トップPDF chap12 Recent site activity Junji Kageyama's Homepage

chap12 Recent site activity  Junji Kageyama's Homepage

chap12 Recent site activity Junji Kageyama's Homepage

明海大学マクロ経済学:影山純二 ( 学生用 ) 12.2 例:海外の景気悪化 当初: 均衡 GDP が潜在 GDP に一致していたが海外の景気が悪化 12.3 課題 (A4 、上部に課題番号、学籍番号と氏名、計算過程も記入、読みにくい場合は減点 )

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chap11 Recent site activity  Junji Kageyama's Homepage

chap11 Recent site activity Junji Kageyama's Homepage

実質マネーサプライ: 名目マネーサプライから物価の影響を排除したもの = M s P • 名目マネーサプライで、実際にどれだけモノを購買できるか表す 例: 名目マネーサプライが 20% 、物価が 20% 上がる場合 • 実質マネーサプライは変化しない

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index Recent site activity  Junji Kageyama's Homepage

index Recent site activity Junji Kageyama's Homepage

11.4 総需要・総供給 (AD-AS) モデル . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 11.5 補足資料 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 第 12 章 長期的均衡への過程:物価と所得 65 12.1 均衡 GDP が潜在 GDP から乖離しているとき . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

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macro12 Recent site activity  Junji Kageyama's Homepage

macro12 Recent site activity Junji Kageyama's Homepage

sA 図 12.1: AK モデル (sA > n + d) • A が十分に大きければ、経済成長は止まらない。 – A を高めれば、経済成長率は永遠に高い。 – 所得の増加とともに成長率が低下しない。 – 所得水準は収束しない。

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chap01 Recent site activity  Junji Kageyama's Homepage

chap01 Recent site activity Junji Kageyama's Homepage

インフレ (物価上昇) が生じている場合の名目 GDP 成長率と実質 GDP 成長率の関係を示せ。. 好況の際の総需要と潜在 GDP の関係を示せ。.[r]

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chap03 Recent site activity  Junji Kageyama's Homepage

chap03 Recent site activity Junji Kageyama's Homepage

投資が利子率に対してより弾力的 ( 投資が利子率の変化に対してより大きく反応する ) になったとする。この時、投資と利子. 率のグラフはどうななるか。グラフを書きつつ説明せよ。[r]

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chap06 Recent site activity  Junji Kageyama's Homepage

chap06 Recent site activity Junji Kageyama's Homepage

6.4 定式化準備:変数一覧 内生変数 ( モデル内で決まる変数 ) : Y : GDP 、 R: 利子率。小文字の変数は外生変数 ( モデル外で数値が与えられる変数 ) IS : C : 消費、 I : 投資、 G : 政府支出、 T : 税金、 N X : 純輸出、 EX : 輸出、 IM : 輸入、 a : 基礎消費、 b : 限界消費性向、 m : 限界輸入性向、 i : 基礎投資、 d : 正の定数、 g : 基礎輸出、 n : 正の定数 LM : M s

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chap07 Recent site activity  Junji Kageyama's Homepage

chap07 Recent site activity Junji Kageyama's Homepage

明海大学マクロ経済学:影山純二 ( 学生用 ) IS 曲線の導出: 得られた 3 つの条件を 1 つのグラフにまとめる 7.2 貨幣市場の均衡: LM 曲線のグラフ表現 貨幣市場の均衡条件 ( 貨幣需要 = 実質マネーサプライ ) : L 1 + L 2 = M s

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chap10 Recent site activity  Junji Kageyama's Homepage

chap10 Recent site activity Junji Kageyama's Homepage

流動性のわなにおける財政政策と金融政策の効果を、 IS-LM モデルのグラフを用いつつ説明せよ。. 56.[r]

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chap14 Recent site activity  Junji Kageyama's Homepage

chap14 Recent site activity Junji Kageyama's Homepage

政府の能力的限界: 政府がわかる情報には限界がある。さらに情報把握や政策実行に時間のラグ (遅れ) がある 資源配分の歪曲: 市場ほど効率的に資源 (お金) を使えない. 将来世代への負担転嫁: 将来世代が現在世代のツケ (借金) を払うことになる[r]

