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Employment Status Persistence in the Japanese Labour Market 日本劳动力市场的就业状况
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-06-07 DOI: 10.1111/jere.12148
Jess Diamond
{"title":"Employment Status Persistence in the Japanese Labour Market","authors":"Jess Diamond","doi":"10.1111/jere.12148","DOIUrl":"10.1111/jere.12148","url":null,"abstract":"<p>The growth of non-standard employment has become a cause for concern for policy-makers trying to boost output and keep unemployment low while also maintaining job security. This paper estimates a dynamic unobserved effects model using the <i>Keio Household Panel Survey</i>, an individual-level panel data set, to investigate the effects on future employment opportunities of employment in Japan's non-standard employment and regular employment sectors. I find strong evidence of persistence within the labour market, suggesting that past employment experience has a significant impact on future labour market outcomes.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12148","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78604052","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: 1
Lethal Effects of Pollution and Economic Growth: Efficiency of Abatement Technology 污染的致命效应与经济增长:减排技术的效率
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-05-30 DOI: 10.1111/jere.12151
Asuka Oura, Yasukatsu Moridera, Koichi Futagami
{"title":"Lethal Effects of Pollution and Economic Growth: Efficiency of Abatement Technology","authors":"Asuka Oura,&nbsp;Yasukatsu Moridera,&nbsp;Koichi Futagami","doi":"10.1111/jere.12151","DOIUrl":"10.1111/jere.12151","url":null,"abstract":"<p>The accumulation of pollution negatively impacts human health. Extreme increases in pollution, in particular, may have lethal implications for human beings, and, indeed, all living organisms. This paper thus devises a new model of economic growth that takes into account these lethal effects of accumulated pollution via a pollution threshold to show two key results. First, if an abatement technology is relatively inefficient, there exists a stationary steady state in which consumption and pollution stop growing. Second, if the abatement technology is sufficiently efficient, there exists a path along which pollution decreases at an accelerating rate until it finally reaches zero. In this case, consumption grows at a constant rate.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12151","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133736257","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
Retailer Market Concentration, Buyer-Size Discounts and Inflation Dynamics 零售商市场集中度、买家规模折扣和通货膨胀动态
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-05-12 DOI: 10.1111/jere.12150
Mayumi Ojima, Junnosuke Shino, Kozo Ueda
{"title":"Retailer Market Concentration, Buyer-Size Discounts and Inflation Dynamics","authors":"Mayumi Ojima,&nbsp;Junnosuke Shino,&nbsp;Kozo Ueda","doi":"10.1111/jere.12150","DOIUrl":"10.1111/jere.12150","url":null,"abstract":"<p>This study considers the macroeconomic effects of retailer market concentration and buyer-size discounts on inflation dynamics. During Japan's “lost decades”, large retailers enhanced their market power, thus increasing the exploitation of buyer-size discounts in the procurement of goods. We incorporate this effect into an otherwise standard New Keynesian model. Calibrating to the Japanese economy during the lost decades, we find that these developments led to a deflation of approximately 0.1% annually.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12150","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85192379","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
Empirical Studies on Firm Dynamics, Job Creation and Productivity Growth in East Asia and Beyond: Introduction 东亚及其他地区企业动态、就业创造与生产率增长的实证研究:导论
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-05-03 DOI: 10.1111/jere.12149
Hyunbae Chun, Hyeog Ug Kwon
{"title":"Empirical Studies on Firm Dynamics, Job Creation and Productivity Growth in East Asia and Beyond: Introduction","authors":"Hyunbae Chun,&nbsp;Hyeog Ug Kwon","doi":"10.1111/jere.12149","DOIUrl":"10.1111/jere.12149","url":null,"abstract":"","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12149","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122749505","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
Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies 中央经济中平稳货币均衡的实际不确定性
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-03-27 DOI: 10.1111/jere.12145
Kazuya Kamiya, So Kubota, Kayuna Nakajima
{"title":"Real Indeterminacy of Stationary Monetary Equilibria in Centralized Economies","authors":"Kazuya Kamiya,&nbsp;So Kubota,&nbsp;Kayuna Nakajima","doi":"10.1111/jere.12145","DOIUrl":"10.1111/jere.12145","url":null,"abstract":"<p>We show that real indeterminacy of stationary equilibria, by which the set of stationary equilibria is a continuum and the real allocation varies among equilibria, may arise in some general equilibrium models with fiat money. The conditions under which such equilibria arise are: (i) each household optimally saves a constant amount of money; and (ii) at least two households face different budget constraints. We present various models, including a decentralized money search model and a centralized model with a monopoly firm, to explain how these conditions lead to real indeterminacy. Finally, we present a policy that uniquely implements any desirable outcome.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12145","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87140618","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: 1
Innovation and Employment Growth in Japan: Analysis Based on Microdata from the Basic Survey of Japanese Business Structure and Activities 日本的创新与就业增长:基于日本企业结构与活动基本调查的微观数据分析
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-03-27 DOI: 10.1111/jere.12146
Kyoji Fukao, Kenta Ikeuchi, Young Gak Kim, Hyeog Ug Kwon
