The Lost Decade in the Japanese Labor Market : Labor’s share and Okun’s Law

The purpose of this study is to reexamine two empirical regularities in the Japanese labor market : the constant labor share and Okun's law. The former law relates to the price of labor in the labor market while the latter is a quantity law; they represent suitable benchmarks for judging the condition of the labor market. Although there are more elaborate statistical techniques, these laws are frequently used because they can clarify the macroeconomic situation at a glance. First, a constant labor share is implied in theory by the CobbDouglas production function. Thus, labors share should be based on the production function. Labors share based on income has only been rising because of massive depreciation. Secondly, there have been several structural breaks in Okun's law since the bubble collapsed, and the potential growth rate has fallen.labor share, Okun's law

An Object-Oriented Model for Extensible Concurrent Systems: the Composition-Filters Approach

Applying the object-oriented paradigm for the development of large and complex software systems offers several advantages, of which increased extensibility and reusability are the most prominent ones. The object-oriented model is also quite suitable for modeling concurrent systems. However, it appears that extensibility and reusability of concurrent applications is far from trivial. The problems that arise, the so-called inheritance anomalies are analyzed and presented in this paper. A set of requirements for extensible concurrent languages is formulated. As a solution to the identified problems, an extension to the object-oriented model is presented; composition filters. Composition filters capture messages and can express certain constraints and operations on these messages, for example buffering. In this paper we explain the composition filters approach, demonstrate its expressive power through a number of examples and show that composition filters do not suffer from the inheritance anomalies and fulfill the requirements that were established