Inflation targeting and product market deregulation : [Version Januar 2012]

I evaluate the effect of inflation targeting on inflation and how it interacts with product market deregulation during the disinflationary process in the 1990s. Using a sample of 21 OECD countries, I show that, after controlling for product market deregulation, the effect of inflation targeting is quantitatively important and statistically significant. Moreover, product market deregulation also matters in particular in countries that adopted an inflation targeting regime. I propose a New Keynesian Phillips curve with an explicit role for market deregulation to rationalize the empirical evidence

Banking deregulation

Banking law ; Regulation Q: Prohibition Against Payment of Interest on Demand Deposits ; Interest rates ; Depository Institutions Deregulation and Monetary Control Act of 1980

DEAとInverted DEAのノンパラメトリック検定を用いたわが国の電力各社の生産性に対する電力自由化の効果検証

This paper is verifying of the effects on the electric power deregulation in Japan to the productivity of each electric power company by using the parametric and nonparametric test of the DEA (Data Envelopment Analysis) and the Inverted DEA (Inverted Data Envelopment Analysis). In this paper, the first step of the evaluation of the relative efficiencies and inefficiencies of each electric power company for a total of 21 years before and after electric power deregulation. The second step of the verification of the effects on the electric power deregulation in Japan to the productivity of each electric power company by using the parametric and nonparametric test of the DEA and the Inverted DEA are clarified. The verification of the effects on the electric power deregulation of the productivity of each electric power company was identified statistically

Japan's Big Bang and the Transformation of Financial Markets

A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper examines how the bid-ask spread and conditional volatility in the yen/dollar foreign exchange market changed around the time of the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2) Modeling the persistence in volatility reveals that deregulation lowered conditional volatility.

Labor Market Outcomes of Deregulation in Telecommunications Services

[Excerpt] This paper examines the labor market outcomes of deregulation in the telecommunications industry, focusing specifically on changes in union density, real wages, wage inequality, and employment levels. Deregulation of telecommunications long distance and equipment markets began in 1984 with the dismantling of the highly unionized Bell System into AT&T (the long distance and equipment provider) and seven Regional Bell Operating Companies (RBOCs, the local service providers). Deregulation of local service has proceeded fitfully: while Congress intended to increase local competition with the passage of the 1996 Telecommunications Act, the RBOCs continue largely as monopoly providers. Despite only partial deregulation, however, former Bell System companies have fundamentally restructured their operations to compete with a growing number of new nonunion entrants; and they have focused heavily on cutting labor costs. Labor-management relations, cooperative under the prior regulated regime, have deteriorated substantially; and unions have had minimal influence on managerial strategies in the deregulated era (Keefe and Batt 1997). In this paper, we focus on three questions. First, what are the overall trends in unionization, real wages, and wage inequality since deregulation began? Second, what is the effect of deunionization on wage inequality in the industry as a whole and within occupational groups? Third, to what extent has inequality increased within both the union and nonunion segments of the industry? To answer these questions, we analyze the Current Population Survey (CPS) annual earnings files (1983 to 1996). We interpret these data in the context of field research on managerial and union strategies in response to deregulation