K Matsuyama - Journal of economic theory, 1992 - Elsevier
Abstract The role of agricultural productivity in economic development is addressed in a two-
sector model of endogenous growth in which (a) preferences are non-homothetic and the
income elasticity of demand for the agricultural good is less than unitary, and (b) the ...
K Matsuyama - The Quarterly Journal of Economics, 1991 - qje.oxfordjournals.org
Abstract This paper asks whether adjustment processes over real time help to “select” the
long-run outcome in a model of industrialization, where multiple stationary states exist
because of increasing returns in the manufacturing sector.“History” alone cannot in ...
K Matsuyama - Journal of Economic Literature, 1995 - JSTOR
IN RECENT YEARS, the paradigm of mo-nopolistic competition has been applied to model a
variety of aggregate phenomena in macroeconomics, international and interregional
economics, and economic growth and development. Monopolistic competition typically is ...
K Matsuyama, N Kiyotaki… - The review of …, 1993 - restud.oxfordjournals.org
Abstract We use the framework of random matching games and develop a two-country
model of the world economy, in which two national currencies compete and may be
circulated as media of exchange. There are multiple equilibria, which differ in the areas of ...
A Ciccone… - Journal of Development Economics, 1996 - Elsevier
We use a dynamic monopolistic competition model to show that an economy that inherits a
small range of specialized inputs can be trapped into a lower stage of development. The
limited availability of specialized inputs forces the final goods producers to use a labor ...
K Matsuyama - Econometrica, 1999 - Wiley Online Library
The neoclassical growth model focuses on factor accumulation as an engine of growth,
while the neo-Schumpetarian growth model stresses innovation. This paper argues that
these two views of growth may capture different phases of a single growth experience. In ...
K Matsuyama - The Review of Economic Studies, 2000 - restud.oxfordjournals.org
Abstract Does the market economy exacerbate inequality across households? In a
capitalistic society, do the rich maintain a high level of wealth at the expense of the poor? Or
would an accumulation of the wealth by the rich eventually trickle down to the poor and ...
K Matsuyama - The American Economic Review, 1990 - JSTOR
The credibility of temporary protection is examined in a simple infinite horizon, perfect
information game of timing in which the domestic government uses the threat of future
liberalization to induce the domestic firm to invest. All pure strategy subgame-perfect ...
K Matsuyama… - Journal of Political …, 2000 - kellogg.northwestern.edu
Abstract This paper develops a Ricardian model with a continuum of goods when
consumers have nonhomothetic preferences. Goods are indexed in terms of priority, and the
households add higher-indexed goods to their consumption baskets, as they become ...
K Matsuyama - Econometrica, 2004 - Wiley Online Library
This paper investigates the effects of financial market globalization on the inequality of
nations. The world economy consists of inherently identical countries, which differ only in
their levels of capital stock. Each country is represented by the standard overlapping ...
K Matsuyama - Journal of Political Economy, 2002 - JSTOR
This paper studies mechanisms behind the rise of mass consumption societies. The
development process depicted follows the Flying Geese pattern, in which a series of
industries take off one after another. As productivity improves in these industries, each ...
K Matsuyama - Journal of International Economics, 1987 - Elsevier
Abstract This paper examines the response of the current account in a small open economy
to a permanent change in the price of imported intermediate goods. To do so, it extends
Blanchard's (1985) open economy model to incorporate the capital stock with adjustment ...
K Matsuyama - Journal of the European Economic Association, 2005 - Wiley Online Library
Abstract This paper offers two simple models to illustrate how corporate governance,
contractual enforcement, and the balance sheet condition of the business sector etc., can
affect the patterns of international trade and capital flows in the presence of credit market ...
K Matsuyama - The American Economic Review, 2007 - JSTOR
The recent literature on macroeconomics of credit market imperfections, following the
seminal work of Ben S. Bernanke and Mark Gertler (1989), emphasizes the credit multiplier
(or financial accelerator) mechanism, which introduces persistence in the dynamics of the ...
