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Is GDP a Relevant Social Welfare Indicator? A Savers–Spenders Theory Approach GDP是相关的社会福利指标吗?储蓄者-消费者理论方法
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-10-19 DOI: 10.1111/jere.12116
Emmanuel Thibault
{"title":"Is GDP a Relevant Social Welfare Indicator? A Savers–Spenders Theory Approach","authors":"Emmanuel Thibault","doi":"10.1111/jere.12116","DOIUrl":"https://doi.org/10.1111/jere.12116","url":null,"abstract":"<p>The use of GDP as the main index of progress and welfare of a country has been the subject of a long debate among economists. Using and extending the savers–spenders theory, we analyse the theoretical relationship between GDP and the welfare of a society. This analysis is undertaken using several different overlapping generations models which all take into account the great heterogeneity of consumer behaviour observed in the data (different labour supply choices, different degrees of altruism and/or different degrees of impatience to consume). The results indicate that GDP (per capita) is often a relevant index and is always a decent social welfare indicator.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"68 3","pages":"333-351"},"PeriodicalIF":1.2,"publicationDate":"2016-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12116","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92301585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Portfolio optimization using dynamic factor and stochastic volatility: evidence on Fat-tailed errors and leverage 使用动态因素和随机波动的投资组合优化:关于肥尾误差和杠杆的证据
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-09-20 DOI: 10.1111/jere.12114
Tsunehiro Ishihara, Yasuhiro Omori
{"title":"Portfolio optimization using dynamic factor and stochastic volatility: evidence on Fat-tailed errors and leverage","authors":"Tsunehiro Ishihara,&nbsp;Yasuhiro Omori","doi":"10.1111/jere.12114","DOIUrl":"10.1111/jere.12114","url":null,"abstract":"<p>The portfolio optimization problem is investigated using a multivariate stochastic volatility model with factor dynamics, fat-tailed errors and leverage effects. The efficient Markov chain Monte Carlo method is used to estimate model parameters, and the Rao–Blackwellized auxiliary particle filter is used to compute the likelihood and to predict conditional means and covariances. The proposed models are applied to sector indices of the Tokyo Stock Price Index (TOPIX), which consists of 33 stock market indices classified by industrial sectors. The portfolio is dynamically optimized under several expected utilities and two additional static strategies are considered as benchmarks. An extensive empirical study indicates that our proposed dynamic factor model with leverage or fat-tailed errors significantly improves the predictions of the conditional mean and covariances, as well as various measures of portfolio performance.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"68 1","pages":"63-94"},"PeriodicalIF":1.2,"publicationDate":"2016-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12114","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129081134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Location Choice of Multinational and Local Firms in Vietnam: Birds of a Feather Flock Together? 跨国企业与越南本土企业的区位选择:物以类聚?
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-08-15 DOI: 10.1111/jere.12110
Chih-Hai Yang, Chung-Yueh Chiu, Meng-Wen Tsou
{"title":"Location Choice of Multinational and Local Firms in Vietnam: Birds of a Feather Flock Together?","authors":"Chih-Hai Yang,&nbsp;Chung-Yueh Chiu,&nbsp;Meng-Wen Tsou","doi":"10.1111/jere.12110","DOIUrl":"10.1111/jere.12110","url":null,"abstract":"<p>Vietnam enacted the <i>Enterprises Act</i> in 1999, leading to a sharp increase in the number of registered enterprises. Meanwhile, foreign direct investment (FDI) into the country continued to increase in the 2000s. Thus, this paper examines the location choice of multinational and local firms in Vietnam. We adopt the mixed logit model to conduct an empirical analysis of the possible interaction of neighbouring regions and attracting FDI. Using firm-level data for the period 2000–2005, the results show that most provincial characteristics exert similar influences on foreign and domestic entrants, except for wage rates, which exhibit an opposing effect. The agglomeration of FDI entices foreign and domestic firms to locate in the same region, whereas the agglomeration of local firms is less relevant to the location choice of all firms. The spatial interdependence effect of attracting investment is particularly relevant to local entrants. Provinces with more foreign (domestic) firms reveal a complementary (competition) effect on the attractiveness of their neighbouring provinces.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"68 1","pages":"95-114"},"PeriodicalIF":1.2,"publicationDate":"2016-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12110","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124540257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Endogenous Market Structure and Technology Licensing 内生市场结构与技术许可
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-07-26 DOI: 10.1111/jere.12111
Chin-Sheng Chen
{"title":"Endogenous Market Structure and Technology Licensing","authors":"Chin-Sheng Chen","doi":"10.1111/jere.12111","DOIUrl":"10.1111/jere.12111","url":null,"abstract":"<p>This paper analyses the optimal licensing strategy of a licensor firm that competes with potential licensee firms in an industry with endogenous entry. The optimal licensing strategy of the licensor firm is to have zero royalty and positive fixed fees, which is a result that sharply contrasts with the existing literature whereby licensor firms tend to charge positive royalties to their rival licensees. Under the optimal licensing strategy, the licensor firm and the licensee firms are active in the market, but not the non-licensed firms. This equilibrium market structure is socially desirable if the fixed production cost is not too small.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"68 1","pages":"115-130"},"PeriodicalIF":1.2,"publicationDate":"2016-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12111","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129491699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
Exchange Rate Predictability in Finite Samples 有限样本下的汇率可预测性
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-06 DOI: 10.1111/jere.12097
Hsiu-Hsin Ko
