A comparison of the Japanese and U.S. business cycles

This paper constructs a consistent set of quarterly Japanese data for the 1960–2002 sample period and compares properties of the Japanese and U.S. business cycles. We document some important differences in the adjustment of labor input between the two countries. In Japan most of the adjustment is in hours per worker of males and females and also in employment of females. In the U.S. most of the adjustment is in employment of both males and females. We formulate, estimate, and analyze a model that makes the distinction between the intensive and extensive margin and allows for gender differerences in labor supply. A weak empirical correlation between hours per worker and employment in Japanese data is a puzzle for our theory.     

Children's perception of dinner conversation with parents in Japan

The children's perception of dinner and dinner conversation with their parents was surveyed for sixth‐grade students of elementary school in Japan. The data were analysed from the gender of children and attending parents. The children had dinner and dinner conversation more frequently with their mother than with their father. With father attendance, girls and boys had the same frequency of dinner and dinner conversation, although, with mother attendance, girls had dinner conversation more frequently than boys. Most of the children felt happy when they had dinner with their parents. However, a lower percentage of children felt happy when having dinner conversation with their parents, thought that they were important to their parents and thought dinner conversation was useful. More children felt happy during dinner and dinner conversation with their mother than with their father. However, there was no perceived difference in the usefulness of the conversation based on the father or the mother attending. The contents of conversation were greatly affected by which parent was attending. Subjects concerning children's manners were talked about more frequently in conversation with mothers than with fathers. Children had more frequent conversations with their father about ‘social issues’ and the ‘parents’ surroundings’ than with their mother. Girls had more frequent conversations on a wider variety of subjects with their mothers than boys. Girls could more easily share in their mothers’ knowledge or sense of values through dinner conversation. Boys were, for the most part, excluded from this process in conversation with either parent.     

The Calendar Structure of the Japanese Stock Market: The ‘Sell in May Effect’ versus the ‘Dekansho‐bushi Effect’

We report on a seasonal pattern that has persisted in the Japanese stock market for more than half a century: Mean stock returns are significantly positive for months during the first half of the calendar year and significantly negative for months during the second half. Dubbed the Dekansho‐bushi effect, this seasonality is independent of other known calendar anomalies, such as the so‐called January effect. The Dekansho‐bushi effect should be distinguished from the ‘sell in May effect,’ because Japanese stocks perform well in June and poorly in November and December. The Dekansho‐bushi effect varies in magnitude among firms and is particularly significant among small firms with high book‐to‐market ratios. Nonetheless, the effect exists, regardless of a company's size or book‐to‐market ratio.     

Health and political regimes: Evidence from quantile regression

This study investigates how political regimes affect health conditions such as infant and child mortality rates and life expectancy using data from 180 countries observed between 1960 and 2013. Panel quantile regression is used to examine the effects at different intervals throughout the distribution of health outcomes. The estimation results indicate that democracy has significant positive effects on health outcomes and that its impacts are greater when health outcomes are worse. These results are robust to different democracy and health indices. The effects of different types of democracies and dictatorships are also considered, that is parliamentary, mixed (semi-presidential) and presidential democracies, and civilian, military and royal dictatorships. The parliamentary form of democracy has the largest positive impact on health outcomes at the worst quantile of health outcomes, although the difference in the impacts of the three types of democracies is not necessarily large. Furthermore, all types of dictatorships have a negative impact on health outcomes, with military dictatorship having the worst outcome when health outcomes are worse. Finally, the effects of democratization on health outcomes are significantly positive when the health outcomes are worse.     

Empirical study on the determinants of CO2 emissions: evidence from OECD countries

This article empirically investigates the Environmental Kuznets Curve (EKC) for CO₂ emissions in the cases of 11 OECD countries by taking into account the role of nuclear energy in electricity production. The autoregressive distributed lag approach to cointegration is employed as the estimation method. Our results indicate that energy consumption has a positive impact on CO₂ emissions in most countries in the study. However, the impact of trade is not statistically significant. The results provide evidence for the role of nuclear power in reducing CO₂ emissions only in some countries. Additionally, although the estimated long-run coefficients of income and its square satisfy the EKC hypothesis in Finland, Japan, Korea and Spain, only Finland's EKC turning point is inside the sample period of the study, providing poor evidence in support of the EKC hypothesis.     

Coalitional bargaining games with random proposers: Theory and application

We consider a non-cooperative coalitional bargaining game with random proposers in a general situation for which players differ in recognition probability and time preference. We characterize an efficient equilibrium as the generalized Nash bargaining solution that belongs to the core. The model is applied to wage bargaining between an employer and multiple workers. Although involuntary unemployment may occur in equilibrium, full employment emerges as players become sufficiently patient.     

Coverage area expansion, customer switching, and household profiles in the Japanese broadband access market

This paper examines the diffusion process of Internet broadband access in Japan by modeling the household choice of access modes. Estimates reveal that the characteristics of users, rather than those of the access modes, play a significant role in demand substitution across the modes. Simulation exercises indicate that had optic fibers (fiber-to-the-home; FTTH) been made available to the whole country in 2005, only 10% of households would have switched to that mode. This result implies that once chosen, the household choice of access mode persists, and that indirect network effects are an important element in decisions to adopt the new technology of broadband. Finally, policy implications are discussed.     

An artificial Wicksell–Keynes economy integrating short-run business cycle and long-term cumulative trend

Journal of Economic Interaction and Coordination - Economists have investigated how price–wage rigidity influences macroeconomic stability. A widely accepted view asserts that increased...