A Matsui… - Journal of Economic Theory, 1995 - Elsevier
We consider equilibrium selection in 2× 2 bimatrix (both symmetric and asymetric) games
with two strict Nash equilibria by embedding the static games in a dynamic random matching
framework, played by a continuum of anonymous agents. Unlike in evolutionary games, ...
K Matsuyama - 1996 - nber.org
To explain cross-country differences in economic performance, the economics of
coordination failures typically portrays each country in a closed economy model with
multiple equilibria and then argues that the poor countries are in an equilibrium inferior to ...
K Matsuyama - Econometrica: Journal of the Econometric Society, 1991 - JSTOR
This paper demonstrates that an optimizing model of a monetary economy can produce
perfect foresight equilibria, in which the price level fluctuates forever. Cyclically or chaotically
fluctuating equilibria are more likely to exist when the rate of money supply growth is high. ...
K Matsuyama - The Review of Economic Studies, 1992 - restud.oxfordjournals.org
Abstract Despite the significance of limited labour mobility across sectors, few attempts have
been made to produce dynamic models of sectoral adjustment which are consistent with
perfect foresight and, yet, flexible enough to allow for a variety of dynamic experiments. ...
K Matsuyama - 2008 - nber.org
It is widely recognized that the market economy fails to allocate the credit to the most
productive investment projects because credit trans actions are subject to agency problems.
In the presence of such imper fections, the borrower's net worth? also known as the ...
K Matsuyama… - Review of Economic Studies, 1998 - Wiley Online Library
Most policy debates on regional policies implicitly assume that there is too much
concentration. In our two-region model of migration, desirable concentration fails to occur
under some conditions, and undesirable concentration occurs in others. In the latter case, ...
K Matsuyama - The Review of Economic Studies, 1988 - restud.oxfordjournals.org
Abstract This paper examines the effects of terms-of-trade changes on the external
adjustment of a small open economy where each consumer has a life-cycle saving function.
The supply side of the economy is given by the standard two-sector model with two ...
K Matsuyama - Journal of the Japanese and International Economies, 1992 - Elsevier
Abstract The logic of “balanced growth” or “big push” hypothesis does not provide the
rationale for the comprehensive central planning, unless coordinated expansion across
industries is difficult to achieve through spontaneous responses by creative entrepreneurs ...
K Matsuyama - Review of Economic Studies, 2007 - Wiley Online Library
In contrast to domestic trade, international trade inherently requires more intensive use of
skilled labour with expertise in areas such as international business, language skills, and
maritime insurance, and the transoceanic transportation is more capital intensive than the ...
K Matsuyama - Journal of Monetary Economics, 1990 - Elsevier
Abstract Sunspot equilibria are constructed in Brock's (1975) model of money-in-the-utility-
function. Serial correlations of real balances and the nominal interest rate in these equilibria
can be either positive or negative. The example here suggests that local sunspots are ...
K Matsuyama - Journal of Economic Theory, 2001 - upi-yptk.ac.id
This paper extends the analysis of K. Matsuyama (Econometrica 67 (1999), 335 347) to the
case of an infinitely lived representative agent economy. The economy grows endogenously
through endogenous fluctuations, perpetually moving back and forth between two phases. ...
K Matsuyama - Journal of international Economics, 1990 - Elsevier
Abstract Residential investment is an important driving force in the current account. This
paper first builds the model to show that residential investment, for the empirically relevant
case where demand for housing services has nonzero income elasticity, is fundamentally ...
A Ciccone… - Econometrica, 1999 - Wiley Online Library
When do dynamic nonconvexities at the disaggregate level translate into dynamic
nonconvexities at the aggregate level? We address this question in a framework where the
production of differentiated intermediate inputs is subject to dynamic nonconvexities, and ...
K Matsuyama - Journal of the European Economic Association, 2009 - Wiley Online Library
Abstract This paper presents a simple model of the world economy, in which productivity
gains in manufacturing are responsible for the global trend of manufacturing decline, and
yet, in a cross-section of countries, faster productivity gains in manufacturing do not ...
A Ciccone… - 1993 - nber.org
One critical aspect of economic development is that productivity growth and a rising
standard of living are realized through more roundabout methods of production and
increasing specialization of intermediate inputs and producer services. We use an ...
