DergiPark Akademik
Not a member yet
63137 research outputs found
Sort by
Low Interest Rates, Growth, and Sustainable Fiscal Policies
No full textThis paper establishes a growth theory that enable us to study fiscal policies in economies of low interest rates on debt. In order to explain low interest rates, we introduce financial frictions, namely, uninsurable idiosyncratic risk in capital income and borrowing constraints faced by firms, into a standard endogenous growth model. Interest rates on debt can fall below the economic growth rate, and then the government can sustain debt by running primary deficits. Low interest rates on debt arise from the shortage in liquidity, and thus those low rates are associated with low investment and slow economic growth. The choice faced by the government is either the set of deficits and slow growth or the set of surpluses and fast growth. We show that the current Japanese economy falls into a region of liquidity shortage. We evaluate fiscal policies at aiming fiscal surpluses above zero from the perspective of our model
Brain Tech, Neuro Tech, and Consumer Law : Exploring the Direction of a Paradigm Shift in Consumer Law in the Age of Neuromarketing
No full textTo Log or not to Log? : Proportionality in Time-Dummy Hedonic Price Indexes
No full textAugust 22, 2025Time-dummy hedonic models are widely applied in the construction of qualityadjusted price indexes for goods and services whose characteristics evolve over time. The specification of these models, particularly the transformation applied to the price variable, plays a decisive role in determining measured price change. This paper evaluates transformation choice within the framework of the proportionality axiom in index-number theory, which requires that if all prices in the comparison period are scaled by a positive constant, the index must be scaled by the same constant. It is demonstrated that, for time-dummy hedonic regressions with observed characteristics, the logarithmic transformation of prices—combined with the conventional exponential mapping of time effects-is the only specification that satisfies proportionality for all admissible datasets. Alternative transformations, including the Box-Cox family, do not generally meet this requirement when characteristics are present, except under highly restrictive, data-specific conditions. This paper provides clear implications for statistical agencies and applied researchers. The theoretical results are illustrated using both simulated datasets and scanner data from Japan, reinforcing the need for aligning hedonic price index construction with axiomatic principles.日本学術振興会23K25496時点・地点間で財が異なる場合の集計方法・指数構築に関する考察Abe's research work was supported by JSPS KAKENHI Grant Numbers 23K25496, 24H00012, and 25K05044
A Study on the Actual Conditions of Renewable Energy Use in the Japanese Prefectures based on the Third Nationwide Survey
No full textFour years has passed since the third nationwide questionnaire survey of prefectures on renewable energy policy in Japan was completed. Since then, the situations with which prefectures are faced have been changed drastically. In order to find out how prefectures react to such changes, and how are new trends in renewable energy policy emerging, the third survey was conducted from January 2025 through March 2025 jointly by the Hitotsubashi University, The Asahi Shimbun Company, Nagoya University, and Hokusei Gakuen University. There were responses from 47 prefectures, for a response rate of 100%. In this paper, we present the first aggregate analysis of replies to the questionnaire and issues that are expected from the results
