A note on hump-shaped output in the RBC model

This note shows that a standard real　business cycle model with a specific parameterrange can weakly generate a hump-shaped　output response output to productivity　shocks. This result requires only that the technology shocks are nearly random walk

Persistence and Amplification of Financial Frictions

We quantitatively evaluate the various types of working capital loans affected by borrowing constraints using a simple real business cycle model. We explore which borrowing constraints generate persistence and/or amplified output responses to productivity and financial shocks. We find that limiting investment on account of borrowing constraints generates a persistent response to a one-time transitory shock. This finding implies that investment wedge plays an important role in generating persistence. There is a trade-off relationship between persistence and amplification among models and the working capital loan channel does not always generate amplification

Technology and Capital Adjustment Costs: Micro evidence of automobile electronics in the auto-parts suppliers

In order to make quantitative evaluations on the nature of capital adjustment costs, in the face of technological changes, we estimate capital adjustment cost functions, either convex, non-convex, or irreversible (Cooper and Haltiwanger, 2006). A simulated method of moments is applied to the Bellman equations at an establishment level of the Japanese auto parts suppliers (Census of Manufactures), where experiencing a technological change of automobile electronics, an application of general purpose technology (David, 1990; Jovanovic and Rousseau, 2005). Identifying when and where auto-electronics technologies have been embodied in the auto parts suppliers, we use patent acquisition data and plants' products items: electronically-controlled fuel injection; electric power steering; anti-lock brakes; airbags; navigation; wire harnesses; and lithium-ion batteries. For the overall auto parts suppliers, there are no adjustment costs in any form, neither convex, non-convex, nor irreversible. As for the sectoral plants with the automobile electronics embodied in the tangible capitals, we clearly detect a significant existence of the convex adjustment costs. Anomalously, auto-electronics also makes investment decisions reversible. Moreover, the fixed costs of plant restructuring, worker retraining, or organizational restructuring emerge, especially in a form of costs proportional to plant size rather than the opportunity cost of investment. The nature of adjustment costs implies economic policy measures to compensate for the output losses from the capital adjustment costs in the face of general purpose technologies.

温室効果ガス排出規制の地域間CGE分析

Although many CGE models have already been developed for analyzing the climate policy in Japan, most of them only investigate national level impacts. However, impacts of emissions regulations are likely to vary considerably by region because there are large regional differences in household expenditure pattern and industry structure. To investigate regional impacts of greenhouse gas (GHG) emissions regulations in Japan, we construct a new multi-regional CGE model with 9 regions in Japan and estimate regional GHG emissions. We analyze impacts of 10% reduction of GHG on regional GDP, welfare and production. Our simulation shows that regions with the higher share of energy-intensive industries and thermal power generation incur the larger loss in GDP

The Impacts of Firms' Technology Choice on the Gender Differences in Wage and Time Allocation: A Cross-Country Analysis

This paper investigates the impacts of firm technology choice on cross-country variations in gender gaps---particularly those variations in the wages and time devoted to home production. For this purpose, we construct a general equilibrium model that includes firm technology choice and home production. The numerical results reveal that the cross-country variations in both the wage and time gender gaps are substantially affected by technology choice---which suggests the persistence of the gender gap---and that a convergence in the technology choice across countries does not imply smaller cross-country variations in all gender gap--related measures

温室効果ガス排出規制の地域間CGE分析

Although many CGE models have already been developed for analyzing the climate policy in Japan, most of them only investigate national level impacts. However, impacts of emissions regulations are likely to vary considerably by region because there are large regional differences in household expenditure pattern and industry structure. To investigate regional impacts of greenhouse gas (GHG) emissions regulations in Japan, we construct a new multi-regional CGE model with 9 regions in Japan and estimate regional GHG emissions. We analyze impacts of 10% reduction of GHG on regional GDP, welfare and production. Our simulation shows that regions with the higher share of energy-intensive industries and thermal power generation incur the larger loss in GDP

The Impacts of Firms' Technology Choice on the Gender Differences in Wage and Time Allocation: A Cross-Country Analysis

This paper investigates the impacts of firm technology choice on cross-country variations in gender gaps---particularly those variations in the wages and time devoted to home production. For this purpose, we construct a general equilibrium model that includes firm technology choice and home production. The numerical results reveal that the cross-country variations in both the wage and time gender gaps are substantially affected by technology choice---which suggests the persistence of the gender gap---and that a convergence in the technology choice across countries does not imply smaller cross-country variations in all gender gap--related measures

A Regional CGE Analysis of Greenhouse Gas Emissions Regulations

Although many CGE models have already been developed for analyzing the climate policy in Japan, most of them only investigate national level impacts. However, impacts of emissions regulations are likely to vary considerably by region because there are large regional differences in household expenditure pattern and industry structure. To investigate regional impacts of greenhouse gas (GHG) emissions regulations in Japan, we construct a new multi-regional CGE model with 9 regions in Japan and estimate regional GHG emissions. We analyze impacts of 10% reduction of GHG on regional GDP, welfare and production. Our simulation shows that regions with the higher share of energy-intensive industries and thermal power generation incur the larger loss in GDP.応用一般均衡分析 地域間産業連関表 日本の温暖化対策 地域経済

The Impacts of Firms’ Technology Choice on the Gender Differences in Wage and Time Allocation : A Cross-Country Analysis

This paper investigates the impacts of firms’ technology choice on the cross-country variations in gender gaps, especially those of the wage and time devoted to home production which vary from country to country. For this purpose, we construct a general equilibrium model with firms’ technology choice as well as home production.The term technology includes labor market institutions, corporate culture and so onthat would affect the labor productivity of each gender in different ways and reflectsthe relative labor abundance of each gender. The numerical results show that the cross-country variations in both gender wage and time gaps are considerably affected by thetechnology choice, suggesting the persistence of the gender gap; and that a convergence in the technology choice across countries does not imply smaller cross-country variations in all measure of the gender gaps