K Matsuyama - 2002 - repository.dl.itc.u-tokyo.ac.jp
This paper develops a theoretical framework to understand mechanisms behind the rise and
fall of class societies. The dynamics is described by the joint evolution of the wage rate, the
vertical division of labor between employers and workers, and the distribution of ...
K Matsuyama - 1992 - faculty.wcas.northwestern.edu
The monopolistic competition literature exclusively focuses on the group equilibrium where
firms in the group supply products that are close substitutes. While faithful to Chamberlin,
this restricts the ability of the monopolistic competition paradigm to yield the predictions ...
K Matsuyama - International Economic Review, 2006 - Wiley Online Library
This article presents a model of the emergent class structure, in which a society inhabited by
inherently identical households may be endogenously split into the rich bourgeoisie and the
poor proletariat. For some parameter values, the model has no steady state where all ...
[CITATION] Increasing Returns
K Matsuyama - Industrialization, and Indeterminacy of, 1991
K Matsuyama - The Quarterly Journal of Economics, 1990 - JSTOR
A mercantilistic trade policy is often introduced as a tool to generate more jobs in some key
industries. When employment in an export (import) industry is perceived to be low, the
government would be tempted to adopt measures of export promotion (import protection) ...
K Matsuyama - The American Economic Review, 2002 - JSTOR
Strategic complementarity games have found applications in many fields, including
macroeconomics, development, and labor economics.'They provide a useful framework
within which to address questions like:" What generates the disparity across regions and ...
K Matsuyama… - 1992 - kelloggexecutives.com
Abstract A pairwise random matching game is considered to identify the social environments
that give rise to the social custom and fashion cycles. The game, played by Conformists and
Nonconformists, can generate a variety of socially stable behavior patterns. In the path~ ...
K Matsuyama - Japanese Economic Review, 1997 - Wiley Online Library
A multiplicity of equilibria, steady states, cycles, etc., feature prominently in models with
complementarities. Multiplicity suggests the instability of an economic system and the
sensitive dependence of the equilibrium behaviour on the environment. In this paper I ...
K Matsuyama… - 1993 - research.mpls.frb.fed.us
ABSTRACT In recent years, monopolistic competition models have frequently been applied
in macroeconomics, international and interregional economics, and economic growth and
development. In this paper, I present a highly selective review in this area, with special ...
K Matsuyama… - 2000 - europealumni.kellogg.northwestern. …
Abstract This paper analyzes the effects of financial market globalization on the crosscountry
pattern of development in the world economy. To this end, it develops a dynamic
macroeconomic model of imperfect credit markets, in which the domestic investment ...
[CITATION] A Learning Effect Model of Investment: An Alternative Interpretation of Tobin's Q'
K Matsuyama - Manuscript, Northwestern University, 1984
K Matsuyama - Journal of Economic Dynamics and Control, 1991 - Elsevier
Abstract This paper extends Calvo's (1986) and Obstfeld's (1985) analyses of stabilization
policies through predetermined exchange rates in a few directions. The graphic and
analytical techniques used here make it possible to perform a variety of policy ...
K Matsuyama - International Economic Review, 1991 - JSTOR
The welfare analysis of Diamond's overlapping generations model is often restricted to a
steady-state comparison. This paper demonstrates that a simple diagrammatic technique is
useful for a Pareto welfare analysis. In particular, it shows that capital saving technological ...
K Matsuyama - Japanese Economic Review, 2008 - Wiley Online Library
This paper extends Diamond's overlapping generations model by allowing the agents to
make the retirement decision. Earning a higher wage income when young not only enables
the agents to save more. It also induces more agents to retire early and gives an ...
A Matsui, K Matsuyama… - 1991 - kellogg.northwestern.edu
Abstract We consider equilibrium selection in 2x2 bimatrix (both symmetric and asymmetric)
games with two strict Nash equilibria by embedding it in a dynamic random matching game
played by a continuum of anonymous agents. Unlike in the evolutionary game literature, ...
