1 - 8 of 8 articles
Abstract I argue that the standard approach represented by real business cycle theory is misguided, and that a fundamentally different approach is necessary. The new approach, based on the method of statistical mechanics, leads us to a new concept of “equilibrium”. In equilibrium we must have a...
Abstract I examine why the performance of an organization is often subject to gradual erosion. I assume that players are motivated partly by psychological factors, norms and morale, and that they are willing to exert extra efforts if others do so. I show that repeated random shocks induce the...
Abstract The purpose of this paper is to examine the recent organizational restructuring in Japan in the framework of organizational economics, assuming that the product/market portfolio of the firm is fixed. How does a firm set about organizing its internal divisions? I first summarize some...
Abstract I examine authorities’ interventions in goods and money markets to keep exchange rates within targeted zones, in an economy where both the exchange rate and the prices of goods are interdependent forward-looking variables. I show that, (1) in order to support target zones in both goods...
Abstract This paper considers an aggregation rule when each alternative consists of elements of multiple issues. I assume that each issue-specific aggregation rule can be applied to each issue and explore whether various different issue-specific aggregation rules are compatible. When the set of...
Abstract This paper investigates the effects of a consumption tax on effective demand under stagnation. The existing work shows that a consumption tax does not influence effective demand in the case of a homogeneous household under stagnation. In this paper there are two types of household. One...
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