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DOI： 10.1111/1467-8454.12285

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Other Link： https://onlinelibrary.wiley.com/doi/full-xml/10.1111/1467-8454.12285

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DOI： 10.1080/17450128.2022.2083281

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BACKGROUND: Encouraging older adults to continue working longer would be a realistic solution to the shrinking labor force, which is a result of the aging population. This study examined whether working longer improves the health of older adults. METHODS: We used repeated cross-sectional data from 1,483,591 individuals aged 55-69 years collected from 11 waves of a nationwide population-based survey conducted in Japan from 1986 to 2016. We estimated pooled regression models to explain health outcomes by work status, controlling for potential endogeneity biases. Based on the estimation results, we conducted simulations to predict the health impact of policy measures that encourage older adults to participate in the labor force. RESULTS: The regression analysis showed that work status had a mixed health impact. For example, work reduced the probability of poor self-rated health by 6.7 (95% confidence interval [CI]: 6.2-7.2) percentage points and increased that of psychological distress by 12.2 (95% CI: 11.3-13.1) percentage points. The simulation results showed that raising both the mandatory retirement age and eligibility age for claiming public pension benefits to 70 years would increase the employment rate by 27.8 (standard deviation [SD]: 4.2) percentage points among those aged 65-69 years, which would reduce their probability of poor self-rated health by 1.8 (SD: 0.4) percentage points and raise that of psychological distress by 4.1 (SD: 0.8) percentage points for that age group. CONCLUSIONS: The results suggest the need to pay attention to the health outcomes of policy measures that encourage older adults to work longer.

DOI： 10.2188/jea.JE20210030

PubMed

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Informa UK Limited  

DOI： 10.1080/00220388.2022.2048650

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DOI： 10.1016/j.wre.2021.100192

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier BV  

DOI： 10.1016/j.jjie.2020.101119

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DOI： 10.1016/j.jjie.2020.101078

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DOI： 10.1016/j.jeoa.2019.100214

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)  

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)  

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)  

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Language：English   Publishing type：Research paper (scientific journal)  

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：Elsevier BV  

DOI： 10.1016/j.jjie.2018.07.001

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Because tuition payment comprises a large proportion of expenses in households with children in universities, it causes large and clearly predictable changes in discretionary income in predetermined months. This study examines consumption smoothing for those households as an alternative test of the life-cycle/permanent income hypothesis, using the Japanese Family Income and Expenditure Survey. We show that a one yen decrease in discretionary income due to tuition payment is associated with 0.1-0.2 yen decrease in non-tuition spending in the month of tuition payment, showing that those households are not engaged in consumption smoothing.

DOI： 10.1007/s11150-014-9257-6

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The present study explores public pension claiming behaviour among the Japanese elderly. First, we perform financial simulations, estimate expected utility and depict the typical patterns of pension benefits over a lifecycle. We show that a beneficiary's optimal retirement age depends on that beneficiary's mortality risk, discount rate, initial wealth and risk attitude. Second, we use individual-level data from the Japanese Study on Aging and Retirement (JSTAR) to empirically examine the determinants of claim timing. We find evidence that most of the factors examined in the simulation are, indeed, significantly associated with early claiming among wage earners of pension benefits.

DOI： 10.1111/jere.12100

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL  

We investigate how Japanese men aged 60-74 adjust their workforce attachment after beginning to receive a public pension. Men who were employees at 54 gradually move to part-time work or retire after beginning to receive pension benefits; those who continue working tend to be underemployed. Men self-employed at 54, however, neither reduce their working hours nor retire, tending to be overemployed. In contrast, US men retire or become part-timers when they first claim social security; those who continue working are unlikely to be either overemployed or underemployed. Therefore, unlike US men, Japanese men are not choosing the optimal pensionable age and labour hours to maximize their intertemporal utility.

