Aggregate vs disaggregate data analysis: a paradox in the estimation of money demand function of Japan under the low interest rate policy

We investigate the issue of whether there was a stable money demand function for Japan in 1990's using both aggregate and disaggregate time series data. The aggregate data appears to support the contention that there was no stable money demand function. The disaggregate data shows that there was a stable money demand function. Neither was there any indication of the presence of liquidity trapo Possible sources of discrepancy are explored and the diametrically opposite results between the aggregate and disaggregate analysis are attributed to the neglected heterogeneity among micro units. We also conduct simulation analysis to show that when heterogeneity among micro units is present. The prediction of aggregate outcomes, using aggregate data is less accurate than the prediction based on micro equations. Moreover. policy evaluation based on aggregate data can be grossly misleading.

La evolución económica del Japón y su impacto en América Latina = The economic evolution of Japan and its impact on Latin America

Incluye Bibliografía

Request of the Government of Japan for admission as a member of the Economic Commission for Latin America and the Caribbean

Includes bibliography

Resolution 627(XXXI): Admission of Japan as a member State of the Economic Commission for Latin America and the Caribbean

Includes bibliography

Towards an uncertain future? The strengthening of Japan's autonomy in Asia-Pacific

Recently, Japan has been increasing tensions with China regarding the Pinnacle Senkaku/Diaoyu islands. Due to the Chinese military development, Japan has been working on its political and military strengthening in Asia. This essay presents two possible scenarios for Japan.

Battle Of King's Mountain History - Accession 44 - M19 (29)

Written by Helen Deane Chandler, the history describes the battle fought in York County, South Carolina on October 7, 1780, gives brief accounts of previous celebrations of the battle, contains illustrations showing the battlefield and monuments, and has information concerning the 150th anniversary celebration that took place in 1930.

National Values and Theatrical Values. The Battle of the Siege de Calais (1765)

This article underscores the complex relationship between national concerns and dramatic criticism by interrogating the role of theatre in the creation of a 'national culture' during the last few decades of the Ancien regime. The author focuses more specifically on the forms of patriotism proposed by Pierre-Laurent De Belloy, author of Le Siege de Calais, France's "first tragedy in which the nation is given the pleasure to take an interest in itself," as well as by his adversaries and his allies. The version of patriotism proffered by De Belloy - a 'fatherland' that he defines as both bourgeois and monarchical - renders problematic several aesthetic and political norms in place in 1765. The author thus responds modestly to one of the most essential questions posed by research on eighteenth-century political and cultural history: how did patriotism operate before the French Revolution?

Modeling the Volatility of Real GDP Growth: The Case of Japan Revisited

Previous studies (e.g., Hamori, 2000; Ho and Tsui, 2003; Fountas et al., 2004) find high volatility persistence of economic growth rates using generalized autoregressive conditional heteroskedasticity (GARCH) specifications. This paper reexamines the Japanese case, using the same approach and showing that this finding of high volatility persistence reflects the Great Moderation, which features a sharp decline in the variance as well as two falls in the mean of the growth rates identified by Bai and Perronâs (1998, 2003) multiple structural change test. Our empirical results provide new evidence. First, excess kurtosis drops substantially or disappears in the GARCH or exponential GARCH model that corrects for an additive outlier. Second, using the outlier-corrected data, the integrated GARCH effect or high volatility persistence remains in the specification once we introduce intercept-shift dummies into the mean equation. Third, the time-varying variance falls sharply, only when we incorporate the break in the variance equation. Fourth, the ARCH in mean model finds no effects of our more correct measure of output volatility on output growth or of output growth on its volatility.

Biology community and bottom sediments in the West Bay of the Furugelm Island, Sea of Japan

An experiment was carried out on the soft bottom in the sublitoral zone of the Furugelm Island (Peter the Great Bay, Sea of Japan) to study formation of benthic communities. Boxes with defauned sediments were placed on depths of 4, 6 and 13 m and exposed during 60 days in the summer period. Half of them were covered with a net with mesh size 2 cm to prevent effect of large predators. It was found that spatial pattern of invertebrates' sinking in the bay conforms to distribution of benthic communities. Larvae of benthic invertebrates sinks in general in places inhabited by their adult species. The main factors responsible for recolonzation are: sediment type and local hydrodynamic conditions. Heart-shaped sea urchin Echinocardium cordatum is numerically dominated in the bay on depth 3-4.5 m, but its larvae sinks in the deeper area. Community structure is supported by mature specimen migration to places inhabited by species. Predators affect largely on the species.