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An Essay On Inflation Targeting (1)
Get PDFAfter the Great Depression and World War II many countries aimed to realize economic growth and welfare societies by Keynsian-type demand expansion policies. As a result most of them suffered often from hyper inflation or stagflation and large fiscal deficits. Over recent years world circumstances have largely changed. The market economy has overwhelmed and globalized. The floating exchange rate system has prevailed. Governments and central banks have given priority to stabilizing economies. In particular there has been increasing interest in monetary policy, with much of this interest focusing upon the properties of monetary policy rules. One of the rules is the scheme of Inflation Targeting that aims to control inflation by establishing a target figure for the upper limit growth rate of the Price Index. In this issue I treat the outline and features of Inflation Targeting and the historical background of why has been introduced. Nowadays Japan suffered from deflation. Many politicians and economists have considered Inflation Targeting as a measure to overcome deflation. Can it be so? In the next issue I will examine the function and theoretical basis of Inflation Targeting.4KJ00002411889論文Articledepartmental bulletin pape
An Essay On Inflation Targeting (2)
Get PDFInflation is caused by the expansion policies of the government and support of them by the central bank. Whether these policies are based on some rules or are set at the discretion of the government has been a matter of controversy. Inflation Targeting adopted by many countries is characterized by the announcement of official target ranges for the inflation rate, by explicit acknowledgement that low and stable inflation is the main goal of monetary policy, and by delegating the execution of them to the central bank. Furthermore, Inflation Targeting includes increased communication with the public about the odjectives of the monetary policymaker, and, in many cases increased accountability of the central bank for attaining those objectives. In this issue I address the theoretical basis of why Inflation Targeting has been introduced in recent years by many countries. Nowadays the most critical problem in Japan is whether Inflation Targeting is effective enough to overcome deflation. This will be discussed in the next issue.1KJ00004616749論文Articledepartmental bulletin pape
History of standardizing complexty-reduction algorithm (Annex A) to 8-kbit/s G.729 in ITU-T and its Quality Assessment(Department of Information Expression)
Get PDFITU-Tの8 kbit/s音声符号化方式G.729の演算量削減版がAnnex Aとして勧告された経緯とのアルゴリズムの特徴、及び、品質評価について述べる。Annex Aは、電話網上でモデムを介して、PC等の端末装置間でディジタルデータと音声とを同時に送受する方式DSVD (Digital Simultaneous Voice and Data)のITU-T勧告V.70に使われることを主目的として、G.729の演算量削減により開発された。DSVD用音声符号化式は、低ビットレート、商用電話品質、短遅延時間、低演算量が望まれ、また、伝送効率の要請からVAD(voice Activity Detection)機能の併用が必須である。G.729 CS-ACELPは、演算量を除いてほぼすべて要求を満たしていたが、Annex Aは演算量を大幅に削減し、DSVDの要求に合致させたものである。品質評価は、日本語ほか複数国語で行われ、G.729本体とAnnex Aが相互に接続可能であり、かつ、所定の品質条件を満たすことが明らかとなった。DSVD方式はその後、インターネット上のバケット音声通信にとって代わられるが、音声符号化標準は広くVoIP(Voice over Internet Protocol)などに使用されその用途が拡大している。This paper presents the history of recommending Annex A to G.729 in ITU-T (international Telecommunication Union, Telecommunication Standerdization Sector) and quality assessment of the coder. The requirements for this system were toll speech quality, low complexity, and short delay time at low bit-rate less than 12 kbit/s, and were not met by existing speech coding standards. Rreduced complexity CS-ACELP was selected from among 5 candidates as the coding algorithm after extensive subjective selection tests and was recommended as Annex A to G.729. The subjective test in Japanese shows that this Annex is compatible with G.729 and meets all the requirements.3KJ00002411914論文Articledepartmental bulletin pape
Through the Looking-Glass : the Mirror Imagery of Sylvia Plath's Poems
No full text3KJ00004616753departmental bulletin pape
Traffic characteristics of PCS call-terminating control(Department of Information Expression)
Get PDFIn a personal communication system (PCS), a scheme for reforwarding call-terminating setup messages (SETUP messages) from a network is used to guard against their loss. We have developed simulation program for evaluating the traffic characteristics of a reforwarding scheme, in which messages registered in the paging-channel queue in a cell station are cyclically forwarded to the wireless area. This model corresponds to the finite-capacity BPP/D/1/N model with vacation time. We then added a method for calculating the "timeout" probability. Finally, using this program, we clarified the traffic characteristics of PCS call-terminating control.4KJ00002411915論文Articledepartmental bulletin pape
Factor Amalyses on Productivity in Japan : Towards Globalization, Marketization and IT investment
Get PDFIn the 1970s and 1980s, the Japanese economy achieved an excellent level of economic performance. Japanese companies succeeded in improving productivity to a remarkable extent during this same period. However, since the collapse of the bubble economy in 1990, the performance of the Japanese economy and that of Japanese companies has suddenly deteriorated. The main purpose of the present paper is to investigate the main causes of the sudden deterioration of economic performance in the Japanese economy and Japanese companies. Since I have already commented on the macro-economic causes in other books and papers, in the present paper I will concentrate mainly on the factors that influence productivity performance at industrial and firm level. In the 1980s, when Japanese companies achieved an excellent level of performance, the co-operative nature of the labour-management relationship and the human-oriented management in Japanese companies were assumed to contain the secrets of Japan's high productivity increase. In the 1980s, I confirmed by econometric analyses that those companies that had introduced worker participation and co-operative practices showed significantly better results in terms of productivity improvement (Maruo, 1983)'. However, since the 1990s, the situation has changed. Japan has had to shift its economy from the socalled "Gososendan" (Convoy) model to an open, competitive model led by the private sector so as to make more efficient and effective use of its resources. Japan was required to introduce a marketized economy at global level as well as the so-called global standards so as to be able to compete on an equal footing with other countries in international markets. Unfortunately Japan failed to make this critical transformation. The Japan Productivity Center for Social and Economic Development (JPC) set up a Committee for Productivity Structure Analysis 2 in 2002 and JPC conducted an enquiry among Japanese listed companies. The Committee analyzed the answers by econometric methods such as regressions, casual analyses and analyses of covariance structure. The causal relationship between productivity improvement and its underlying variables was made clear. Those analyses suggest that those companies that adapted positively to the market economy and the American way of management developed better than those companies that had adhered to the Japanese pattern of management. The enquiry suggests as well that those companies that took positive steps to introduce IT facilities and staff achieved better productivity performances. However, this does not imply that the human-oriented Japanese model of management should be abandoned. It is possible to maintain the merits of the system such as stakeholder consciousness, information sharing, mutual trust and close communication among "company members", while introducing IT system and a rational way of market-oriented management. A well-mixed model of rational management and human-oriented management has the potential to serve as a new model for the Japanese company of the future.5KJ00002411890論文Articledepartmental bulletin pape