DOI： 10.1111/jere.12094

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DOI： 10.1111/jere.12105

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This paper examines intra-household allocation of resources to gain insight into family relationships and gender bias in Japanese households. We take the Engel curve approach to examine how adult consumption is affected by the presence of a child, either a boy or a girl, in the family. Empowered by diary-based high quality spending data from the Family Income and Expenditure Survey, our empirical results show that adult consumption is significantly reduced in households with children; furthermore, gender bias is not observed in total adult expenditures, while responses of adult clothing expenses to the presence of a child are significantly different between a boy and a girl: spending on a father's clothing is reduced when the child is a school-aged daughter, while spending on a mother's clothing decreases when a school-aged son is in the home. Our analysis also shows that after the early 2000s girls receive a larger share of spending for children's clothing as well as for high school education than boys.

DOI： 10.1111/jere.12076

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This paper examines the labor supply outcomes of family care provision for Japanese households in 2010, ten years after the introduction of the public long-term care insurance (LTCI) program. We found that family care provision for parents adversely affected labor market outcomes of main caregivers at home in terms of the probability of working, employment status and hours worked. The adverse effect was found to be more serious for female caregivers than for male caregivers. Moreover, our results suggest that the public LTCI program seems to only partially mitigate the disadvantages of the main caregivers for both males and females. (C) 2015 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.jeoa.2015.02.003

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We explore the causal relationship between hospital length of stay (LOS) and re-hospitalization for Acute Myocardial Infarction (AMI) patients in Japan, where the average LOS is the longest among OECD countries. Using chart-based data, we address the endogeneity between LOS and re-hospitalization probability by using an exogenous variation based on Rokuyo (the six basic labels allocated to each day), which is found to be irrelevant to admission day but relevant to discharge day. While we do find a significant and positive association between LOS and re-hospitalization probability in the OLS estimation, we do not find a significant relationship once LOS is instrumented by Rokuyo in various instrumental variable estimations. This implies that additional stay that was induced owing to patient's choice of preferred Rokuyo at discharge has no effect on re-hospitalization probability.

DOI： 10.1080/00036846.2015.1005824

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Using panel data from two surveys in Japan and Europe, we examine the comparability of the self-rated health of the middle-aged and elderly across Japan and European countries and across the survey periods. We find that a person's own health is evaluated using different standards (thresholds) across the different countries and survey waves. When evaluated using common thresholds, the Japanese elderly are found to be healthier than their counterparts in the European countries. Reporting biases causing discrepancies between the changes in individuals' self-rated health and their actual health over the survey waves are associated with education and country of residence.

DOI： 10.1111/jere.12029

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This article explores the long-term consequence of a prevailing superstition regarding women who were born in 1966, a year of the fire horse, who were around 44 years of age in 2010. The findings indicate that 'fire horse women' are disadvantaged in some aspects such as divorce rates, educational attainment and their own and household level income, suggesting discrimination against fire horse women as a result of the superstition.

DOI： 10.1080/13504851.2014.916377

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DOI： 10.1080/13439006.2014.925199

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We explore the labor supply effect of the social security earnings test in Japan on those aged 65-69 years through a combined examination of the elimination of the earnings test in 1985 and its reinstatement in 2002. We present evidence showing that the effects of changes in the earnings tests on the labor supply of the elderly are not symmetric, controlling for changes in the attributes of workers and firms. The repeal of the earnings test in 1985 did affect the earnings distribution of the elderly (especially for male), while its reinstatement in 2002 did not alter the earnings distribution. (C) 2013 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2013.08.003

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This study proposes an alternative approach of utilizing direct responses to a survey on the social security earnings test for the elderly to provide new evidence on the sensitivity of the labour supply decision of workers aged between 60 and 64 with respect to the test. Our empirical results show a discouraging effect on working in a large proportion of these workers in Japan, even after correcting for the observed attributes of individuals who reported being either affected or unaffected.

