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| No.203 |
Dynare and Dynamic Stochastic General Equilibrium Models: Application to New Keynesian Models
Koiti Yano
This paper is an introduction to Dynare and New Keynesian, dynamic stochastic general equilibrium models. In recent years, micro-founded macroeconomic models is a hot topic in monetary-fiscal policy analysis, for example, a simple new Keynesian model (new IS-LM) and an extended model (hybrid new IS-LM). This paper shows simulating new IS-LM and hybrid new IS-LM using Dynare. |
(2008.12) |
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| No.202 |
Labor Market Responses to Legal Work Hour Reduction: Evidence from Japan
Daiji Kawaguchi, Hisahiro Naito, Izumi Yokoyama
This paper examines the labor market responses to the change in legal work hour using the reduction of legal work hour from 48 hours in 1987 to 40 hours in 1997 in Japan. The results indicate that a one-hour reduction of legal work hours led to a reduction of 0.14 actual hours worked, but it was not accompanied by a reduction in monthly cash earnings. The resulting increase in hourly wage rate suppressed the recruitment of new school graduates. |
(2008.12) |
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| No.201 |
The ESRI Short-Run Macroeconometric Model of the Japanese Economy (2008 version)
- Basic Structure, Multipliers, and Economic Policy Analyses -
Fumikazu Hida, Kenji Tanaka, Hisano Umei, Koichiro Iwamoto, Hironori Shigihara
This paper describes the basic structure and multipliers of the 2008 revised version of The ESRI Short-Run Macroeconometric Model of the Japanese Economy, which was first released in 1998 (Hori et al. (1998)).
The model is basically a demand-oriented, traditional Keynesian-type model with an IS-LM-BP framework; however, it adopts recent developments in econometrics, such as co-integration, and error-correction to ensure long-run equilibrium. The use of the new techniques contributes toward the stabilization of the long-run behaviors in the model. Otherwise, the short-run properties have not largely changed from the previous versions.
The following are some of the multipliers of our policy simulations. The peak of fiscal multiplier, i.e., the effect of government investments on GDP, is about 1.1 in Japan. The effect of income tax reduction is smaller due to its leak to household savings. These characteristics of multipliers are not significantly different between 2006 and 2008 version. However, the effect of monetary policy don't become evident as time passes, this is a small difference from previous one. |
(2008.11) |
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| No.200 |
Disaster Risk Management and Supply Chains
Kenji Tanaka, Toshiya Uenoyama
We explore the difficulties among corporations that manage disaster risk. What encourages a company to manage its risks? We interview Japanese manufacturing companies to find out, noting that disaster risk management compensates for the vulnerability of supply chains. We also theoretically examine mechanisms that encourage companies to embark on risk management strategies. |
(2008.11) |
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| No.198 |
Is Japan an outlier in the information age?:
International comparisons on corporate reforms leveraged by information technology
Akihiko SHINOZAKI, Yusuke YAMAMOTO
The purpose of this study is to conduct an international comparison on corporate reforms and its effectiveness leveraged by information technology. Based on the multinational survey of 18,500 firms (effective response from 1,288 firms) in Japan, United States, Germany, and Korea, multiple comparison analysis reveals that Japanese firms are considerably behind in the effective introduction of information technology due perhaps to their reluctant stance toward corporate reforms, which makes corporate Japan an outlier among four countries in the information age. |
(2008.10) |
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| No.196 |
The Household Consumption Tax Burden in Japan
Hiroyuki Yashio, Yuichi Hasegawa
In this paper, we analyze the household consumption tax burden in Japan. One of characteristics of our research is to analyze it, taking into account other household burdens such as income tax and social security contributions. We analyze the effect of various tax reforms including consumption tax hike, introduction of reduced rate for food and combination of consumption tax hike and income tax reform. |
(2008.7) |
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| No.195 |
How to evaluate service output
Takanobu Nakajima
Is the low productivity of the Japanese service sectors a problem? The real problem is that the solution goes to a superficial and ad-hoc development of productivity improvement programs, but not to the fundamental discussion and research on service output definition and measurement. |
(2008.6) |
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| No.178 |
(Articles)
The Effect of Bank Failure on Client Firms -A Study on the Hanwa Bank's Failure-
Yoshiko Murakami
Risk Analysis of Pension Reserve Investment with Macro Economy Indexation under the 2004 Public Pension Reform
Tomoki Kitamura, Kunio Nakashima, Masaharu Usuki
How can IT Raise Productivity Linked with Workplace Re-organization and Human Capital in Japan?
