The Wage Rate and the Worker's Productivity: the Case of the Japanese Chemical Industry

The purpose of this paper is to analyze the relationship between the wage rate and the productivity of the blue-collar worker in Japan. In this paper, micro data from a factory of chemical industry in Japan is used for our empirical study. Our empirical results indicate that, if the index of the labor productivity is an appropriate index of the labor productivity, the labor productivity plays a crucial role in the determination of the wage rate in a particular Japanese chemical factory of the 1960s.     

Is There Private Information in the FX Market? The Tokyo Experiment

We provide evidence of private information in the foreign exchange market. The evidence comes from the introduction of trading in Tokyo over the lunch hour. Lunch-return variance doubles with the introduction of trading, which cannot be due to public information since the flow of public information did not change with the trading rules. We then exploit microstructure theory to discriminate between the two alternatives: private information and mispricing. Four key results support the predictions of private-information models. Three of these involve changes in the intraday volatility U-shape. The fourth is that opening trade causes mispricing's share in variance to fall.     

Weather Risk, Wages in Kind, and the Off-Farm Labor Supply of Agricultural Households in a Developing Country

This article investigates the effects of weather risk on the off-farm labor supply of agricultural households in a developing country, distinguishing different types of off-farm labor markets. A multivariate two-limit tobit model is applied to data from India. The regression results show that the share of the off-farm labor supply increases with weather risk, the increase is much larger in the case of nonagricultural work than in the case of agricultural wage work, and the increase is much larger in the case of agricultural wages paid in kind than in the cash wage case, suggesting farmers' considerations of food security.     

The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration

This paper investigates how the trilemma policy mix affects economic performance in developing countries. We find that greater monetary independence can dampen output volatility, while greater exchange rate stability is associated with greater output volatility, which can be mitigated by reserve accumulation; greater monetary autonomy is associated with higher inflation, while greater exchange rate stability and greater financial openness is linked with lower inflation; pursuit of exchange rate stability can increase output volatility when financial development is at an intermediate stage. Greater financial openness, when accompanied by a high level of financial development, reduces output volatility.     

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.     

Fiscal policy switching in Japan, the US, and the UK

This paper estimates fiscal policy feedback rules in Japan, the United States, and the United Kingdom for more than a century, allowing for stochastic regime changes. Estimating a Markov-switching model by the Bayesian method, we find the following: First, the Japanese data clearly reject the view that the fiscal policy regime is fixed, i.e., that the Japanese government adopted a Ricardian or a non-Ricardian regime throughout the entire period. Instead, our results indicate a stochastic switch of the debt-GDP ratio between stationary and nonstationary processes, and thus a stochastic switch between Ricardian and non-Ricardian regimes. Second, our simulation exercises using the estimated parameters and transition probabilities do not necessarily reject the possibility that the debt-GDP ratio may be nonstationary even in the long run (i.e., globally nonstationary). Third, the Japanese result is in sharp contrast with the results for the US and the UK which indicate that in these countries the government’s fiscal behavior is consistently characterized by Ricardian policy.