DOI： 10.1111/j.1468-5876.2012.00580.x

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：Routledge  

This paper critically reviews postwar population development in Japan and aims to identify unsolved issues, which are possibly shared by other countries, and extract lessons for the future. First, I examine long-term development on fertility and life expectancy in Japan with a brief introduction of pre-war population history. I stress that some critical issues have often been ignored in policy debates and some important new challenges are now emerging, factors that are indispensable to extract lessons for the future. Second, I turn to the official population projections and related issues which again require scrutiny. Third, I emphasize that serious scientific investigation from multiple disciplines is essential to cope with the challenges of demographic changes and that Japan should take the leading role in research for the next generations all over the world.

DOI： 10.1080/13439006.2015.1107261

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Hori, Masahiro, and Shimizutani, Satoshi-Do households smooth expenditure over anticipated income changes? Evidence from bonus payments to public employees in Japan
This paper provides new evidence of consumers' reaction to an anticipated sizable change in income. Until FY2002, Japanese public employees received predictable large bonus payments three times a fiscal year (in June, December, and March), but the March bonus was abolished in FY2003. We compare the seasonal patterns of public employees' expenditure before and after the reform of the bonus payment schedule. Contrary to the prediction of the life cycle/permanent income hypothesis (LC/PIH), we find evidence that monthly patterns of household expenditure were significantly affected by the anticipated large change in income pattern. However, at closer inspection, this excess sensitivity of expenditure is observed only for expenditure subcategories of some durability, i.e., durables and semi-durables. Thus, while the LC/PIH does not appear to hold for expenditure (which we observe here), it may still hold for consumption. J. Japanese Inc. Economies 26 (3) (2012) 405-433. Institute of Economic Research, Hitotsubashi University, 2-1 Naka, Kunitachi City, Tokyo 186-8603, Japan: Economic and Social Research Institute, Cabinet Office, Japan: Institute for International Policy Studies, Toranomon 30 Mori Building, SF, Toranomon 3-2-2, Minato-ku, Tokyo 105-0001, Japan: Research Institute of Economy, Trade and Industry, Tokyo, Japan. (C) 2012 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jjie.2012.06.001

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This article estimates quality Engel curves for 52 durable goods used to measure quality upgrading in the Japanese CPI between 1990 and 2004. The estimation shows that the unmeasured quality growth is averaging less than 0.1% annually. (C) 2011 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.econlet.2011.08.028

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：SPRINGER  

To understand the household recovery process from unexpected serious damage caused by a natural disaster, we analyze household data from the Kobe earthquake in 1995. We address three questions-how damaged stocks of durable wealth are reinvested, how an ex post portfolio of borrowing or dissaving is reallocated to diversify the asset shocks caused by the disaster, and how formal and informal consumption insurance mechanisms are effective for amending home damage-all of which have been largely unanswered. We obtain three findings. First, people respond to negative income changes and housing damage by reinvesting damaged wealth. Second, households borrow extensively to amend the large housing damage caused by the earthquake. However, they dissave only for minor household asset damage. Third, consumption smoothing is not achieved for nondurable goods that are significantly affected by negative income changes and household asset damage. These findings suggest that asset shocks caused by a large natural disaster are not sufficiently diversified for households, indicating a large gap in designing effective insurance mechanisms.

DOI： 10.1007/s11150-011-9124-7

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Japan's current education system has its origins in postwar reform, overemphasizing individualism and underemphasizing on Japan's history, traditions, and culture, resulting in the continuing decline in scholastic, physical, and socializing ability to date. This essay reviews the IIPS proposal on educational reform, which was supervised by former Prime Minister Yasuhiro Nakasone, with the addition of the author's personal views. The IIPS proposal set the ultimate goal of education in Japan to be raising healthy people who have self-confidence and pride as Japanese who can thrive in the era of globalization. Then, the proposal presents what a Japanese should learn and how he should serve at each life stage beginning with early childhood education through the compulsory education period, adolescence and young adulthood, maturity, and into the elderly period. Moreover, the organizational reform on administrating education policy is presented, with a focus on abandoning the current board of education system. © Institute for International Policy Studies.