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chap15 Recent site activity  Junji Kageyama's Homepage

chap15 Recent site activity Junji Kageyama's Homepage

) ↑→マネーサプライ (M s ) ↑→利子率 (R) ↓ • 90 年代前半まで、 M b ↑→ M s ↑→ R ↓。貨幣乗数が安定し、理論通り • 90 年代後半以降、 M b ↑→ M s 変わらず、 R は低位安定。流動性の罠へ陥る

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chap16 Recent site activity  Junji Kageyama's Homepage

chap16 Recent site activity Junji Kageyama's Homepage

バブル崩壊後より 2000 年代前半にかけて銀行の不良債権問題が日本の大きな経済問題だった。その解決法の 1 つとして銀行. 同士の合併が行われた。みずほ銀行、三井住友銀行、三菱東京 UFJ 銀行の母体となった銀行をそれぞれ調べて書け。[r]

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mdp13001 kageyama Recent site activity  Junji Kageyama's Homepage

mdp13001 kageyama Recent site activity Junji Kageyama's Homepage

This has two implications. First, parents use the same income-dependent relative preferences to measure their children’s well-being. Second, since parents obtain their own utility from consumption in adulthood, they care about their children’s consumption in their adulthood. To capture this latter aspect, I assume that parents are concerned with children’s growth that signals the children’s consumption in adulthood and measure children’s growth with educational output.

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kageyama 2014MGER Recent site activity  Junji Kageyama's Homepage

kageyama 2014MGER Recent site activity Junji Kageyama's Homepage

This is rooted in the findings in Kageyama (2012) , which empirically showed that the relationships between LEGAP and these happiness indicators are bidirectional. In one direction, LEGAP negatively affects both HPN and HPGAP . An increase in LEGAP raises women ’ s widowhood ratio, and, since widows are, on average, less happy, it lowers women ’ s average happiness, HPN, and HPGAP . We call this effect the “ marital-status composition effect ” as the marital-status composition plays a central role.

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op kageyama meikai Recent site activity  Junji Kageyama's Homepage op kageyama meikai

op kageyama meikai Recent site activity Junji Kageyama's Homepage op kageyama meikai

諸手当 交通費全額支給、資格手当 他 昇給 年1回(4 月) 賞与 年3回(6.12.3 月) 勤務地 総合職 [各事業所:本社/東京、支社/大阪、支店/福岡] 勤務時間 9:00∼17:30 (実働 7.5 時間)

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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

This paper models the strategic behavior of auction participants, and offers model-based quan- titative benchmarks for assessing the competitiveness and cost-effectiveness of this important mar- ketplace. Our model builds on the seminal “share auction” model of Wilson (1979) in which bidders are allowed to submit demand schedules as their bids. This model captures the strategic complexity of the Treasury’s uniform price auction mechanism very well, and it is in many ways related to classic models of imperfect competition such as Cournot. In particular, consider a setting (depicted in Figure 1) where an oligopsonistic bidder with downward sloping demand for the security knows the residual supply function that she is facing, and is allowed to submit a single price-quantity point as her bid. Following basic monopsony theory, this bidder will not select the competitive outcome (P comp , Q comp ), which is the intersection of her demand curve and the residual supply
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

September 1, 2016 Abstract This article examines the effect of government capital injections into financially trou- bled banks on corporate investment during the Japanese banking crisis of the late 1990s. By helping banks meet the capital requirements imposed by Japanese banking regula- tion, recapitalization enables banks to respond to loan demands, which could help firms increase their investment. To test this mechanism empirically, we combine the balance sheet data of Japanese manufacturing firms with bank balance sheet data and estimate a linear investment model where the investment rate is a function of not only firm pro- ductivity and size but also bank regulatory capital ratios. We find that the coefficient of the interaction between a firm’s total factor productivity measure and a bank’s capital ratio is positive and significant, implying that the bank’s capital ratio affects more pro- ductive firms. Counterfactual policy experiments suggest that capital injections made in March 1998 and 1999 had a negligible impact on the average investment rate, although there was a reallocation effect, shifting investments from low- to high-productivity firms.
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

