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This book analyzes education in Japan from the viewpoint of "the
stagnant current Japanese economy". Tomoyuki Tamagawa, a long-time
mathematics teacher in junior high school, is now a vice principal.
He and Tamotsu Nakamura have written Chapter 1 of this book
together because they believe that the loss of vitality in the
Japanese economy is due to the problem of human capital formation
in school education. Shinji Oi has worked for many years at a
Japanese broadcasting station and has extensive experience in human
resource development. In Chapter 2, he analyzes the relationship
between optimal human capital investment and labor market mobility,
based on his recognition of the importance of vocational training,
or human capital investment at the firm and the necessity for good
allocation of human resources. Tokuji Saita is well versed not only
in the realities and practices in the financial industry but also
in the financial system as a whole. In Chapter 3, based on his long
experience in the financial industry, he analyzes and points out
the importance of "openness" of innovation from a macroeconomic
point of view.
This book provides an interesting review of Japanese monetary
policies after the bubble economy. The Bank of Japan was the first
central bank in advanced economies to implement the unconventional
monetary policies during the period. After the Lehman shock, most
advanced economies also carried out similar monetary policies to
boost their own economies. The Japanese experience in the 1990s and
2000s no doubt played a key role during the period. Although
various aspects of the experiences have been examined, not many
books have been published based on intensive discussions between
the macro and monetary theorists who have been active in academics
and the practitioners who have actually been involved in monetary
policy. This small but important book has focused on the Japanese
experience. Evaluation of that experience found that three solid
pillars are of crucial importance: theory, institution, and
experience. Those form the basis of the book, without theory, no
policies will be formulated and implemented, and implementation
depends crucially on institution. Chapter 1 provides a clear
theoretical background for the unconventional monetary policies and
inflation targeting. Chapter 2 intensively explores the meaning and
desirability of the independence of central banks. Chapter 3
reviews the consequences of the Japanese monetary policies in
recent decades in comparison with those in other advanced
economies.
This volume develops original methods of analyzing biased
technological progress in the theory and empirics of economic
growth and income distribution. Motivated by sharp increases in
wage and income inequalities in the world since the beginning of
the new century, many macroeconomists have begun to realize the
importance of biased technological changes. However, the
comprehensive explanations have not yet appeared. This volume
analyzes the effects of factor-biased technological progress on
growth and income distribution and shows that long-run trends of
the capital-income ratio and capital share of income consistent
with Piketty's 2014 empirical results emerge. Incorporating the
modified version of induced innovation theory into the standard
neoclassical growth model, it also explains the long-run
fluctuations of growth and income distribution consistent with the
data shown in Piketty. Introducing a wage-setting function, the
neoclassical growth model is modified to account for unemployment
as well as to examine the dynamics of unemployment and the labor
share of income under biased technological progress. Applying a new
econometric method to Japanese industrial data, the authors test
the key assumptions employed and important results derived in the
theoretical part of this book.
This unique volume consists of studies on medium-run macroeconomics
that deal with aggregate economic issues that do not easily fit
into either short-run business cycles or long-term growth. This
research area has emerged over last decade as a new and distinct
field, and needs further explorations.The book includes theoretical
as well as empirical studies that cover topics related to
medium-run phenomena, such as 'growth and fluctuations', 'wages and
unemployment', 'financial instabilities', ' firm size distributions
and unbalanced growth', 'income inequality', etc.. Every chapter
includes new approach or new findings and will be invaluable to
developments in this emerging area of research.
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