DOI： 10.1080/13439006.2011.630853

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In Japan, retirement is a gradual process that transpires over a particularly long period of time. Using large scale micro-level datasets from the Survey,of Employment of the Elderly compiled by the Japanese government, we provide some stylized facts on the development of retirement behavior since the 1980s and explore factors affecting the individual retirement decision. First, we observed a general declining trend in the proportion of retired individuals aged 55-59 (especially females) while the proportion of retired individuals aged 65-69 (especially males) increased. Second, the survival analysis on actual retirement age shows that those who are more educated are more likely to retire earlier and those who experienced mandatory retirement are less likely. Third, the survival analysis on the expected retirement age shows that individuals who are satisfied with their job in terms of nonmonetary rewards are less likely to retire earlier. (C) 2011 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2011.07.002

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In the present study we examine how social security programs have affected the labour force participation of the elderly over the past 40 years in Japan. Using publicly available data, we construct incentive measures for inducing retirement, to ascertain actual changes in the generosity of the programs and to explore the impact of the reforms on the labour supply of the elderly. We show that the labour force participation of the elderly is significantly sensitive to the measures, and our counter-historical simulations show that social security reforms since 1985 featuring reduced generosity have significantly encouraged the elderly to remain in the labour force longer.

DOI： 10.1111/j.1468-5876.2009.00505.x

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Noguchi, Haruko, and Shimizutani, Satoshi-The determinants of exit from institutions and the price elasticity of institutional care: Evidence from Japanese micro-level data
This study examines how the price mechanism affects the length of residents' at institutions and their destination after exit. Using micro-level data from The Survey on Care Service Providers compiled by the Japanese government, we show that the price elasticity of the hazard of exit was 1.7 from welfare care facilities was 1.8 from health care facilities. Moreover, our estimates reveal that a 1 percentage point increase in copayments leads to an increase in the probability of returning home by 0.04% for residents of welfare care facilities and 3.7% for those of health care facilities and a decrease in the probability of being re-hospitalized by 3.3% for residents of health care facilities and 1.9% for those of medical care facilities. Our findings demonstrate that an appropriate price policy may work well to shorten clients' length of stay and to reduce the number of the socially institutionalized. J. Japanese Int. Economies xxx (xx) (2011) xxx-xxx. National Institute of Population and Social Security Research, Hibiya Kokusai Building 6th Floor, 2-2-3 Uchisaiwai-cho, Chiyoda-ku, Tokyo 100-0011, Japan; Institute for International Policy Studies, Toranomon 30 Mori Building 6th Floor, 3-2-2 Toranomon, Minato-ku, Tokyo 105-0001, Japan. (C) 2011 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jjie.2011.03.002

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DOI： 10.1080/13439006.2010.531115

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE SA  

In March 1999, 31 million "shopping coupons" worth 20,000 yen each were distributed to Japanese families with children and to the elderly. The coupons expired after six months and could only be used within the recipient's local community. We use variation in the number of children across families and in the number of recipients across prefectures to measure the effect of the coupons on spending. We find that coupons had a positive effect on spending on semi-durables, but no effect on spending on nondurables or services. The marginal propensity to consume on semi-durables was 0.1-0.2 when the coupons were distributed in March. The results using regional variation provide stronger evidence that spending did not fall after the coupons had been redeemed. (C) 2010 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.jpubeco.2010.03.001

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The interval in time between leaving a career job and exit from the labor force is especially long for Japanese employees. We examine determinants of post-career work arrangements from two perspectives: work status and the route to a second job. We show that these determinants differ between male and female workers and that the customary function of career employers to place their workers in a second job has declined since the middle of the 1990s. © 2010 Regents of the University of California.

DOI： 10.1111/j.1468-232X.2010.00598.x

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As Japan's financial system becomes more market oriented, depositor discipline is playing a larger role in the monitoring of banks. Matching household survey data with banks' financial data, we examine households' response to bank risk and different deposit insurance schemes. We find that bank switching in response to risk increased between 1996 and 2001 and households' choice of bank adequately reflects banks' financial health. We also examine the determinants of households' knowledge of the deposit insurance scheme and how this affects switching behaviour. The results suggest that depositor discipline works and could play an important supplementary role in bank monitoring.