K Matsuyama - 2004 - repository.dl.itc.u-tokyo.ac.jp
This paper builds models of nonlinear dynamics in the aggregate investment and borrower
net worth and uses them to study the causes and nature of endogenous credit cycles. The
basic model has two types of projects: the Good and the Bad. The Bad is highly productive ...
K Matsuyama - 1988 - faculty.wcas.northwestern.edu
Abstract This paper constructs two sector overlapping generations economies where
sectoral adjustment of labor takes place slowly in response to sectoral shocks. The
dynamics of labor supplies are characterized for a variety of relative price shocks (both ...
K Matsuyama - 2002 - repository.dl.itc.u-tokyo.ac.jp
This paper develops models of endogenous credit cycles. The basic model has two types of
profitable investment projects: the Good and the Bad. Unlike the Good, the Bad contributes
little to improve the net worth of other borrowers. Furthermore, it is relatively difficult to ...
K Matsuyama - Journal of the Japanese and International Economies, 1995 - Elsevier
The standard practice in economic theory is to assume that all the relevant variables (eg, the
space of all the goods of potential economic value) and all the relevant constraints are
known to the policymaker or to the designer of an economic system. This often unstated ...
Abstract We characterize the Walrasian allocations correspondence by means of four
axioms: consistency, replica invariance, individual rationality and Pareto optimality. It is
shown that for any given class of exchange economies any solution that satisfies the ...
K Matsuyama - Working Papers, 1992 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your
bookmarks. Imperfect Competition, Foreign Trade, and the Multipliers:
Machlup-Metzler Fifty Years Later. Kiminori Matsuyama (). ...
K Matsuyama… - 1999 - ksmb02.kellogg.northwestern.edu
Abstract This paper presents a theoretical framework to study the effects of geographical
factors on the distribution of industries in the world economy, which consists of many
regions. The geographical feature of each region is summarized by a proximity matrix, ...
K Matsuyama - Discussion Papers, 1991 - ideas.repec.org
This paper considers a simple pairwise random matching game in the society populated by
two groups of agents: Conformists and Nonconformists. Depending on the relative
frequencies of intergroup and intragroup matchings, the best response dynamics show ...
K Matsuyama - Journal of International Economics, 1992 - ideas.repec.org
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view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
K Matsuyama - Readings in Development Economics: Micro- …, 2000 - books.google.com
In recent years, the paradigm of monopolistic competition has been applied to model a
variety of aggregate phenomena in macroeconomics, international and interregional
economics, and economic growth and development. Monopolistic competition typically is ...
[CITATION] rStructural Changes, forthcoming in: New Palgrave Dictionary of Economics
K Matsuyama - 2005 - London, Macmillan
[CITATION] The Broken Symmetry and Theories of Endogenous Agglomerations, Fluctuations, and Distributions
K Matsuyama - American Economic Review, Papers and Proceedings, 2002
[CITATION] The Role of Government in East Asian Development: Comparative Institutional Analysis, chapter Economic Development as Coordination Problems
K Matsuyama - 1996 - Oxford University Press
[CITATION] A non-convex model of growth due to specialization: Efficient and equilibrium allocations
A Ciccone… - 1996 - process
[CITATION] Non-convex models of growth: Efficient and equilibrium allocations
A Ciccone… - 1992 - working paper
K Matsuyama - 1989 - europealumni.kellogg.northwestern. …
Abstract The set of price levels consistent with perfect foresight equilibrium conditions in
Brock's (1974, 1975)" Simple Perfect Foresight Monetary Model" may have a very
complicated topological structure. This paper shows, for certain parameter values, that the ...
K Matsuyama - Economics Letters, 1988 - Elsevier
Abstract This paper reformulates Findlay's (1970) analysis by solving for life-cycle saving
explicitly. The key parameters are the rate of population growth and the consumer's discount
factor. It is shown that Findlay's result carries over even after the effect of population ...
K Matsuyama - Manuscript, Northwestern University, 2005 - faculty.econ.northwestern.edu
Abstract We explore a flexible approach to model costly international trade, which includes
the standard iceberg approach as a special case. To demonstrate our approach, we extend
the Ricardian model of trade with a continuum of goods (Dornbusch, Fischer and ...
