A note on the life-cycle search and matching model with segmented labor markets

Recently, there has been renewed interest in labor search and matching models that incorporate a life-cycle structure by assuming finite horizons. Existing studies provide detailed analyses on the age dynamics of job creation and destruction, assuming that workers of all ages search for jobs in the same market. This paper examines a related environment that has drawn less attention, where the labor market is exogenously segmented by age. The paper finds sufficient conditions for the model to yield unambiguous predictions on the age profiles of key variables, and compares them with the corresponding conditions in models with a single market. The paper further examines the age profiles of these key variables in the efficient allocation. In particular, with no persistence in idiosyncratic match productivity, the efficient allocation is found to exhibit monotonic age profiles for the job finding and separation rates.     

INTRA-INDUSTRY TRADE AND NATIONAL ENTRY POLICY

Abstract.  This paper analyses entry policy in an open economy using an intra-industry trade model. Entry policy is the policy by which a government regulates the number of firms in the country. Implementation of this policy is accompanied by subsidies. In this paper, only one country implements this policy and the other country does not enforce any regulations. We show that the national entry policy makes both countries better off than they would be at the market equilibrium if a certain condition is met. This means that national entry policy is not necessarily a beggar-thy-neighbour policy.     

Comprehensive management of chemical substances in a water environment using PRTR data.

The annual quantity of discharge of 354 chemical substances from each business has been released based on PRTR law in Japan since 2003. MLIT and municipalities should be responsible for managing chemical risk in public water bodies through communication with stakeholders, such as the public and businesses. However, it is economically difficult to measure the discharge loads and behaviour of all chemical substances and reveal which substances should be particularly managed in each basin. NILIM has begun studies on survey methods to understand the discharge and behaviour of chemical substances in each basin based on PRTR information, and to conduct risk management of chemical substances in cooperation with stakeholders such as the public and businesses. We selected 30 chemical substances, such as those listed or nominated in environmental criteria and endocrine disrupters, collected the volume of discharge of chemical substances from public and industrial wastewater treatment plants using PRTR information, and surveyed their behaviour in the river in the model area. As a result, the discharge of 12 chemical substances were reported in PRTR, and 17 substances were detected in the river. Some inorganic compounds were detected intensively near discharge sites reported in the PRTR. But some organic compounds and endocrine disrupters, such as oestrone, were detected although their discharge was not reported in the model area in the PRTR. It suggested that PRTR information is useful to identify hot spots, but further study is needed to understand the discharge of chemical substances from small businesses, farmland and houses.     

Optimal balanced growth in a general multi-sector endogenous growth model with constant returns

I will study a multi-sector endogenous growth model with general constant returns to scale technologies and demonstrate the existence, uniqueness and the saddle-path stability of the balanced growth equilibrium. I will first demonstrate the existence of a balanced growth equilibrium, by showing that the balanced growth rate associated with the balanced growth equilibrium is solely determined by solving a Frobenius root problem of the price equations derived from the Euler equations and the property of the nonsubstitution theorem. Then I will show the saddle-path stability of the balanced growth equilibrium without any capital intensity conditions, which is a generalized property proved in the two-sector endogenous growth models by de Guevara et al. (J Econ Dyn Control 21, 115–143, 1997), Bond et al. (J Econ Theory 68, 149–173 1996) and Mino (Int Eco Rev 37, 227–251 1996). The theorem clearly implies that the balanced growth equilibrium has a transition path in the neighborhood of the balanced growth equilibrium. The paper was presented at the conferences “Irregular Growth: Beyond Balanced Growth” held on June 19–21, 2003 in Paris and “Economic Growth and Distribution: On the Nature and Causes of the Wealth of Nations” held on June 16–18, 2004 in Lucca, Italy. From the discussion with Alain Venditti at CNRS-GREQAM, Gerhard Sorger at University of Vienna and the conference participants, I have been benefited much by writing this paper. Especially Alain Venditte had given me a chance to take a look at his unpublished paper titled ” Indeterminacy and the Role of Factor Substitutability” jointly written with Kazuo Nishimura at Kyoto University and published in Macroeconomic Dynamics, Vol. 8. The author also would like to thank an anonymous referee for useful suggestions.     