DOI： 10.1080/00036840802112398

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Following the introduction of the long-term care insurance scheme and deregulation of the market for at-home care services, Japan experienced a substantial increase in expenditure on care for the elderly. Using household-level survey data, we empirically examine whether the increase in care expenditure is associated with supplier density springing from the rise in the number of care providers following deregulation. We provide weak evidence that supplier density in the at-home care market is positively correlated with probability to use care or expenditure on care. Moreover, we find no link between the share of for-profit providers and the demand for at-home care services. (C) 2009 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2009.04.003

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This paper investigates the causes of R&amp
D activities of overseas subsidiaries using firm-level panel data for Japanese multinationals. We distinguish between overseas innovative R&amp
D (basic and applied research) and adaptive R&amp
D (development and design) and examine how the intensity of each type of R&amp
D is determined, using Amemiya Generalized Least Squares estimation. Our findings suggest that overseas innovative R&amp
D aims at the exploitation of foreign knowledge, whereas adaptive R&amp
D has no such aim. In addition, the size of the host country's market positively affects both types, whereas geographic distance between the host and the home country has a negative impact. Finally, the parent firm's knowledge is found to increase the size of overseas adaptive R&amp
D but not innovative R&amp
D. Based on a theoretical model, we interpret this evidence as showing that knowledge of the parent firm is not fully utilized in innovative R&amp
D of its subsidiary. © 2008 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.ribaf.2008.03.002

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This study examines the effectiveness of bank recapitalization policies in Japan. Based on a reading of the "business revitalization plan" submitted by banks requesting government funds, we identify four primary goals for the capital injection plan in Japan: (1) to increase the batik capital ratios; (2) to increase write-offs of non-performing loans (3) to increase lending, in particular to small and medium enterprises, if order to avoid a "credit crunch"; (4) to encourage restructuring. Using a panel of individual bank data, we empirically estimate the effectiveness of the Japanese government policy Of public fund injection in achieving the first three of these stated goals. Our empirical analysis reveals that, in general, the capital injections into the large internationally active banks were more effective than those into the smaller domestic banks in Japan. In addition, the second round capital injection, administered in 1998, was more effective than the first round, administered in 1997. The first capital injection in 1997 mostly served as it stop-gap measure to help the large international banks clear the 8% capital adequacy ratio (BIS ratio) required under the Basel Accord and did not make much contribution to the other policy objectives. The second round of capital injections in 1998 were more effective, boosting capital adequacy ratios for the domestic as well as international banks and supporting other policy objectives as well by stimulating banks to write off bad loans and increase domestic lending, in particular to small and medium enterprises. (c) 2007 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2007.07.004

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：BERKELEY ELECTRONIC PRESS  

This paper exploits a notable institutional feature of salary payments in Japan, the bonus system, to examine whether households smooth consumption under large and regular income changes. Using high quality household-level data from the Japanese Family Income and Expenditure Survey (FIES), our statistical tests show that the consumption seasonality of bonus receiving households is significantly affected by the bonus payments. Although our estimate of the marginal propensity to consume from bonus income is much smaller than that from smaller and less predictable end-of-year tax refunds, it is positive and significantly different from zero, which contrasts to earlier studies on large and regular income changes.

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This paper investigates the impact of overseas subsidiaries' R&D activities on the productivity growth of parent firms Using firm-level data for Japanese multinational enterprises. Based oil Survey responses, we classify each overseas subsidiary's R&D as either 'innovative R&D,' which we hypothesize is likely to lead to the acquisition of foreign knowledge, or 'adaptive R&D,' which is more likely to lead to adaptation to local conditions. We find that overseas innovative R&D raises the parent firm's productivity growth, while adaptive R&D has no such effect. In addition, overseas innovative R&D does not improve the rate of return on home R&D.

