On Determinants of Asset Distributions in Japan: Theory and Evidence

该研究项目涉及经济波动和通货膨胀对确定资产分配的影响。我们根据一些理论模型对日本的数据进行了实证分析。关于经济波动的影响，我们发表了三篇论文：《通过研发和中间材料实现的生产力产业溢出：以道路为例》；“商业周期与资金运作”；日本家庭教育支出的决定因素：基于日本消费者小组调查。第一篇论文确定了研发和中间材料对产业间生产率溢出的影响。第二篇论文估计了VAR模型，其中每个经济主体（家庭、企业或政府）持有的每个金融项目都包含一些经济波动和货币政策工具的总和。第三篇文章为我们提供了一些证据，说明儿童人力资本的教育支出如何取决于父母的教育背景、收入或持有的资产。我们还有另外两篇关于通货膨胀影响的论文。一篇题为《关于不完全市场中托宾效应稳健性的说明》的论文构建了一个托宾效应模型，其中适度的通货膨胀水平可以导致社会福利的增加。另一篇论文实证分析了公共或私人信号对资产价格的公告效应，以消费者价格指数、工业生产指数或日本央行货币政策会议的公告为例（“市场沟通：新法律出台后日本央行的案例”）。

The research project addressed effects of economic fluctuations and inflation on determination of assets' distributions. We empirically analyzed the Japanese data, relying upon some theoretical models.Concerning effects of economic fluctuations, we have three publications:“Industrial Spillover of Productivities through R&D and Intermediate Materials: A Case of Road"; “Business Cycle and How of Funds"; “On Determinants of Educational Expenditures by the Japanese Households: Using the Japanese Panel Survey of Consumers."The first paper identifies effects of R&D and intermediate materials on productivities'spillover among industries. The second paper estimates the VAR models where each financial item held by each economic agent (households, corporations or government) is included with some aggregates of economic fluctuations and monetary policy's instruments. The third one gives us some evidence upon how educational expenditures for children's human capital depend upon parents' educational backgrounds, incomes earned or assets held.We also have another two papers upon effects of inflation. A paper entitled as “A Note on the Robustness of the Tobin Effect in Incomplete Market" constructs a model of the Tobin effect where moderate level of inflation can cause an increase in social welfare. The other paper empirically analyzes announcement effects of public or private signals upon asset prices, taking as examples announcements of the Consumer Price Index, the Index for Industrial Production, or monetary policy meetings of the Bank of Japan (“Market Communication: A Case of the Bank of Japan after the New Law").