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『フフ・トグ/青旗』（1942年） 第74号（8月15日）
Get PDF大阪大学石濵文庫所蔵『フフ・トグ/青旗』（1942年）本書に転載・収録した『フフ・トグ/青旗』紙における写真等について，著作権者等からのご意見・質問がございましたら，大阪大学中国文化フォーラム事務局まで封書にてご連絡ください（住所は奥付に記載）。問題があった場合には，個々の著作物に応じて適切・誠実に対応します
『フフ・トグ/青旗』（1942年） 第86号（12月13日）
Get PDF大阪大学石濵文庫所蔵『フフ・トグ/青旗』（1942年）本書に転載・収録した『フフ・トグ/青旗』紙における写真等について，著作権者等からのご意見・質問がございましたら，大阪大学中国文化フォーラム事務局まで封書にてご連絡ください（住所は奥付に記載）。問題があった場合には，個々の著作物に応じて適切・誠実に対応します
Wage Inequality during the Long-term Stagnation in Japan : Changes within and between Establishments
No full textGeneral Equilibrium Model for an Asymmetric Information Economy without Delivery Upper Bounds
Get PDF* Revised：General Equilibrium Model for an Asymmetric Information Economy [13-27, 2013]* Revised：General Equilibrium Model for an Asymmetric Information Economy Economy with Endogenous Resale Upperbounds [13-27-Rev., 2015]In this paper, we introduce production into the standard general equilibrium model with asymmetric information, which was proposed by Dubey et al. (Cowles Foundation Discussion Paper 2000; Econometrica 2005). In such an economy, there is no rational explanation for producers' delivery upper bounds while the endowments naturally limit consumers' deliveries. However, we show that the typical equilibrium allocation of the asymmetric information economy necessarily and substantially depends on such exogenous upper bounds (Example 1 and Theorem 1). In other words, an equilibrium existence theorem without such upper bounds, even if such exists, will typically fail to treat the asymmetric information problem, e.g., the adverse selection problem. Hence, to treat the equilibrium existence problem under the informational asymmetry appropriately, we have to extend the standard model so that the delivery upper bounds need not to be specified explicitly. For this purpose, we propose a quite natural and realistic assumption with respect to the technological condition related to the market delivery, i.e., the existence of some small standardization, commoditization, and/or transaction costs of market deliveries is shown to be sufficient (Theorem 3)
Macroeconomic interdependence between a stagnant and a fully employed country
Get PDFJanuary 2014. Revised November 2014. Secondary Revised June 2017.This paper presents a two-country two-commodity dynamic model where one country achieves full employment and the other suffers from secular stagnation of aggregate demand. Own and spill-over effects of changes in preference, productivity and policy parameters are examined. Parameter changes that improve the stagnant country’s current account, such as a reduction in government purchases, a decrease in foreign aid and an improvement in productivity, raise the relative price of the home commodity. Consequently, home employment shrinks, deflation worsens and consumption decreases. The terms of trade for the full-employment country deteriorate. Thus, income and consumption decrease in both countries
Growth, Unemployment, and Fiscal Policy : A Political Economy Analysis
Get PDF* Revised： [14-30, 2014]* Revised： [14-30-Rev., 2015]This study presents an overlapping-generations model featuring capital accumulation, collective wage-bargaining, and probabilistic voting over fiscal policy. The study characterizes a Markov-perfect political equilibrium of the voting game within and across generations and shows the following results. First, greater bargaining power of unions lowers the growth rate of capital and creates a positive correlation between unemployment and public debt. Second, an increase in the political power of the old lowers the growth rate and shifts government expenditure from the unemployed to the old. Third, prohibiting debt finance increases the growth rate and benefits future generations; however, it worsens the current employed and unemployed
キギョウカン ノ ディスクロージャー ノ チガイ ガ カブシキ プレミアム ニ アタエル エイキョウ ニ カンスル ジッショウ ブンセキ
No full text* Revised： 情報偏在による株式プレミアムの実証分析[17-11, 2017]本稿は，ディスクロージャーが株式プレミアムに与える影響を分析している．また，ディスクロージャーの効果が市場の不確実性に依存して変化するかどうかという仮説も併せて検証している．分析の結果，市場の不確実性が低い状況では，株式プレミアムとディスクロージャーのレベルの間に，有意に負の関係は確認されないものの，市場の不確実性が高い状況では，ディスクロージャーのレベルと株式プレミアムの間に有意な負の関係が強く支持された．This paper analyzes the impact of the disclosure on the equity premium. We also investigate whether or not the effect of the disclosure on the premium depends on market uncertainty. We obtain the following empirical results. In the case that the market uncertainty is low, the equity premium and the level of disclosure have the insignificant negative relationship. In contrast, when the market uncertainty is high, the negative relationship between the level of the disclosure and the equity premium is strongly supported
