Inertia in the key currency

This paper empirically analyzes inertia in the position of the dollar as the key currency. We extend a money-in-the-utility model to one with parallel international currencies. We use an extended model to estimate a parameter in the utility function. Also, given the estimated parameter, we simulate a relation between depreciation and share of the dollar. The result indicates that the share of the dollar will not decrease even if the dollar depreciates at a moderate rate. Thus the dollar will keep its position as the key currency – inertia works in the key currency.     

Cultural Commonality and Specificity in Japanese and Euro-Canadian Undergraduate Students' Leisure Experiences: An Exploratory Study on Control and Positive Affect

Accumulated cross-cultural research indicates that North Americans typically emphasize primary control (e.g., changing the environment) and high-arousal positive affect (e.g., enthusiasm), whereas East Asians typically emphasize secondary control (e.g., adjusting oneself, accepting the environment) and low-arousal positive affect (e.g., calmness). Therefore, the purpose of this exploratory experience sampling method study was to examine cultural similarities and differences in Japanese (n = 41) and Euro-Canadian (n = 15) undergraduate students' control and positive affect as leisure experience. Results indicated that during leisure versus non-leisure participation, (a) both Japanese and Euro-Canadians experienced primary control and high-arousal positive affect more and secondary control (acceptance) less, and (b) Japanese alone experienced secondary control (adjustment) and low-arousal positive affect more. This cross-cultural study contributes to the leisure studies field, both theoretically and practically, by identifying cultural commonality and specificity in leisure experiences as well as leisure's potential role in enhancing psychological well-being.     

A Note on the Power of Money-Output Causality Tests

This study suggests that some empirical findings against money-output causality can be the consequence of ignoring autoregressive conditional heteroskedastic (ARCH) errors. Monte Carlo results confirm that ARCH effects drastically reduce the power of the standard causality test. The maximum likelihood approach allowing for ARCH effects, on the other hand, provides a good power performance. Using different specifications and sample period, Friedman and Kuttner (1993) and Thomas (1994) report limited evidence of money causing output. We detect significant ARCH effects in the models considered by these studies. Once ARCH effects are explicitly accounted for, we find that the monetary effect is significant though its magnitude is quite small.     

AN ENVIRONMENTAL RESTRICTION AND INCOME DISTRIBUTION IN A CAPITALIST ECONOMY

Let us consider a growing economy where capitalists organize production emitting pollutants. The government is supposed to issue emission rights in order to control the amount of emitted pollutants, while capitalists must control their emission of pollutants in accordance with the amount of emission rights they buy. It is assumed that workers are also allowed to purchase emission rights. We show that the conventional inverse relationship holds between the wage rate and the profit rate, and between per capita consumption and the growth rate in this economy. We also study how economic variables such as the wage rate and per capita consumption are affected by the workers' purchase of emission rights.     

NEGATIVE SURPLUS VALUE AND INFERIOR PROCESSES*

One of the most interesting results in value theory is that positive profits are consistent with negative surplus value. This result is obtained, using a two-commodity linear model with joint production. Since existence of an inferior process is always implied in a two-commodity model, the result has been supposed to be applicable to a limited type of technology. The purpose of this paper is to show that positive profits with negative surplus value do not necessarily imply the existence of such a process in higher dimensions. Although a different type of inferiority is implied, such a definition of inferiority is quite different from what is normally understood.     

Productivity Shocks and Monetary Policy in a Two-Country Model

In this paper, we examine the effects of foreign productivity shocks on monetary policy in a symmetric open economy. Our two-country model incorporates the New Keynesian features of price stickiness and monopolistic competition based on the cost channel of Ravenna and Walsh (2006). In particular, in response to asymmetric productivity shocks, firms in one country achieve a more efficient level of production than those in another economy. Because the terms of trade are directly affected by changes in both economies’ output levels, international trade creates a transmission channel for inflation dynamics in which a deflationary spiral in foreign producer prices reduces domestic output. When there is a decline in economic activity, the monetary authority should react to this adverse situation by lowering the key interest rate. The impulse response function from the model shows that a productivity shock can cause a real depreciation of the exchange rate when economies are closely integrated through international trade.     

The Contents-Based Website Classification for the Internet Advertising Planning: An Empirical Application of the Natural Language Analysis

This study proposes a model for website classification using website content, and discusses applications for the Internet advertising (ad) strategies. Internet ad agencies have a vast amount of ad-spaces embedded in websites and have to choose which advertisements are feasible for place. Therefore, ad agencies have to know the properties and topics of each website to optimize advertising submission strategy. However, since website content is in natural languages, they have to convert these qualitative sentences into quantitative data if they want to classify websites using statistical models. To address this issue, this study applies statistical analysis to website information written in natural languages. We apply a dictionary of neologisms to decompose website sentences into words and create a data set of indicator matrices to classify the websites. From the data set, we estimate the topics of each website using latent Dirichlet allocation, which is fast and robust method for sparse matrices. Finally, we discuss how to apply the results obtained to optimize ad strategies.     

Theorizing Leisure's Roles in the Pursuit of Ikigai (Life Worthiness): A Mixed-Methods Approach

The purpose of this mixed-methods research project is to theorize the linkage between leisure experience and life worthiness, or what the Japanese call ikigai. A grounded theory analysis of photo-elicitation interview data from 27 Japanese university students led to the inductive development of a substantive theory. This theory was then tested based on online survey data collected from 669 Japanese students using structural equation modeling. Results indicate that leisure pursuits enhance students’ perception of ikigai when they are valued as enjoyable and/or effortful. Moreover, the balance between overall enjoyment and/or effort is found to be a key mediator in the relationship between valuable leisure experience and life worthiness. Ikigai comprises the subjective perceptions that one's daily life is worth living and that it is full of energy and motivation. Our findings are discussed in light of relevant leisure and well-being theories as well as their implications for practice.     

Empirical investigation of the relationship between serious leisure and meaning in life among Japanese and Euro-Canadians

ABSTRACT

Serious leisure (SL) is a specific leisure experience characterised by perseverance, leisure career, personal effort, durable benefits, unique ethos, and identification with the activity. As it results in self-actualisation and self-expression, Robert Stebbins has proposed that SL does not only increase participants’ hedonic well-being (e.g. pleasant feelings), but also enhance their eudaimonic well-being [e.g. meaning in life (MIL), self-expressiveness, virtue]. Although this argument makes logical sense, it has not been empirically tested. The purpose of this research is to empirically examine the relationship between SL and eudaimonic well-being focusing on MIL. We used data from 207 Japanese and 202 Euro-Canadian middle-aged and older adults collected through a cross-sectional online survey. After multi-group confirmatory factor analysis, multiple mediation analyses were conducted to test whether SL core characteristics impacted MIL or its sub-dimensions (i.e. purpose, coherence, and significance) both directly and indirectly via personal and interpersonal rewards of SL. Results suggested that among Japanese, SL was positively related to MIL both directly and indirectly via SL’s personal rewards. Among Euro-Canadians, the direct link was limited to only a few MIL sub-dimensions, and indirect effects were not significant. These mixed results were discussed in relation to SL, eudaimonic well-being, and culture.