K Matsuyama - 1989 - financialtrustindex.org
Abstract This paper first shows a simple way of determining serial correlation of stationary
sunspot equilibria (ie, rational bubbles). This result is then applied to two models of money:
an overlapping generations model and a model of money~ in~ the-utilityfunction.
[CITATION] Welfare Analysis of Technological Progress in a Two Sector Overlapping Generations Model
K Matsuyama - rnimeo, Harvard University, 1986
[CITATION] oStructural Change in an Interdependent World: A Global View of Manufacturing Decline, p presented at the 2008 Congress of the European Economic …
K Matsuyama - Milan, Italy
[CITATION] Growing Through Cycles
M Kiminori - Econometrica, 1999
K Matsuyama - 2004 - repository.dl.itc.u-tokyo.ac.jp
We propose a new approach to model costly international trade, which includes the
standard approach, the" iceberg" transport cost, as a special case. The key idea is to make
the technologies of supplying the good depend on the destination of the good. To ...
[CITATION] XAn Approach to Equilibrium Selection
A Matsui… - & Journal of Economic Theory, 1995
[CITATION] Productivity-based theory of manufacturing employment declines: a global perspective
K Matsuyama - 2007 - Mimeo, Northwestern University
[CITATION] Corporate Governance and Patterns of International Trade
K Freitas… - Work in Progress, 2004
K Matsuyama - Discussion Papers, 1990 - ideas.repec.org
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view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
K Matsuyama - 2002 - repository.dl.itc.u-tokyo.ac.jp
This paper extends Diamond (1965)'s one-sector neoclassical growth model with two-period
lived, overlapping generations, by allowing the agents to make the labor force participation
decision in their second period, in the spirit of Feldstein (1974). If the agents earn a high ...
[CITATION] Essays on international trade and finance
K Matsuyama - 1987 - Harvard University
[CITATION] Poverty Traps, New Palgrave: A Dictionary of Economics
K Matsuyama - Blume and S. Durlauf, ed., 2nd ed. L.: Macmillan, 2006
K Matsuyama - Macroeconomic Dynamics, 1997 - Cambridge Univ Press
Abstract The credibility criterion commonly used in the strategic macroeconomic policy
literature, subgame perfection or its variants, ignores a critical problem concerning
intertemporal consistency of policy announcements. To capture this additional credibility ...
K Matsuyama… - 1998 - europealumni.kellogg.northwestern. …
Abstract This paper studies the interdependence between the labor force participation by the
elderly and economic development. In a developed economy, the agents earn a high wage
income when young and retire when old. This reduces the labor supply (through a low ...
C Societies… - 1999 - kellogg.northwestern.edu
Abstract This paper develops a model to understand mechanisms behind the rise of mass
consumption societies. The development process depicted in the model follows the Flying
Geese pattern, in which a series of industries takes off one after another. As productivity ...
K Matsuyama… - NBER Books, 2008 - ideas.repec.org
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the relevant references in the same way as above, for each refering item. If you are a
registered author of this item, you may also want to check the" citations" tab in your profile, ...
K Matsuyama - Journal of Economic Theory, 1985 - Elsevier
Abstract A new and a weaker concept of rationalizability is introduced and its implications on
the properties of individual choice are investigated. Especially,(i) it is shown that a property
of choice functions, called Chernoff's dual axiom in this paper, plays a crucial role for the ...
[CITATION] Economic
D Austen-Smith, JS Banks, J Benhahih… - Journal of Economic …, 1976 - Academic Press.
K Matsuyama - Annu. Rev. Econ., 2011 - annualreviews.org
This article discusses some key results in the theoretical literature on credit market
imperfections, household wealth distribution, and development by conducting three types of
analysis, which progressively build on one another. The first, a single dynasty model, ...
K Matsuyama - Global COE Hi-Stat Discussion …, 2011 - faculty.wcas.northwestern.edu
Abstract: This paper studies theoretically how the cross-country differences in the
institutional quality (IQ) of the domestic credit markets shape the patterns of international
capital flows when such IQ differences also cause productivity differences across ...