Futoshi Kurokawa, Kazunori Minetaki
(Study)
Local Government Bonds and Fiscal Discipline
Takero Doi, Tomoko Hayashi, Nobuyuki Suzuki
(Reference note)
The ESRI Short-Run Macroeconometric Model of the Japanese Economy (2005 version) -Basic Structure, Multipliers, and Economic Policy Analyses-
Keiko Murata, Tatsuo Saito, Koichiro Iwamoto, Takeshi Tanabe
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(2006.11) |
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| No.176 |
Facilitation of Fund Supply and Small Business Failures
Yasuko Takezawa, Katsumi Matsuura, Masahiro Hori
A Trade-off Between Efficiency and Equity in Adopting Differential Rates to the Consumption Tax
Tomohiro Murasawa, Michio Yuda, Yasushi Iwamoto
Effect of Uncertain Fiscal Policy on Consumption: A Case in Japan
Masao Tsuri
Currency Devaluation and Price Expectation: Lessons from Okinawa in the beginning of the 1970s
Satoshi Shimizutani, Tatsuhiro Yogi
Why Has Japan's Fertility Rate Declined? An Empirical Literature Survey with an Emphasis on Policy Implications
Yuske Date, Satoshi Shimizutani
Survey: Did the TFP Growth Rate in Japan Decline in the 1990s?
Tomohiko Inui, Hyeog Ug Kwon
<Comment> Have the Deflationary Expectations Decreased the Money Multiplier?
Shigeyuki Hattori
<Reply> Expected Inflation Rate as a Determinant of Money Multiplier
Yasuyuki Iida, Yutaka Harada, Koichi Hamada
Family Life and Family Policy in Sweden: Implications for Japan
Tomoko Hayashi
The CAO Short-Run Macroeconometric Model of Japanese Economy (2004 version) -Basic Structure, Multipliers, and Economic Policy Analyses-
Keiko Murata, Tatsuo Saito
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(2005.6) |
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| No.173 |
An Empirical Analysis of the Recycling System of Waste Products in the Japanese Economy
Masahiko Shimizu, Mikio Suga, Takashi Saito, Masahide Hayashida, Toshiyuki Tanabe, Kazuyoshi Nakata
We developed an econometric model of Japanese economy in which resource recycling processes are explicitly introduced under "the Basic Law for Establishing the Recycling- based Society" and made some simulations of promoting recycling of iron scrap, glass bottle, aluminum ingot, waste paper and PET resin. |
(2004.3) |
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| No.170 |
Sectoral Productivity and Economic Growth in Japan: 1970-98
Kyoji Fukao, Tsutomu Miyagawa, Hiroki Kawai, Tomohiko Inui,
Ximing Yue, Yoshinobu Okumoto, Masakatu Nakamura, Masahide Hayashida, Kazuyoshi Nakata, Kensho Hashikawa,
Naoki Okumura, Yukako Murakami, Sumio Hamagata, Yuuki Yoshizawa, Shiko Maruyama, Chikako Yamauchi
We created JIP (Japan Industrial Productivity) database which contains annual information on 84 sectors, including 49 non-manufacturing sectors, from 1970 to 1998. It includes detailed information on factor inputs, annual input-output tables, and some additional data such as R&D stock, etc. at a detailed sectoral level. |
(2003.6) |
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, Michel Juillard