Economic Analysis Series No.175
THE ECONOMIC ANALYSIS

March, 2005
"What Accounts for the Onerous Care Burden at Home in Japan? Evidence from Household Data"
Satoshi Shimizutani
Haruko Noguchi
"Wage Determinants and Age Profiles in the Japanese Child Care Industry: Evidence from Employee-level Data"
Satoshi Shimizutani
Haruko Noguchi
"Changes in the Japanese Gender Wage Gap in the 1990s"
Akira Kawaguchi
"An Empirical Analysis of the Social Welfare Brought about by Inflation Targeting: The Case of the U.K."
Eiji Okano
"THE ECONOMICS OF EDUCATION IN JAPAN: A SURVEY ON EMPIRICAL STUDIES AND UNRESOLVED ISSUES"
Takashi Oshio
Wataru Senoh
"Climate Change Policy and Combination of Multiple Policy Instruments"
Toru Morotomi
"Applications of the Carlson-Parkin Method to Japanese Price Expectations"
Masahiro Hori
Akira Terai
"The Role of Expectations in Econometric Model Multipliers -An Illustrative Extension of the ESRI Short-Run Macroeconomic Model-"
Keiko Murata
Daiju Aoki
"EMOGRAPHIC PRESSURES ON PUBLIC PENSION SYSTEMS AND GOVERNMENT BUDGETS IN OPEN ECONOMIES"
Ralph C. Bryant
Manabu Shimasawa

The full text is written in Japanese.

(Abstract)

"What Accounts for the Onerous Care Burden at Home in Japan? Evidence from Household Data"

This study takes advantage of unique micro-level information to examine whether the care burden has decreased after the introduction of public long-term care insurance in 2000 and to investigate what factors determine the care burden in individual households.

"Wage Determinants and Age Profiles in the Japanese Child Care Industry: Evidence from Employee-level Data"

This study is the first comprehensive empirical assessment on wage determinants of child care workers in Japan. In particular, this paper focuses on the sectoral wage differentials among publicly owned and licensed private facilities and the wage-age profile among different types of management. To address these topics, we take advantage of a unique, large, and high-quality employer-employee matched survey data set on child care workers collected in the summer 2002.

"Changes in the Japanese Gender Wage Gap in the 1990s"

The gender wage gap change in the 1990s was decomposed using the micro data of the Basic Surveys on Wage Structure 1990 and 2000. The estimation result shows that the largest contributor to the gender wage gap decline was a relative increase in female service length. An overall decline in the slope of wage profile, a rise in the level of female education, and a shift in the labor force from the manufacturing industry to the service industry also contributed to the decline in the gender wage gap.

"An Empirical Analysis of the Social Welfare Brought about by Inflation Targeting: The Case of the U.K."

New Keynesian Open-Economy Macroeconomics (NKOEM) presents theoretical proofs that inflation targeting can improve social welfare. We attempt to analyze inflation targeting in the U.K. empirically. First of all, we construct a cashless small open-economy model conforming to the NKOEM. We estimate the feedback rule, the structural parameters and identify shock processes to simulate the imaginary paths of an economy in the U.K. if the central bank had not adopted an inflation targeting policy. This simulation shows that social loss have been reduced.

"THE ECONOMICS OF EDUCATION IN JAPAN: A SURVEY ON EMPIRICAL STUDIES AND UNRESOLVED ISSUES"

This survey aims to overview preceding empirical studies of education in Japan and figure out issues yet to be addressed. We classify the previous studies into six categories: 1) human capital and rates of return to education, 2) labor market and education, 3) educational attainment, 4) industrial analysis of education markets, 5) demand for education, and 6) education and social stratification. We then compare their purposes of analysis, methodology, conclusions and policy implications. There is a rich literature on each topic and we found many facts that are found by non-economic approaches but interesting from an economic viewpoint. A lack of data, however, limits empirical analysis and leaves many problems unresolved.

"Climate Change Policy and Combination of Multiple Policy Instruments"

In this paper we focus on distributive, allocation and environmental effects of alternative environmental policy instruments and their mix uses ("policy mix"). As a result of our analysis, the following conclusions are obtained; first, recent policy mix proposals have an effect to reduce the welfare losses. Second, the simultaneous use of tax and emissions trading as implemented in EU gives rise to no economic inefficiency. Third, the voluntary agreements can be regarded as a policy instrument for the regulator to acquire more accurate information from the regulated parties.

"Applications of the Carlson-Parkin Method to Japanese Price Expectations"

This paper introduces the Carlson-Parkin [1975] method (henceforth, CP) and its variants to beginners. Although the CP method is a positive attempt to derive an unobservable expectation series based on limited available information, there is plenty of room for improvements to make the derived series realistic.

"The Role of Expectations in Econometric Model Multipliers -An Illustrative Extension of the ESRI Short-Run Macroeconomic Model-"

This paper attempts to introduce forward-looking expectations to the ESRI Short-Run Macroeconomic Model. The effects of changes in fiscal and monetary policy are evaluated under two alternative expectation formations: adaptive expectations and forward-looking ones. For the latter, whether the shocks are anticipated or unanticipated is also considered. Although the model is a tentative version, in which agents' expectations are not formed in a strictly "model-consistent" manner, the simulation results show that the adjustment mechanism after a shock is affected by how expectations are treated in the model.

"EMOGRAPHIC PRESSURES ON PUBLIC PENSION SYSTEMS AND GOVERNMENT BUDGETS IN OPEN ECONOMIES"

This paper studies the domestic-economy and external-sector consequences of rising elderly dependency ratios brought about by earlier declines in fertility.

  • 1-6-1 Nagata-cho, Chiyoda-ku, Tokyo 100-8914, Japan.
    Tel: +81-3-5253-2111