K Matsuyama - faculty.econ.northwestern.edu
Page 1. 1 Strategic Complementarities: Some Macroeconomic Perspectives By
Kiminori Matsuyama Originally Prepared for ESSET Conference, Gerzensee, July
11-15, 2005 Revised: August 2005 Page 2. 2 Some Static Games ...
K Matsuyama - Global COE Hi-Stat Discussion Paper Series, 2010 - nber.org
Abstract: This paper considers a model of the world economy with a finite number of ex-ante
identical countries and a continuum of tradeable goods, which differ in their dependence on
local differentiated producer services. Productivity differences across countries arise ...
K Matsuyama - Journal of International Economics, 1987 - ideas.repec.org
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view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
K Matsuyama… - faculty.wcas.northwestern.edu
Abstract We present a two-region economy model, in which inefficient concentration may
occur. Individuals in this economy, even though they prefer evenly distributed across the two
regions, concentrate into one region in their pursuit of better life. We characterize the ...
M ITOH… - ビジネスレビュー, 1986 - ci.nii.ac.jp
JR Magnus, W Henke, GW Schwert… - Review of the …, 1987 - Cambridge Univ Press
This section contains an index of current working papers by permuted title. The permuted
title entry is followed by the name of the primary author. A complete bibliographic listing can
be found by consulting the corresponding entry for the primary author in the author index.
A Ciccone… - Institute for International Economic …, 1993 - su.diva-portal.org
Abstract One critical aspect of economic development is that productivity growth and a rising
standard of living are realized through more roundabout methods of production and
increasing specialization of intermediate inputs and producer services. We use an ...
K Matsuyama - Discussion Papers, 1991 - ideas.repec.org
This paper constructs a general equilibrium model of imperfect competition and international
trade and investigates the international transmissions of country specific aggregate demand
shocks, such as changes in taste and fiscal policies. The impacts of coordinated fiscal ...
K Matsuyama - 1987 - europealumni.kellogg.northwestern. …
Abstract This paper investigates dynamic consistency of optimal temporary protection. To do
so, a simple infinite horizon, perfect information game between the domestic government
and the domestic firm is constructed. The government prefers liberalizing the domestic ...
N Kiyotaki, A Matsui… - … -Theoretical Economics Paper …, 1991 - ideas.repec.org
Toward a Theory of International Currency (Now published in Review of Economic Studies 60
(1993), pp.283-307.) ... No abstract is available for this item. ... To our knowledge, this item is
not available for download. To find whether it is available, there are three options: 1. ...
K Matsuyama - 2006 - idei.fr
Abstract International trade generates more demand for certain factors than domestic trade.
Exporting naturally requires more intensive use of skilled labor with the expertise in the
areas such as international business, language skills, and maritime insurance, and the ...
K Matsuyama - Institute for International Economic Studies, 1993 - su.diva-portal.org
Abstract In recent years, monopolistic competition models have frequently been applied in
macroeconomics, international and interregional economics, and economic growth and
development. In this paper, I present a highly selective review in this area, with special ...
K Matsuyama - faculty.wcas.northwestern.edu
Abstract: Ricardian Trade Theory takes cross-country technology differences as the basis of
trade. By abstracting from the roles of factor endowment and factor intensity differences,
which are the primary concerns of Factor Proportions Theory, Ricardian Trade Theory ...
[CITATION] Economics of Transition: Special Conference Issue
K Matsuyama - 1995 - Acad. Press
K Matsuyama - Discussion Papers, 1995 - ideas.repec.org
The standard practice in economic theory is to assume that all the relevant variables (eg, the
space of all the goods of potential economic value) and all the relevant constraints are
known to the policymaker or to the designer of an economic system. This often unstated ...
K Matsuyama - 1993 - 129.105.97.149
Abstract We present a simple model of a two-region economy in which undesirable
concentration may occur. With freedom to choose where to live. individuals in this economy
concentrate into one region in their pursuit of better life, and end up becoming worse off. ...
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