Makoto Yano

Learn More
We study a class of two-sector endogenous growth models in the presence of a positive external effect. The class of models exhibits global indeterminacy of equi-libria. The qualitative properties of a set of examples are analyzed by means of analytical and numerical methods. We also construct robust examples of both topological and ergodic chaos.
Sections of this material may be reproduced for personal and not-for-profit use without the express written permission of but with acknowledgment to IFPRI. To reproduce the material contained herein for profit or commercial use requires express written permission. To obtain permission, contact the Communications Division at ii(More)
Bewley considers a dynamic general equilibrium model with heterogeneous consumers. Assuming that the future is sufficiently important, he shows that an equilibrium path converges to a limit which depends upon initial conditions. This study shows that the limit lies near the stationary state independent of initial conditions. This state is the economy's(More)
Cross-border holdings of nominal assets confer a new international dimension to monetary policy, for they imply that unanticipated changes in monetary policy redistribute wealth across countries. This study analyzes the response of the economy to unanticipated monetary shocks in a general equilibrium model of the world economy. The model yields formulas(More)
This paper investigates the interlinkage in the business cycles of large-country economies in a free-trade equilibrium. We consider a two-country, two-good, two-factor general equilibrium model with Cobb-Douglas technologies and linear preferences. We also assume decreasing returns in both sectors. We first identify the determinants of each country's(More)
Utilizing a randomized controlled trial (RCT) in traditional clusters of apparel and textile firms in Vietnam, this paper investigates how firms' decisions to participate in seminars on export promotion are affected by their information exchange peers. We identify the effect of the number of peers participating in the seminars by using the number of(More)
In the present paper, we consider a two-country, two-good, two-factor general equilibrium model with CIES non-linear preferences, asymmetric technologies across countries and decreasing returns to scale. It is shown that aggregate instability and endogenous fluctuations may occur due to international trade. In particular, we prove that the integration into(More)
This paper characterizes the effectiveness of illiquid securities as a commitment device. That is, it derives a condition under which illiquid securities enable a consumer who has time-inconsistent preferences to commit himself to his future consumption choices. By this analysis, it is shown that the value of his initial endowment is important for illiquid(More)