Summary Empirical studies about scale effect indicate in decades-long data there is no scale effect, but in a very long-run data scale effect is clearly observed. Read more...

Summary 日本，米国，英国の中央銀行は，世界金融危機に際し，バランスシート拡大させる非伝統的な金融政策を採用したが，日本経済の金融危機からの回復経路は，アメリカやイギリスと比べても，遅々としたものである． Read more...

Summary During the Fukushima nuclear accident, the government informed people that something bad was happening but provided little information as to exactly how bad it was. Read more...

Summary This paper constructs a tractable model of endogenous growth with financial frictions and firm heterogeneity. Read more...

Summary This paper explores the role of consumption externalities in a neoclassical growth model in which households have heterogeneous preferences. Read more...

Summary The objective of this study is to design a laboratory experiment to explore the effect of ambiguity on a subject’s search behavior in a finite-horizon sequential search model. Read more...

Summary This paper constructs a simple model of endogenous growth with financial frictions and firm heterogeneity. In the presence of financial constraints and heterogeneity Read more...

Summary Credit market imperfections typically characterize a low quality financial market, where the quality of information about borrowers is low and/or enforcement rules or institutions are not well developed. Read more...

Summary Using a simple framework of Cooper and John (1988) and Cooper (1999), this paper derives the conditions under which overconfidence and underconfidence of agents lead to Pareto improvement. Read more...

Summary This paper explores the role of consumption externalities in a neoclassical growth model in which households have heterogeneous preferences. Read more...