Kiyohiko G. Nishimura

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Recent estimates suggest that u.S. banks and investment banks may lose up to $250 billion from their exposure to residential mortgage securities. the resulting depletion of capital has led to unprecedented disruptions in the market for interbank funds and to sharp contractions in credit supply, with adverse consequences for the larger economy. a number of(More)
Suppose that "uncertainty" about labor market conditions has increased. Does this change induce an unemployed worker to search longer, or shorter? This paper shows that the answer is drastically different depending on whether an increase in "uncertainty" is an increase in risk or that in true uncertainty in the sense of Frank Knight. We show in a general(More)
Several countries are concurrently experiencing historically low inflation rates and ageing populations. Is there a connection, as recently suggested by some senior central bankers? We undertake a comprehensive test of this hypothesis in a panel of 22 countries over the 1955–2010 period. We find a stable and significant correlation between demography and(More)
Why was the Japanese consumer price index for rents so stable even during the period of the housing bubble in the 1980s? To address this question, we use a unique micro price dataset which we have compiled from individual listings (or transactions) in a widely circulated real estate advertisement magazine. This dataset contains more than 700 thousand(More)
Loyalty to one's extended family, a well-known Japanese tradition, has broken down following World War II. Child rearing in Japan, therefore, has been changing gradually and clearly. Traditionally, child rearing was taught to young mothers by the grandmothers. However, recently young couples are no longer living with their parents. Therefore, there are no(More)
Institute of Technology Abstract Manufacturing played an important part in sustaining India’s economic growth in the 1970s and 1980s. The economic reforms of the early 1990s did not lead to sustained growth of the manufacturing sector. After an acceleration in the mid-1990s, growth slowed in the decade’s second half. The analysis presented in this paper(More)
Is the cross-sectional distribution of house prices close to a (log)normal distribution, as is often assumed in empirical studies on house price indexes? How does the distribution evolve over time? To address these questions, we investigate the cross-sectional distribution of house prices in the Greater Tokyo Area. We find that house prices (Pi) are(More)
The phenomenal success of East Asian economies has centered attention on the source of their economic growth. Recent studies based on neoclassical theory have produced controversial results: the most important source of economic growth of the East Asian countries (except Japan) is capital accumulation, and the estimated rate of technological progress is(More)
This paper provides new evidence on the international productivity gaps; this evidence is built from large scale firm-level data from the French and Japanese manufacturing industries. Our primary finding is that international productivity gaps are sensitive to the export status of firms. We establish that the productivity gap between French and Japanese(More)