A remark on the Wiener-Ikehara Tauberian theorem

In this paper we point out that the proof of Kable's extension of the Wiener-Ikehara Tauberian theorem can be applied to the case where the Dirichlet series has a pole of order "$l / m$" without much modification (Kable proved the case $l = 1$).Comment: 9 page

On equivariant maps related to the space of pairs of exceptional Jordan algebras

Let $\mathcal{J}$ be the exceptional Jordan algebra and $V=\mathcal{J}\oplus \mathcal{J}$. We construct an equivariant map from $V$ to $\mathrm{Hom}_k(\mathcal{J}\otimes \mathcal{J},\mathcal{J})$ defined by homogeneous polynomials of degree $8$ such that if $x\in V$ is a generic point, then the image of $x$ is the structure constant of the isotope of $\mathcal{J}$ corresponding to $x$. We also give an alternative way to define the isotope corresponding to a generic point of $\mathcal{J}$ by an equivariant map from $\mathcal{J}$ to the space of trilinear forms.Comment: 10 page

Long-term Employment and Job Security over the Last Twenty-Five Years: A Comparative Study of Japan and the U.S.

Taking advantage of a recent relaxation of Japanese government's data release policy, we conduct a cross-national analysis of micro data from Japan's Employment Status Survey and its U.S. counterpart, Current Population Survey. Our focus is to document and contrast changes in long-term employment and job security over the last twenty five years between the two largest advanced economies. We find that in spite of the prolonged economic stagnation, the ten-year job retention rates of core employees (employees of prime age of 30-44 who have already accumulated at least five years of tenure) in Japan were remarkably stable at around 70 percent over the last twenty-five years, and there is little evidence that Japan's Great Recession of the 1990s had a deleterious effect on job stability of such employees. In contrast, notwithstanding its longest economic expansion in history, the comparable job retention rates for core employees in the U.S. actually fell from over 50 percent to below 40 percent over the same time period. The probit estimates of job loss models in the two nations also point to the extraordinary resilience of job security of core employees in Japan, whereas showing a significant loss of job security for similar employees in the U.S. Though core employees in Japan turned out to have weathered their Great Recession well, we find that mid-career hires and young new job market entrants were less fortunate, with their employment stability deteriorating significantly. We interpret the findings, based on the theory of institutional complementarity, and derive lessons for policy makers around the world who are currently facing their own Great Recessions and developing effective policy responses.long-term employment, job security, Great Recession, Lost Decade, Japan and the U.S.

The Role of Uncertainty in the Term Structure of Interest Rates: A Macro-Finance Perspective

Using a macroeconomic perspective, we examine the effect of uncertainty arising from policy-shock volatility on yield-curve dynamics. Many macro-finance models assume that policy shocks are homoskedastic, while observed policy shock processes are significantly time varying and persistent. We allow for this key feature by constructing a no-arbitrage GARCH affine term structure model, in which monetary policy uncertainty is modeled as the conditional volatility of the error term in a Taylor rule. We find that monetary policy uncertainty increases the medium- and longer-term spreads in a model that incorporates macroeconomic dynamics.

"The Role of Uncertainty in the Term Structure of Interest Rates: A Macro-Finance Perspective"

Using a macroeconomic perspective, we examine the effect of uncertainty arising from policy-shock volatility on yield-curve dynamics. Many macro-finance models assume that policy shocks are homoskedastic, while observed policy shock processes are significantly time varying and persistent. We allow for this key feature by constructing a no-arbitrage GARCH affine term structure model, in which monetary policy uncertainty is modeled as the conditional volatility of the error term in a Taylor rule. We find that monetary policy uncertainty increases the medium- and longer-term spreads in a model that incorporates macroeconomic dynamics.

The Role of Monetary Policy Uncertainty in the Term Structure of Interest Rates

We examine the effect of uncertainty arising from policy-shock volatility on yield-curve dynamics. In contrast to the assumption of many macro-finance models, policy-shock processes appear to be time varying and persistent. We allow for this heteroskedasticity by constructing a no-arbitrage GARCH affine term structure model, in which policy-shock volatility is defined as the conditional volatility of the error term in a Taylor rule. We find that an increase in monetary policy uncertainty raises the medium- and longer-term spreads in a model that incorporates macroeconomic dynamics.GARCH, Estimation, Term Structure of Interest Rates, Financial Markets and the Macro-economy, Monetary Policy