DOI： 10.1111/j.1467-6451.2008.00363.x

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：PALGRAVE MACMILLAN LTD  

The recently enacted Japanese long-term care (LTC) system was implemented to reduce the so-called "social hospitalization'' or warehousing of the elderly in expensive medical facilities. This paper seeks to evaluate recent patterns in Japanese LTC use and examine the factors associated with LTC utilization patterns. We show that the use of LTC in Japan particularly home care - is growing rapidly, as the elderly consumers find subsidized LTC care preferable to and more available than hospitalization. At the same time, regional disparities in terms of entitlement and care use persist and are likely to grow.

DOI： 10.1057/gpp.2008.25

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In Japan, the, use of percutaneous transluminal coronary angioplasty (PTCA) for the treatment of acute myocardial infarction (AMI) is extraordinarily frequent, resulting in large medical expenditure. Using chart-based data and exploiting regional variations, we explore what factors explain the frequent use of PTCA, employing propensity score matching to estimate the average treatment effects on hospital expenditure and hospital days. We find that the probability of receiving PTCA is affected by the density of medical resources in a region. Moreover, expenditure is higher for treated patients while there are no significant differences in hospitalization days, implying that the frequent use of PTCA is economically motivated.

DOI： 10.1007/s10754-007-9031-x

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This paper explores what factors determine the nature, extent, and location of Japanese multinationals' R&D activities abroad. Taking advantage of a rich micro-level dataset from the survey on Japanese overseas subsidiaries, the study distinguishes between two types of overseas R&D: basic/applied research and development/design. We find several differences between the determinants of those R&D activities. These differences confirm the view that basic/applied research of overseas subsidiaries aims at the exploitation of foreign advanced knowledge, whereas their development/design activities are mostly influenced by the market size of the host country. Our results provide a convincing and comprehensive explanation of the geographical distribution of overseas R&D by Japanese MNEs. (c) 2008 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.respol.2007.11.010

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：WILEY-BLACKWELL  

This paper investigates the coping strategies employed by victims of the Great Hanshin-Awaji (Kobe) earthquake in 1995. Using a unique household data set, we show that households that held a large amount of collateralizable assets before the catastrophe and were free from a binding borrowing constraint were able to maintain their consumption levels by borrowing. In contrast, households subject to a binding borrowing constraint before the disaster were unable to borrow to cope with the losses inflicted by the earthquake. On the other hand, both types of households relied on private transfers, depending on the extent of the damage.

DOI： 10.1111/j.1538-4616.2008.00122.x

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ELSEVIER SCIENCE BV  

This study takes advantage of the introduction of Japan's public long-term care insurance scheme in 2000 as a unique natural experiment to evaluate how the socialization of long-term care affects female labor participation. Our difference-in-differences estimates suggest that the introduction of the scheme had no effect on female labor market participation in 2001, but a large and positive effect in 2002. The new long-term care scheme raised the probability that female caregivers were employed by 8 percentage points and, on average, the number of days per week and hours per day worked by female caregivers by 10-20 percent age points. (C) 2006 Elsevier B.V. All rights reserved.

DOI： 10.1016/j.japwor.2006.08.003

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

Using unique employer-employee matched data, this study reveals the existence of a nonprofit wage premium in Japan's child care industry. Nonprofits reward experienced workers with higher education, associated with the quality of care, more than their for-profit counterparts.

DOI： 10.1080/13504850600993671

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：WORLD SCIENTIFIC PUBL CO PTE LTD  

This paper empirically investigates the effects of the 1995 and 1996 tax cuts in Japan. Both tax cuts were introduced to compensate consumers for an impending consumption tax rate increase from 3% to 5% in 1997. We use micro-level data of the Family Income and Expenditure Survey to evaluate effects of these tax cuts on household consumption, focusing on the differences between the two episodes. Our estimates indicate that the Ricardian equivalence largely holds. Only the 1995 tax cut distinctly stimulated consumption on its impact, while the 1996 tax cut had almost no effect on the consumption, presumably because it was implemented much closer to the coming tax increase.

