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Mechanistic basis for the recognition of laminin-511 by α6β1 integrin
Get PDFMamoru Takizawa, Takao Arimori, Yukimasa Taniguchi, Yu Kitago, Erika Yamashita, Junichi Takagi and Kiyotoshi Sekiguchi, "Mechanistic basis for the recognition of laminin-511 by α6β1 integrin", Science Advances, Vol. 3, No. 9, e1701497, AAAS, 201
The countervailing power hypothesis when dominant retailers function as sales promoters
No full textOctober 2016. Revised July 2017.We consider a downstream oligopoly model with one dominant and several fringe retailers, who purchase a manufacturing product from a monopoly supplier. We then examine how the supplier's outside option in uences the relation between the dominant retailer's bargaining power and the equilibrium retail price. If the market demand shrinks due to a breakdown of bargaining between the supplier and the dominant retailer, who works as a sales promoter for the product, there is a negative relation between the bargaining power and the retail price
Credit Booms, Debt Overhang and Secular Stagnation
No full textDecember 2016. Revised November 2017.Why do advanced economies fall into prolonged periods of economic stagnation? What is the role of asset prices and private sector indebtedness for the transition to and the severity of stagnation? In this paper, we present a stylized money-in-the-utility model with a housing sector and financial imperfections to study the interactions between household debt, liquidity and asset prices in an economy with persistent deation and stagnation. Stagnation occurs in equilibrium when a subset of households has insatiable liquidity preferences and hence prefers to hoard cash over consuming. We show that financially more advanced economies are more likely to enter into persistent stagnation. In addition, stagnation is more severe the higher private sector indebtedness. Moreover, credit or asset price booms can mask the underlying structural transition of an economy into stagnation in the short run though at the costs of severing the stagnation in the long run. These findings are in line with the macroeconomic developments in Japan during its lost decades and other major advanced economies during the Great Recession
Marginal Returns to Schooling and Education Policy Change in Japan
No full textMarch 2017. Revised October 2017.This paper examines the returns to university education in Japan, using tuition, availability of universities, and labor market conditions as instrumental variables. To measure availability of universities, this paper uses total accredited capacity of all universities in the prefecture of residence at the age of 15. This measure captures cross-time and crossprefecture variations, because birth cohort and prefecture dummies are also controlled. A set of education policy-relevant instruments allows for estimation of the marginal effects for individuals who are induced to enroll in university by policy changes. Using the estimated marginal treatment effect, this paper recovers the average treatment effect parameters. The main empirical result shows that an additional year of university education increases hourly wage by about 9% on the population average. This paper also finds heterogeneous effects by subpopulation groups: the average effect of a year of university education for those enrolled in university is about 17%, but less than 2% for those who did not enroll. Finally, this paper investigates the average returns for those who are induced to enroll in university by a particular policy shift, such as free tuition or an increase in the capacity of local universities. The results suggest that such policy changes bring about positive effects of university education