Economics of Environmental Management in a Spatially Heterogeneous River Basin

This article examines the allocative efficiency of water quality management activities to protect endangered salmonid species in a heterogeneous watershed in the Pacific Northwest. Using an integrated hydrological, biological, and economic modeling framework, the relative efficiency of alternative policy targets such as temperature reductions and enhanced fish populations is investigated. Results indicate that the heterogeneous nature of riparian conditions and stream morphology influence the choice of management activities. Localized effects of management efforts on temperature are important to achieve small temperature reductions. However, as the desired magnitude of temperature reductions increases, the cumulative (longitudinal) effects become more important, and management efforts in more distant reaches are more efficient than efforts nearer the point of monitoring. Finally, if the underlying objective is to increase fish populations, targeting conservation efforts based on physical criteria such as water temperatures or other total maximum daily load regulations may lead to substantial inefficiencies.     

Bayesian analysis of time-varying parameter vector autoregressive model for the Japanese economy and monetary policy

This paper analyzes the time-varying parameter vector autoregressive (TVP–VAR) model for the Japanese economy and monetary policy. The parameters are allowed to follow a random walk process and estimated using the Markov chain Monte Carlo method. The empirical result reveals the time-varying structure of the Japanese economy and monetary policy during the period from 1981 to 2008. The marginal likelihoods of the TVP–VAR model and other fixed parameter VAR models are estimated for model comparison. The estimated marginal likelihoods indicate that the TVP–VAR model best fits the Japanese economic data.     

Teleconferencing in Japan : Use of audio conference systems and evolution towards video

The author considers the impacts of teleconferencing on business organizations in Japan. The findings presented are based on a survey of six companies currently using audio conferencing systems. It was found that real-time information exchange and speedy decision making were the chief benefits. While some time had been saved by reduced business travel, overall substitution for travel had not occurred. Several companies intend to install further audio systems, or plan to introduce video facilities in light of the disadvantages of audio, even though this involves considerable expenditure. Thus, given the potential for more economical systems with new digital sampling technology, the outlook for video is promising.     

Why Has Japan Failed to Escape from Deflation?

Japan has failed to escape from deflation despite an extraordinary monetary policy easing over the past 4 years. Monetary easing undoubtedly stimulated aggregate demand, leading to an improvement in the output gap. However, since the Phillips curve was almost flat, prices have hardly reacted at all. Against this background, the key question is why prices were so sticky. To examine this, we use sectoral price data for Japan and seven other countries including the USA, and use these data to compare the shape of the price change distribution across the eight countries. Our main finding is that Japan differs significantly from the other countries in that the mode of the distribution is very close to zero for Japan, while it is near 2% for other countries. This suggests that while in the USA and other countries the “default” is for firms to raise prices by about 2% each year, in Japan the default is that, as a result of prolonged deflation, firms keep their prices unchanged.     

Quality-Adjusted Prices of Japanese Mobile Phone Handsets and Carriers’ Strategies

In order to discuss oligopolists’ strategic determination of quality-adjusted prices (QAPs), we conducted a hedonic regression analysis using adjacent periods and estimated the QAPs of mobile phone handsets sold in Japan between 2002 and mid-2007 for each carrier. We observed (1) a decreasing trend in QAP for each carrier, (2) a more rapid decrease in the QAPs of the two smaller carriers’ handsets relative to that of the largest carrier, and (3) a turnover cycle of the QAPs between the two smaller carriers. If both small carriers decrease their QAPs at roughly the same time, neither will significantly increase their subscriber share, which can generate a turnover cycle of QAPs.     

商业信用合同的履行概率,其外部性及现金需求——中国案例

本文测算了商业信用合同违约风险对商业贸易和现金需求的影响。结果显示,外国直接投资企业为其贸易伙伴提供了大量商业信用,而中国的企业,无论是私营,还是国有企业,他们交易实行货到即时付款的比例很高。外国直接投资企业之所以是经济交易中信贷的提供者,是因为他们具有较高的商业信用合同执行技术(contract enforcement technology)。我们还发现商业信用合同的执行技术主要包括贸易物品的竞争力、竞争幅度、与地方政府的关系以及公司治理的性质。一个企业具有较高的合同执行概率,就可能提供大量的商业信用,并获得更大的交易量。合同执行技术对贸易交易量的弹性估计约为2.2。模拟显示如果合同执行概率提高,分布在75%,贸易交易量可增加24%,商业信用规模可增加30%。由于商业信用合约的不完备而导致的经济损失则是巨大的。此外,我们证实,高的商业信用合同执行技术通过商业信用量和交易量的增加而在经济中产生正外部效应。     

New office technology and the labour process in contemporary Japanese banking

Japanese banks account for the top nine of the world's ten biggest banks. Rationalization has led to increased control of employees in the sphere of labour management. This article examines labour management and working conditions in relation to the introduction of new office technology.