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

Japan's economic problems over the past decade and a half have triggered far reaching changes in the country's corporate governance system and there have been significant changes in both companies' ownership structures and composition of board members. This paper examines how board and ownership structures affect firms' decision as to how to reduce labor costs when firms face excess employment. Our findings confirm that outside directors are more inclined to implement layoffs and voluntary or early retirement, while insiders are more likely to decrease new hiring and protect incumbent employees. These findings are consistent with the stakeholder view of the firm rather than the neoclassical view of the firms as a profit-maximizer. Journal of Comparative Economics 35 (2) (2007) 346-368. Institute of Economic Research, Hitotsubashi University, 2-1 Naka, Kunitachi-shi, Tokyo 186-8603, Japan. (c) 2007 Association for Comparative Economic Studies. Published by Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jce.2007.02.006

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD  

We investigated whether people were insured against unexpected losses caused by the Great Hanshin-Awaji (Kobe) earthquake in 1995 and found that the full consumption insurance hypothesis was rejected overwhelmingly, suggesting the ineffectiveness of the formal/informal insurance mechanisms against the earthquake.

DOI： 10.1080/13504850500447364

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

In April 2000, Japan embarked on a reform of its health care market. Along with the introduction of a long-term care insurance scheme, the government for the first time allowed for-profit operators to compete head-on with non-profit operators in the provision of at-home care services. Taking advantage of a unique and rich micro-level survey, this study is the first to examine wage differentials between the nonprofit and the for-profit sectors in Japan's nursing care industry, concentrating on home helpers and staff nurses. Controlling for nonrandom unobserved selection biases, our results show that a nonprofit wage premium exists. This finding supports the hypothesis that nonprofit providers operate under non-distributional constraints. J. Japanese Int. Economies 21 (1) (2007) 106-120. Toyo Eiwa University, Faculty of Social Science, 32 Miho-cho, Midori-ku, Yokohama, Kanagawa 226-0015, Japan; Hitotsubashi University, Institute of Economic Research, 2-1 Naka, Kunitachi-shi, Tokyo 189-8603, Japan. (c) 2005 Elsevier Inc. All rights reserved.

DOI： 10.1016/j.jjie.2005.07.004

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Authorship：Corresponding author   Language：English  

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Language：Japanese   Publishing type：Research paper (scientific journal)  

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Authorship：Lead author,　Corresponding author   Language：Japanese   Publishing type：Research paper (scientific journal)   Publisher：会計検査院事務総長官房上席研究調査官  

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Authorship：Lead author,　Corresponding author   Language：English  

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

The Japanese Government implemented two tax cut packages in 1998 to alleviate the weakness of the economy. Those were temporary and the eligible amount for each household was based on the number of family members. Using monthly data from the Family Income and Expenditure Survey, we explore the variation in the impact of the tax cut episode across families with different numbers of family members to identify its impact on consumption. Our estimates indicate that consumers responded to the 1998 tax cut with the implied MPC of 0.6 on impact with stimulating services consumption but the MPC declined in subsequent months.

DOI： 10.1016/j.jjie.2005.04.001

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Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：HITOTSUBASHI ACAD  

Along with the introduction of the long-term care insurance scheme, the Japanese government in 2000 for the first time allowed for-profit operators to compete head-on with non-profit operators in the provision of at-home care services. This study examines quality differentials between the non-profit and the for-profit sector in Japan's elderly care industry, concentrating on home helpers and staff nurses. Taking advantage of a unique and rich micro-level survey, the study finds that although non-profit operators provide higher quality of care, as measured by simple averages of workers' characteristics, the advantage of non-profits disappears once their higher wage is corrected for. This finding confirms that the seemingly higher quality of care provided by non-profit operators is due to the non-profit wage premium, resulting from their preferential status which provides non-distributional constraints and favorable tax treatment.

