トップPDF chap11 Recent site activity Junji Kageyama's Homepage

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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chap12 Recent site activity  Junji Kageyama's Homepage

chap12 Recent site activity Junji Kageyama's Homepage

とする。この時の短期的な変化を IS-LM と AD-AS のグラフを用いて示せ。 2.[r]

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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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macroq11 Recent site activity  Junji Kageyama's Homepage

macroq11 Recent site activity Junji Kageyama's Homepage

ソローモデルに資本の減価償却を導入すると、定常状態における資本量は、減価償却がない場合 と比べてどう変化するか。. 1.[r]

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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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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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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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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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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

Updates and Implications (Human Capital Updated Files)』CID Working Paper no.[r]

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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

Dyson, Tim, and Mike Murphy (1985) ‘The onset of fertility transition.’ Population and Develop- ment Review 11, 399–440 Easterlin, Richard A. (1974) ‘Does economic growth improve the human lot?’ In Nations and Households in Economic Growth: Essays in Honour of Moses Abramovitz, ed. Paul A. David and Melvin W. Reder (New York: Academic Press) pp. 88–125.

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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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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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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

and significant. This result suggests that banks’ BCR matters in firms’ investment decisions when firms are productive and thus have higher demand for investment. Using the estimated model, we conduct counterfactual experiments to quantify the effect of capital injections that took place in March 1998 and 1999 in Japan. The counterfactual experiments suggest that the capital injections had a negligible impact on the average investment rate, although there is a reallocation effect, with investment shifted from low- to high-productivity firms. The paper most closely related to ours is that of GS, who also examine the effects of bank recapitalization policies on the supply of credit and client firm performance, including firm investment, using matched firm–bank data from the Japanese banking crisis. The authors find that the size of the capital injection is important for its success: If capital injections are large enough so that recapitalized banks achieve capital requirements, such banks increase the supply of credit and firms that borrow from the recapitalized banks increase their investment. This paper’s contribution beyond that of GS is as follows. First, we examine whether firms’ loan and investment responses to their banks’ recapitalization depend on their TFP. This question naturally arises because, theoretically, the higher firm productivity, the larger firm investment and the demand for external finance tend to be. Therefore, bank lending attitude, which likely depends on BCR under the banking regulation, may be more important for high-productivity firms. The finding that high-productivity firms increase their investments more than low-productivity firms in response to their associated banks’ recapitalization would suggest that the resource is allocated toward more productive firms as a result of capital injection. 3 Second, we use the BCR as the main variable to
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

Table 2: Hedge fund returns, pooled results This table presents the results of estimating equation (11). Funds of funds are omitted. Specification A has different factor coefficients by style and allows for serial correlation. B has common factors for all styles. C has different factors by style, and excludes funds under 2 years. D adjusts for opportunities using style capital. E does not allow for serial correlation and uses bootstrapped standard errors. F instruments capital using fund age. In G there are no fixed effects: the data are treated as multiple time series using the Prais-Winsten procedure. In H the dependent variable is excess returns (returns minus LIBOR). In I we estimate equation (10), which measures size using capital plus leverage. In J we use monthly instead of annual data. In K we estimate the baseline specification conditioning on FH factors instead of dummies. In L we again use FH factors but restrict their effects to be the same across styles. In M the dependent variable is the monthly standard deviation of returns over LIBOR. In N the dependent variable is the Sharpe ratio.
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

ponent of ) S i g ∀q and weakly decreasing in q ∀s g i , for g ∈ {P, I, D}. Note that this assumption implies that learning other bidders’ signals does not affect one’s own valuation – i.e. we have a setting with private, not interdependent values. This assumption may be more palatable for certain securities (such as shorter term securities, which are essentially cash substitutes) than others, but is the most tractable one under which we can pursue the “demand heterogeneity” vs. “market power” decomposition. Note that under this assumption, the additional information that a primary dealer j possesses due to observing her customers’ orders, Z P
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

in X j . There are dummies indicating whether a fund charges a load, and if it is a rear or deferred load. Loads are a pricing element (which we have already amortized into the price mea- sure), but they also indicate funds sold with bundled broker services that investors may value. Rear or deferred loads indicate the presence of formal switching costs to removing assets from the fund. We also include a dummy if the fund is an exchange- traded fund (i.e., SPDRs or Barclay’s iShares) to control for the special liquidity and intraday pricing features of ETFs. We mea- sure the number of additional share classes attached to the fund’s portfolio; for a single-share-class fund this value is zero. The number of other funds managed by the same management com- pany is included to capture any value from being associated with a large fund family. Fund age is in the regressions as well. (Here, both the number of family funds and age enter in logs to parsimoniously embody diminishing marginal effects. Recall that we instrument for age because of its possible correlation with unobservable quality.) We add the current fund manag- er’s tenure, measured in years, as a covariate. And while all of the funds in our sample seek to match the return profile of the S&P 500 index, they do exhibit some small differences in their financial characteristics. These can result from skilled trading activities by a fund’s management despite having a severely constrained portfolio. We thus include measures of tax expo- sure (the taxable distributions yield rate), the yearly average of the ratio of monthly fund returns to those of the S&P 500 index, and the standard deviation of monthly returns. To the extent that fund buyers prefer any persistent positive varia- tions in financial performance, these controls should capture much of this effect. 32
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Recent site activity  Naoki Wakamori's Website

Recent site activity Naoki Wakamori's Website

Acquirers is the percentage of close CRE potential acquirers whose Tier 1 capital ratios is above the median Tier 1 capital ratio across local potential acquirers. P50 Tier 1 Capital Ratio of HHI Potential Acquirers is the median Tier 1 capital ratio of all potential acquirers whose acquisition of the failed bank would increase local deposit market concentration. % Well-Capitalized HHI Potential Acquirers is the percentage of potential acquirers whose Tier 1 capital ratio is above the median Tier 1 capital ratio among the group of potential acquirers whose acquisition of the failed bank would increase local deposit market concentration. Potential acquirer controls include Size, Liquidity Ratio, % Residential Loans, % CRE Loans, % C&I Loans, % Consumer Loans, 30-89PD Ratio, NPL Ratio, OREO Ratio, and Unused Commitment Ratio . Specifications (3) to (6) include failed bank fixed effects and potential acquirer-quarter fixed effects. Standard errors are presented in parentheses, and are clustered at the level of the failed bank’s state headquarters. ***, **, and * represent statistical significance at 1%, 5%, and 10% levels, respectively.
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