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 with a single target, it is well known that there exists a unique equilibrium that survives the iterative deletion of dominated strategies, characterized by the threshold values of the private signal and the fundamentals. This paper shows that with two targets, iterative deletion of dominated strategies yields a unique combination of threshold signal functions that are nondecreasing in the private signals of the other targetfs fundamentals, and threshold fundamentals functions that are increasing in the other targetfs fundamentals. The result is shown to extend to environments with any N symmetric targets. The key argument is to combine the iterative deletion procedure with the contraction mapping theorem. The paper then goes through 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 countries. Finally, this paper introduces public information and shows that the sufficient condition for unique equilibrium threshold functions is very similar to that for a unique equilibrium in the single-target model.

Life-Cycle Search, Match Quality and Japan's Labor Flow

The Japanese labor market displays U-shaped unemployment and separation rates, and declining job-finding rates as workers age. Traditional infinite horizon search models of the labor market cannot account for such patterns. We develop a life-cycle search and matching model that features random match quality and incorporates elements capturing several main characteristics of the Japanese labor market. We show that the model, calibrated for Japan, replicates the life-cycle properties of the data. Our model, following an empirically plausible productivity drop, produces changes in the steady state levels of the unemployment and finding rates similar in magnitude to those observed in Japan since the 1980s.

commerciallyA novel cultivated oral mucosal epithelial cell sheet transplantation (COMET) method using a commercially available regenerative product sheet originating from human ectopic autologous tissue

BACKGROUND: We report the first case of cultivated oral mucosal epithelial cell sheet transplantation (COMET) using a commercial product from a different human tissue. CASE PRESENTATION: An 80-year-old man presented with bilateral blurred vision secondary to corneal limbal stem cell deficiency (LSCD) caused by bilateral ocular cicatricial pemphigoid (OCP). The patient first noted the loss of visual acuity in his left eye at 56 years of age. He was referred to a local hospital and was diagnosed with uveitis. He was administered ten bilateral ocular sub-tenon injections of triamcinolone acetonide. The uveitis progressed to cataracts, requiring bilateral phacoemulsification with intraocular lens implantation. Although the uveitis gradually improved, his visual acuity deteriorated due to the LSCD caused by OCP. At 61 years of age, amniotic membrane transplantation was performed in the left eye. However, its effect was limited, and OCP continued progressing in both eyes. On referral to our hospital, he had only light perception on visual acuity testing. The COMET was performed in the right eye using a commercially available product sheet (Oculal®; Japan Tissue Engineering Co., Ltd., Aichi, Japan). Ten days postoperatively, epithelialization was observed in the cornea and conjunctiva. His visual acuity improved to 20/1000. The patient was discharged on the same day. CONCLUSION: This is the first report on the use of a commercially available ectopic product (Japan Tissue Engineering Co., Ltd., Aichi, Japan) originating from different human tissues (oral mucosa) for COMET. COMET may be a radical treatment for corneal LSCD

Optimal Macroprudential Policy for Korean Economy

Fujimoto et al. (2014) set up a model with financial frictions through search and matching between firms and banks in the loan market. They also show that optimal policy criteria in the model include terms of credit variables. In this paper, we calibrate the model of Fujimoto et al. (2014) for South Korea and investigate the simple and optimal monetary and macroprudential policy rules that include credit variables in addition to the consumption gap and inflation rate as explanatory variables. We compare the performances of a standard Taylor rule and these optimal rules. Numerical simulations show that the simple macroprudential and monetary policy rules with credit terms can induce higher welfare than the estimated Taylor rule for the Korean economy. Simultaneously, simple macroprudential and monetary policy rules with credit terms do not always improve welfare

Clinical Characteristics and Predictors of Mortality in Patients with Combined Pulmonary Fibrosis and Emphysema Syndrome and Lung Cancer

Rationale: We performed this retrospective study to clarify the clinical characteristics, survival and mortality predictors in patients with combined pulmonary fibrosis and emphysema (CPFE) and lung cancer. Methods: We retrospectively reviewed the medical records of a total of 123 patients with lung cancer, as confirmed according to histological or cytological examinations. Based on the findings of chest CT, the patients were categorized into four groups: LC+normal (n=70); LC+emphysema (n=26); LC+fibrosis (n=10); LC+CPFE (n=17). The clinical characteristics and survival of the LC+CPFE group were compared with those of the other groups. In addition, mortality predictors were evaluated in the LC+CPFE group. Results: The proportion of females was significantly higher in the LC+normal group than in the LC+CPFE and LC+emphysema groups. Significantly more patients were diagnosed with squamous cell carcinoma in the LC+CPFE group than in the LC+normal group. The proportion of patients whose primary mass was located in “nonsubpleural” areas was significantly higher in patients with CPFE who also had lung cancer in the upper lobe than in those with CPFE who also had lung cancer in the other sites. There were significant differences in survival between the LC+normal group and the other groups, whereas there were no significant differences in survival among the LC+emphysema, LC+fibrosis and LC+CPFE groups. In the LC+CPFE group, the patients with a high level of serum KL-6 at diagnosis and upper lobe lung cancer demonstrated a high risk of death. A high level of serum KL-6 at diagnosis was also independently associated with a high risk of death. Conclusions: Patients with CPFE and lung cancer may have distinct clinical characteristics. Strict follow-up is required in patients with CPFE and lung cancer whose serum KL-6 level at diagnosis is higher than the normal range and/or the primary mass of lung cancer is located in the upper lobe.ArticleJournal of Pulmonary and Respiratory Medicine.5(3):263(2015)journal articl