{"title":"Innovation and Employment Growth in Japan: Analysis Based on Microdata from the Basic Survey of Japanese Business Structure and Activities","authors":"Kyoji Fukao,&nbsp;Kenta Ikeuchi,&nbsp;Young Gak Kim,&nbsp;Hyeog Ug Kwon","doi":"10.1111/jere.12146","DOIUrl":"10.1111/jere.12146","url":null,"abstract":"<p>This study, using microdata from the <i>Basic Survey of Japanese Business Structure and Activities</i>, empirically examines the relationship among innovation, labour hoarding and employment growth at Japanese firms from 1991 to 2010. The main findings are as follows. First, the labour force of many firms in Japan is above the optimal level (labour hoarding). Second, labour hoarding is more serious among larger firms. Third, firms do not adjust employment instantaneously; if they have surplus labour in the current period, they will gradually reduce it. This is consistent with the theoretical model on employment adjustment that we propose. Fourth, all else being equal, firms’ conducting R&amp;D are more likely to increase employment. Fifth, while we observe a negative correlation between firms’ total factor productivity growth and employment, total factor productivity growth through innovation has a positive impact on employment. Finally, in the manufacturing sector, product innovation, which we proxy by R&amp;D expenditure, has a positive impact on employment, while in the nonmanufacturing sector, process innovation, which we proxy by capital investment, has a positive effect on employment.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12146","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77675711","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: 12
Agency Contracts, Noncommitment Timing Strategies and Real Options 代理合同，非承诺时间策略和实物期权
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-03-27 DOI: 10.1111/jere.12144
Keiichi Hori, Hiroshi Osano
{"title":"Agency Contracts, Noncommitment Timing Strategies and Real Options","authors":"Keiichi Hori,&nbsp;Hiroshi Osano","doi":"10.1111/jere.12144","DOIUrl":"10.1111/jere.12144","url":null,"abstract":"<p>Given that an owner lacks the ability to commit to his or her timing decisions under a manager's hidden action, we consider the optimal design of the contract and the owner's optimal timing decisions. Using a real options approach, we show that, compared with the full commitment case, a higher (lower)-quality project is launched later than (at the same time as) the first-best case, whereas the replacement of the manager is (is not necessarily) made later if the hidden-action problem is severe enough (is not severe enough). Severance pay may serve to minimize the compensation for the manager's loss of corporate control.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12144","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117184330","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
Intergenerational Wealth Elasticity in Japan 日本的代际财富弹性
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-03-15 DOI: 10.1111/jere.12142
Kohei Kubota
{"title":"Intergenerational Wealth Elasticity in Japan","authors":"Kohei Kubota","doi":"10.1111/jere.12142","DOIUrl":"10.1111/jere.12142","url":null,"abstract":"<p>This study estimates the intergenerational wealth elasticity using original Japanese survey data and assesses factors explaining the intergenerational wealth elasticity, such as income, educational level, bequests and preferences. The age-adjusted elasticity of child wealth with respect to parental wealth ranges from 0.266 to 0.367, and transition matrices indicate that the intergenerational transmission of wealth persists more strongly in the tails of the distributions. The correlation between parent and child wealth mainly stems from income, education and bequests, which jointly constitute 63.9% of the wealth elasticity.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12142","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130549287","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: 4
Effects of Anticipated Fiscal Policy Shock on Macroeconomic Dynamics in Japan 预期财政政策冲击对日本宏观经济动态的影响
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-03-06 DOI: 10.1111/jere.12140
Hiroshi Morita
{"title":"Effects of Anticipated Fiscal Policy Shock on Macroeconomic Dynamics in Japan","authors":"Hiroshi Morita","doi":"10.1111/jere.12140","DOIUrl":"https://doi.org/10.1111/jere.12140","url":null,"abstract":"<p>This study investigates the effects of fiscal policy on macroeconomic dynamics in Japan with a particular focus on the effects of anticipated fiscal policy shock and the recent policies of Abenomics. We identify anticipated fiscal policy shock by combining excess stock returns for the construction industry and the vector autoregressive model with robust sign restrictions derived from a theoretical model. The primary result is that GDP and consumption respond positively to anticipated fiscal policy shock. In addition, the result of the historical decomposition that focuses on the period of Abenomics reveals that anticipated fiscal policy shock positively contributes to consumption dynamics.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12140","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92197248","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: 9
Privatization Neutrality Theorem: When a Public Firm Pursues General Objectives 私有化中立性定理:当上市公司追求一般目标时
IF 1.2 4区 经济学
Japanese Economic Review Pub Date : 2017-02-27 DOI: 10.1111/jere.12143
Kojun Hamada
{"title":"Privatization Neutrality Theorem: When a Public Firm Pursues General Objectives","authors":"Kojun Hamada","doi":"10.1111/jere.12143","DOIUrl":"10.1111/jere.12143","url":null,"abstract":"<p>This paper examines the privatization neutrality theorem when a public firm pursues general objectives other than welfare maximization. This theorem states that when the government gives firms optimal subsidies, welfare is exactly the same before and after privatization. However, we present a seemingly paradoxical result. When a public firm incorrectly assumes that subsidies change the welfare size, privatization is necessarily welfare neutral, whereas when the public firm correctly recognizes that subsidies only bring about income redistribution, without affecting welfare, the situations in which neutrality holds are limited.</p>","PeriodicalId":45642,"journal":{"name":"Japanese Economic Review","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/jere.12143","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133582073","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: 1
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