{"title":"Exchange Rate Predictability in Finite Samples","authors":"Hsiu-Hsin Ko","doi":"10.1111/jere.12097","DOIUrl":"10.1111/jere.12097","url":null,"abstract":"<p>The goal of the present study is to re-examine the exchange rate predictability with an approach that accounts for the negative effect of the finite-sample estimation error on forecast accuracy in the in-sample test. We consider various exchange rate models and find that despite the presence of significant population-level predictive content in the exchange rate model, the coefficients of the predictive variables could be small enough that, with the available sample, they are estimated so imprecisely that a random walk model can be expected to forecast at least as well as the exchange rate model.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 3","pages":"361-378"},"PeriodicalIF":1.2,"publicationDate":"2016-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12097","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77393069","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Does Retirement Change Lifestyle Habits?* 退休会改变生活习惯吗?＊
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12104
Hiroyuki Motegi, Yoshinori Nishimura, Kazuyuki Terada
{"title":"Does Retirement Change Lifestyle Habits?*","authors":"Hiroyuki Motegi,&nbsp;Yoshinori Nishimura,&nbsp;Kazuyuki Terada","doi":"10.1111/jere.12104","DOIUrl":"10.1111/jere.12104","url":null,"abstract":"<p>This study examines the effects of retirement on lifestyle habits to determine the relationship between retirement and health. Looking at panel data from the Japanese Study of Aging and Retirement, fixed effects with time effects methods are used to account for the endogeneity of retirement. We then apply the fixed effects with time effects instrumental variable methods, after checking that the endogeneity of retirement is excluded by using the Durbin–Wu–Hausman test. Basic pension eligibility age is the instrumental variable. Our results reveal that elderly Japanese people reduce their drinking and increase their walking, frequency of heavy exercise, and sleep time on weekdays after retirement. However, sleep time on holidays and smoking and appear unchanged. Only elderly Japanese women increase their frequency of light exercise after retirement.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 2","pages":"169-191"},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12104","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121223363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 27
Are Japanese Men of Pensionable Age Underemployed or Overemployed? 日本退休年龄男性就业不足还是过度就业?
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12094
Emiko Usui, Satoshi Shimizutani, Takashi Oshio
{"title":"Are Japanese Men of Pensionable Age Underemployed or Overemployed?","authors":"Emiko Usui,&nbsp;Satoshi Shimizutani,&nbsp;Takashi Oshio","doi":"10.1111/jere.12094","DOIUrl":"10.1111/jere.12094","url":null,"abstract":"<p>We investigate how Japanese men aged 60–74 adjust their workforce attachment after beginning to receive a public pension. Men who were employees at 54 gradually move to part-time work or retire after beginning to receive pension benefits; those who continue working tend to be underemployed. Men self-employed at 54, however, neither reduce their working hours nor retire, tending to be overemployed. In contrast, US men retire or become part-timers when they first claim social security; those who continue working are unlikely to be either overemployed or underemployed. Therefore, unlike US men, Japanese men are not choosing the optimal pensionable age and labour hours to maximize their intertemporal utility.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 2","pages":"150-168"},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12094","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130836682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Conference on Economics of Ageing in Japan and other Societies: Introduction 日本和其他社会的老龄化经济学会议:导言
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12105
Hidehiko Ichimura, Yasuyuki Sawada, Satoshi Shimizutani
{"title":"Conference on Economics of Ageing in Japan and other Societies: Introduction","authors":"Hidehiko Ichimura,&nbsp;Yasuyuki Sawada,&nbsp;Satoshi Shimizutani","doi":"10.1111/jere.12105","DOIUrl":"10.1111/jere.12105","url":null,"abstract":"","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 2","pages":"147-149"},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12105","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127792004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Issue Information- TOC 发布信息- TOC
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12106
{"title":"Issue Information- TOC","authors":"","doi":"10.1111/jere.12106","DOIUrl":"https://doi.org/10.1111/jere.12106","url":null,"abstract":"<p>No abstract is available for this article.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 2","pages":"145"},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12106","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137630209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Well-Being of Elderly Survivors after Natural Disasters: Measuring the Impact of the Great East Japan Earthquake 自然灾害后老年幸存者的福祉:衡量东日本大地震的影响
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2016-06-02 DOI: 10.1111/jere.12103
Saki Sugano
{"title":"The Well-Being of Elderly Survivors after Natural Disasters: Measuring the Impact of the Great East Japan Earthquake","authors":"Saki Sugano","doi":"10.1111/jere.12103","DOIUrl":"10.1111/jere.12103","url":null,"abstract":"<p>The Great East Japan Earthquake of 11 March 2011 had a devastating impact on the north-eastern part of Japan. In the quasi-experimental situation, using panel data collected 6 months after the earthquake, the present study examines the causal effects of the disaster on both the economic and psychological well-being of elderly survivors affected by the earthquake and tsunami. The results by difference-in-difference estimation show that there was a significant impact on expenditure and employment, but little significant impact on subjective well-being or health. The impact on well-being and health of survivors may have been mitigated by the early economic recovery.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":"67 2","pages":"211-229"},"PeriodicalIF":1.2,"publicationDate":"2016-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88632817","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
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