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (international conference proceedings)  

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Authorship：Lead author,　Corresponding author   Language：Japanese   Publishing type：Research paper (scientific journal)  

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The Japanese economy has experienced price deflation since the mid-1990s. Despite the importance of overcoming deflation, there has been little recent research on price expectations in Japan. This paper takes advantage of an original and rich quarterly household-level data set from the "Kokumin Seikatsu Monitors" to estimate average price expectations, examine the factors that affect price expectations, and examine how changes in price expectations have affected household consumption. Our estimates indicate that average price expectations ranged from minus 0.2 to 0% in 2001 and 2002. However, there was an increase to 1% in the first quarter of 2003, followed by a decline to 0.2% in the second quarter, and a steady increase toward 0.8% by the first quarter of 2004. Price expectations depend on current price movements and lagged expectations. A series of quantitative easing monetary policies were not very effective in changing the price expectations, since the policy announcements caused revision of price expectations only for a small portion, i.e., 5-10% of people surveyed. The jump observed in the first quarter of 2003 was a reaction to the outbreak of the Iraq war. Our study also confirms that deflationary expectations discourage household consumption, mainly durable consumption, by delaying the timing of purchases, suggesting that the deflationary expectations should be upwardly revised to restore a vital Japanese economy. © Springer-Verlag 2005.

DOI： 10.1007/s10368-005-0030-4

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Authorship：Lead author,　Corresponding author   Language：Japanese   Publishing type：Research paper (scientific journal)  

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Other Link： http://hdl.handle.net/10086/19930

Authorship：Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：HITOTSUBASHI ACAD  

This paper explores the reaction of Japanese consumers to the 1994 tax cut, the first administered by the Japanese government in the 1990s. Microlevel data from the Family Income and Expenditure Survey (FIES) is used to evaluate the effect of the 1994 tax cut on consumption. The estimates weakly suggest that tax cuts undertaken to stimulate the weak economy in 1994 had some effect on consumption of non-durables or semi-durables. An MPC of 0.1 - 0.2 is estimated right after implementation, but the positive effect was substituted immediately in subsequent months. In other words, consumers reacted to the temporary tax cut, but its effect was small and transitory.

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Authorship：Lead author,　Corresponding author   Language：English   Publishing type：Research paper (scientific journal)   Publisher：ACADEMIC PRESS INC ELSEVIER SCIENCE  

With the introduction of public long-term care insurance in the spring of 2000, for-profit enterprises were allowed to enter the home help elderly care market in Japan for the first time. We take advantage of data from a unique, self-conducted survey to compare the efficiency and quality of service offered by providers with different types of ownership and different lengths of operation. We present two major findings. First, contrary to the prevailing perception, we find no significant difference in the quality of service between for-profit and nonprofit providers. Although the nonprofits are able to offer more qualified and experienced staff, the quality of services provided by nonprofits is worse in some aspects than that of their for-profit counterparts. Second, our estimates of a quality-adjusted cost function demonstrate that the management of newer providers is more efficient than that of older providers. Our results show that the competition mechanism works effectively in the home help care market, and that there is no reason to believe that the for-profit providers are behaving opportunistically. Thus, this study justifies the belief that free-market policy contributes significantly toward improving the quality and the efficiency of home help long-term care in Japan.

DOI： 10.1016/j.jjie.2006.08.002

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Authorship：Lead author,　Corresponding author   Language：Japanese   Publishing type：Research paper (scientific journal)   Publisher：内閣府経済社会総合研究所  

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Language：Japanese   Publishing type：Research paper (scientific journal)   Publisher：日本経済研究センタ-  

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Authorship：Lead author,　Corresponding author   Language：Japanese   Publishing type：Research paper (scientific journal)   Publisher：日本経済研究センタ-  

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Language：Japanese   Publisher：りゅうぎん総合研究所  

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Language：English   Publishing type：Book review, literature introduction, etc.   Publisher：CAMBRIDGE UNIV PRESS  

DOI： 10.1017/S1474747209004090

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Language：English   Publisher：神戸大学大学院経済学研究科 / 神戸大学経済学部  

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