Speculative attacks with multiple targets

This paper examines a global games model of speculative attacks in which speculators can choose to attack any one of a number of targets. In the canonical global games model of speculative attacks with a single target, it is well known that there exists a unique equilibrium that survives iterative deletion of dominated strategies, characterized by the threshold values of the private signal and the fundamentals. This paper shows that with two targets, there is again a unique, dominance-solvable equilibrium. In this equilibrium, the threshold value of signal for attacking a given currency is a function of the signal for the other target, and the threshold value of fundamentals that determines the outcome of attack on one currency is a function of the other target’s fundamentals. Under certain condition on the noise distribution, the result is shown to extend to environments with any \(N\) symmetric targets. This paper then presents a number of numerical examples and shows, among other results, that more accurate private signals have a decoupling effect on the outcomes of attack on different currencies.     

Pricing Discrete Barrier Options Under Stochastic Volatility

This paper proposes a new approximation method for pricing barrier options with discrete monitoring under stochastic volatility environment. In particular, the integration-by-parts formula and the duality formula in Malliavin calculus are effectively applied in pricing barrier options with discrete monitoring. To the best of our knowledge, this paper is the first one that shows an analytical approximation for pricing discrete barrier options with stochastic volatility models. Furthermore, it provides numerical examples for pricing double barrier call options with discrete monitoring under Heston and λ-SABR models.     

Qualitative and quantitative studies of leadership in multinational settings: Meta-analytic and cross-cultural reviews

Much of the research on leadership has been conducted by Western researchers and has led to a largely Western and individualistic perspective on leadership. This has led researchers to raise questions concerning the extent to which these theories apply globally. In particular, do Western theories of leadership apply to the same extent in more communal Asian countries, such as Japan, China, Indonesia, and Thailand? Based on leadership studies conducted in Japan, we argue that Japanese leadership practices often differ from the styles practiced widely in the West. These differences in behavior have their roots in Japanese cultural traditions and business practices. Our conclusion is based on the results of meta-analyses of studies of the five most popular leadership theories used in the West, an empirical study of transformational and gatekeeper leadership, and in-depth qualitative case studies of three Japanese corporate leaders. We observe that there are relatively few qualitative studies of leaderships in international contexts, and propose that in order to understand leadership phenomena in a global context, it is necessary to take a triangulation approach, employing surveys, experimental manipulations, company records, and qualitative interviews.     

The analysis of research and development efficiency in Japanese companies in the field of fuel cells using patent data

Using patent data, a new quantitative analytical method categorizes the degree of integration of leading edge technologies in order to examine the current research & development (R&D) status and strategies of companies focusing in the fuel battery field, an area showing great potential as an alternative to fossil fuels. Specifically, this paper presents three types of categorization reflecting the International Patent Classification (IPC) of patent data, and introduces the concept of 'innovation positions', which is based on this categorization. Application purposes can be different between various industrial sectors, even within the same technological field; therefore, the progress status of R&D varies and that fact is reflected in innovation positions. Additionally, this paper makes clear that innovation positions reflect differences in companies' core competences, even in the same industry. Furthermore, by conducting an analysis based on F-terms, it has been shown that dissimilarities exist in the focus of companies in the technological development of elements, even for those with identical innovation positions. This analytical method provides an original approach to comprehend technological linkages and innovation.     

Sorption of polycyclic aromatic hydrocarbons into liposomes (artificial cell membranes) and the effects of dissolved natural organic matter

Dissolved natural organic matter (NOM) occurs widely in the aquatic environment and affects the fate of microorganic pollutants (e.g. intake, accumulation, movement, degradation, toxicity). The effect of NOM on the intake into biota (living cells) is very important. In the present study, the effects of coexisting NOM on the intake of microorganic pollutants into aquatic biota were experimentally evaluated. The NOM was concentrated from Lake Biwa water using a reverse osmosis filtration membrane. Two polycyclic aromatic hydrocarbons (PAH; pyrene and phenanthrene) were used as representative microorganic pollutants. Liposomes were synthesized in the laboratory to simulate living cell membranes and were used to investigate the intake of microorganic pollutants into aquatic biota. The experimental results (PAH onto NOM, NOM into liposomes, and PAH into liposomes) indicated that the sorption of PAH into liposomes was suppressed, apparently by PAH binding with NOM in the aqueous phase. This suggests that the accumulation and/or toxicity of microorganic pollutants can be retarded by NOM in the aqueous environment. Moreover, the experimental results indicated that sorption into liposomes (the liposome/water sorption coefficient, K_lipw) could be a better parameter for estimating the intake of microorganic pollutants into aquatic biota than the n-octanol/water partition coefficient (K_ow) in the aqueous environment.