E52, O41, O42. [source]

    The Efficiency Principle in Non-Cooperative Coalitional Bargaining

    THE JAPANESE ECONOMIC REVIEW, Issue 1 2000
    Akira Okada
    Applying the non-cooperative theory of coalitional bargaining, I examine a widely held view in economic literature that an efficient outcome can be agreed on in voluntary bargaining among rational agents in the absence of transaction costs. While this view is not always true, owing to the strategic formation of subcoalitions, I show that it can hold under the possibility of successive renegotiations of agreements. Renegotiation may, however, motivate bargainers to form a subcoalition first and to exploit the first-mover rent. This strategic behaviour in the process of renegotiation may distort the equity of an agreement. JEL Classification Numbers: C72, C78, D23, D61, D63. [source]