"A Preliminary Note on Product Development in the Chemical Industry" (in Japanese)

The purpose of this paper is to specify the factors that produce successful R&D in the Japanese chemical industry. A questionnaire survey covering 51 projects in 22 Japanese chemical companies was conducted and various statistical analyses were performed. First, we divided chemical products into two categories: industrial goods and consumer goods. In a comparison of successful projects with failed projects in industrial goods, statistically significant results were obtained for some organizational patterns, namely concept development activities. In a comparison of successful projects in industrial goods and consumer goods, statistically significant results for some organizational patterns were also obtained. To date, few studies have contained comprehensive empirical analyses of R&D projects in the Japanese chemical industry. This paper addresses this gap in the literature and suggests managerial factors which influence successful R&D projects. Furthermore, this paper examined the construct of "project success". That is, a statistical analysis was conducted on the relationship between the judgment of a project as a success or failure, and the factors that influenced that judgment. In deciding project success or failure, most firms focused on marketability, but some firms also focused on the technology developed by a project or on the future synergistic potential of the developed product. Although project evaluations were conducted ex-post, this paper' s preliminary research suggests that the results may also be applicable in the project selection stage or in pre-final evaluation stage.

Scintigraphic studies on the etiology of Ampulla Cardiomyopathy

SummaryBackgroundAlthough there are many reports on Ampulla Cardiomyopathy, its etiologic mechanisms are not well known.AimEtiology of Ampulla Cardiomyopathy was investigated by myocardial scintigraphy with various nuclear tracers.Subjects and methodsIn nine patients with Ampulla Cardiomyopathy, myocardial scintigraphy was performed at acute, subacute and chronic phases. Total defect score (TDS) of tallium-201 (Tl) or technetrium-99m sestamibi (MIBI) myocardial perfusion and iodine-123-beta-methyl-p-iodophenyl penta-decanoic acid (BMIPP) scintigraphies was calculated. Cardio-mediastinal ratio (H/M) and washout rate (WR) of early and delayed images of iodine-123-meta-iodobenzylguanidine (MIBG) scintigraphy were also calculated. The patients in whom TDS of myocardial perfusion scintigraphy at acute phase was 0, were classified into group N (n=5) and those with TDS≥1 into group D (n=4).ResultsTDS of BMIPP at acute, subacute and chronic phases was higher in D than in N; 28.8±10.3 vs. 7.2±4.7 (p=0.0039), 15.5±2.1 vs. 1.0±0.8 (p<0.0001) and 2.7±1.2 vs. 0 (p=0.05), respectively. WR of MIBG at acute phase was also higher in D (50.3±5.7% vs. 36.6±10.5%, p=0.05). H/M (dH/M) on the delayed images and WR at chronic phase were not different between the two groups. H/M (eH/M) on the early images was lower in D. Blood noradrenaline (ng/ml) at acute phase was higher in D than in N (1.21±0.55 vs. 0.45±0.33, p<0.05). Left ventricular ejection fraction (LVEF) was decreased in both at acute phase but it was lower in D than in N (48.1±3.7% vs. 69.9±9.7%, p<0.05) at subacute phase.ConclusionThese findings suggest that the etiology of Ampulla Cardiomyopathy is neurologically stunned myocardium induced by coronary microcirculatory disorder.Due to the significant amount of time that was necessary for normalization of wall motion in the D group, myocardial scintigraphy is believed to be also useful in assessment of severity

Efficient Risk Sharing under Limited Commitment and Search Frictions

This paper examines efficient risk sharing under limited commitment and searchfrictions. The model features a social planner and a continuum of risk-averseworkers, where the planner is able to provide consumption only to workers matchedwith the planner and faces an aggregate resource constraint, while workers can walkaway from the match in any period and search for a new match. The formation ofnew matches and the exogenous destruction of existing ones substantially expandthe set of feasible stationary allocations, providing a role for the social welfarefunction. In the benchmark case of the Benthamite social welfare function, wefind that the efficient stationary allocation exhibits novel consumption dynamics:Consumption begins at a relatively low level, converges toward a certain level whenthe participation constraint is slack, and jumps up when it binds. We then explorethe role of limited commitment in generating such rich consumption dynamics.JEL Classification Codes: D86, E21, E24, J64First Version: January 2011This is a substantially revised and refocused version of an earlier paper titled “Closing Labor Search and Matching Models in Contractual Environments.”This research was supported by Grants-in-Aid for Scientific Research of the JSPS (Kakenhi No. 23730187 and No. 26780114) and the Japan Economic Research Foundation.http://www.grips.ac.jp/list/jp/facultyinfo/fujimoto-junichi