• We have assumed that there is only one hedge fund style. What might change if we consider multiple hedge fund styles in the model industry? If the manager’s talent also involves an aptitude for one style over another, then this would be equivalent to having several styles calibrated independently. Since the policy results hinge on broad features of the model and the data, the outcomes of policy experiments are unlikely to change much. The only difference is that some styles tend to rely more heavily on leverage than others, so those are more likely to be hurt by leverage limits. In the working version of the paper, we show that most styles have reported leverage around 1. Out of the fourteen styles considered, four report leverage of around 2 (Convertible Arbitrage, Fixed Income, Equity Market Neutral and Relative Value), and three styles report leverage higher than 2 (Fixed income arbitrage, CTAs and CPOs). Table 8 shows the impact of a leverage cap of 1 on the industry
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

1765 Table IX Financial Health of Local Banks and Failed Bank Acquisition Likelihood This table reports results of a fixed effects logit regression. The dependent variable Pr(acquisition) takes the value of one if potential acquirer j acquires failed bank i and zero otherwise. Tier 1 Capital Ratio (potential acquirer) is the Tier 1 capital ratio of the potential acquirer. Leverage Ratio (potential acquirer) is the common leverage ratio of the potential acquirer (the ratio of Tier 1 (core) capital and (adjusted) total assets). Distance is the average pairwise distance (in 100-mile increments) between all pairs of branches of the failed bank and potential acquirer. Distance (% CRE Loans) is the absolute difference between the failed bank’s and the potential acquirer’s percentage of total loans held in CRE loans. HHI is the average increase in local deposit market concentration that would result from potential acquirer j acquiring the branch network of failed bank i. HHI ranges from 0 to 1,000, where 0 indicates a merger that does not increase local market concentration and 1,000 indicates a merger that transforms a perfectly competitive local market into a local monopoly. P50 Tier 1 Capital Ratio of Local Potential Acquirers is the median Tier 1 capital ratio of the failed bank’s local potential acquirers. Local potential acquirers are potential acquirers whose branch network overlaps in at least one zip code with the branch network of the failed bank. % Well-Capitalized Local Potential Acquirers is the percentage of local potential acquirers whose Tier 1 capital ratio is above the median Tier 1 capital ratio across local potential acquirers. P50 Tier 1 Capital Ratio Close CRE Potential Acquirers is the median Tier 1 capital ratio in the group of close CRE potential acquirers. Close CRE potential acquirers are potential acquirers within the first quartile of loan portfolio closeness according to the CRE distance metric. % Well-Capitalized Close CRE Potential
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

III.B. Search Costs/Information Frictions An additional (but not mutually exclusive from product dif- ferentiation) possible explanation for the observed price disper- sion is the influence of search/information frictions faced by in- vestors. A large theoretical literature shows that costly search can sustain price dispersion in homogeneous product markets (e.g., Burdett and Judd [1983], Carlson and McAfee [1983], and Stahl [1989]). Given the very large number of mutual funds offered, it seems reasonable to presume that investors must make some information-gathering investments before deciding between fund alternatives. The presence of a sizable market to reduce investor search costs supports this notion. Several commercial mutual fund ranking services and information aggregators exist (Morningstar, Lipper, Valueline, Yahoo!Finance, etc.). There is even a commercial Internet site (IndexFunds.com) devoted to providing information about index funds. Many fund companies spend considerable sums on marketing and distribution, also consistent with (although neither necessary nor sufficient for) the presence of limited investor information. Survey evidence also suggests considerable information-gathering. The Investment Company Institute [1997] reports that surveyed investors con- sulted a median of two source types (four for those who had consulted a fund-ranking service) and reviewed a median of four- teen different information items (gross returns, relative perfor- mance, etc.) before their most recent purchase. 14 To the extent
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