Uncovering the Goodhart's Law: Theory and Evidence

This paper addresses the Goodhart's Law in a cash-in-advance economy with monetary policy regime switching. Using the Japanese data of the money velocity, we found that although our cash-credit model fails to generate a downward trend in the actual velocity, the model succeeds in terms of velocity's variation and correlations with money growth rates or nominal interest rates, with procyclicality of velocity unpredictable.Goodhart' Law; velocity of money; Taylor rule; Markov regime swiching; cash-credit model

Interest Rate Smoothing and Time-Varying Premium: Another Look at Debt Management in Japan

We argue a source of time-varying premium (TVTP) in Japanese government bond market, and show that it is interest rate smoothing that causes empirical failures of expectation theory of term structure of interest rates. We estimate a regime switching ARCH model where an interest rate smoothing regime can be identified. Based on a model of time-inconsistency by Missale and Blanchard (1994), we further focus on a role of debt maturity in TVTP, which is an alternative to an ARCH process. Our robust empirical evidences support the expectation theory in Japanese government bond market. Moreover, in comparison with the ARCH process, debt maturity turns out to be a reliable proxy for the TVTP. This shows a possibility of a debt management policy in Japan: fiscal authority takes advantage of the debt maturity for price stability which is a target of monetary policy. It sharply contrasts with an evidence for ineffectiveness of the U.S. debt management policy by Wallace and Warner (1996)

Nurturing Strength of Extended Family: Toward longtermism as good ancestors

departmental bulletin pape

Innate Immune Effectors in Mycobacterial Infection

Tuberculosis, which is caused by infection with Mycobacterium tuberculosis (Mtb), remains one of the major bacterial infections worldwide. Host defense against Mtb is mediated by a combination of innate and adaptive immune responses. In the last 15 years, the mechanisms for activation of innate immunity have been elucidated. Toll-like receptors (TLRs) have been revealed to be critical for the recognition of pathogenic microorganisms including mycobacteria. Subsequent studies further revealed that NOD-like receptors and C-type lectin receptors are responsible for the TLR-independent recognition of mycobacteria. Several molecules, such as active vitamin D3, secretary leukocyte protease inhibitor, and lipocalin 2, all of which are induced by TLR stimulation, have been shown to direct innate immune responses to mycobacteria. In addition, Irgm1-dependent autophagy has recently been demonstrated to eliminate intracellular mycobacteria. Thus, our understanding of the mechanisms for the innate immune response to mycobacteria is developing

歯の喪失および食形態の違いがマウスの学習・記憶能に及ぼす影響

広島大学(Hiroshima University)博士(歯学)Doctor of Philosophy in Dental Sciencedoctora

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.