Publisher：Springer  

This study presents a two-sector dynamic general equilibrium model with capital accumulation and discusses the role of endogenous time preference and consumption externalities in closed and small open economies. While the economy has a unique and saddle-point stable steady state under autarky, under free trade with decreasing marginal impatience (i.e., a household's discount rate is a decreasing function of its consumption), there might exist multiple steady states and indeterminacy of equilibrium paths. Specifically, if the degree of decreasing marginal impatience is sufficiently large and individuals' preferences exhibit admiration, the dynamic equilibria with diversified production might become indeterminate. We also analyze the economy's long-run trade pattern and its relationship with indeterminacy.

Publisher：Elsevier  

The aim of this note is to revise and correct the properties of steady state(s) obtained in Chen and Hsu [Economics Letters (2007, 95, pp. 96-103)]. They proved that admiration and decreasing marginal impatience may establish indeterminacy when the steady state is unique. Instead, we prove that, in the long-run equilibrium (equilibria), (i) indeterminacy never occurs when the steady state is unique, and (ii) indeterminacy may occur only when the steady states are not unique.

Publisher：Elsevier  

How should a welfare-maximizing host government regulate the entry of multinational enterprises (MNEs) that compete with local firms for the host-country market? We demonstrate that the optimal entry regulation depends on the size of the host market: The host government chooses to grant cross-border mergers and acquisitions (M&As) when the host market is sufficiently small; otherwise, it chooses direct export. Greenfield investment, on the other hand, will not be granted. Moreover, we show that for the case of M&A, the MNEs would acquire the most efficient local firm.

Publisher：南山経済学会  

本論文では，2部門モデルにおいて，時間選好率が内生的であるモデルを展開する。特に，割引率が消費水準に関して増加関数（IMI）であるケースと減少関数（DMI）であるケースにおいて，長期均衡の性質がどのように変わるか，さらに，経済政策の結果，長期均衡がどのように変わるかについて分析する。分析の結果，IMIおよびDMIでも減少の度合が少ない場合には，長期均衡が一意に存在し，鞍点の性質を持つ一方，DMIで減少の度合が大きい場合には，複数均衡でありかつそれらの均衡には必ず不安定な均衡が含まれることが導かれる。また，政府が利子所得税，消費税における税率を変更した場合の効果も併せて導出される。

Publisher：Springer  

We consider how the international cross-ownership of firms affects the privatization of a public firm competing with foreign firms. We show that when firms compete á la Cournot in a third market under a linear demand function, the domestic ownership of foreign firms can impede privatization, whereas the foreign ownership of the domestic firm can promote privatization. Moreover, the domestic ownership of foreign firms can render neither complete privatization nor complete nationalization optimal under moderate conditions. Conversely, when firms compete á la Bertrand, we demonstrate that it is always optimal to pursue complete nationalization.

Publisher：南山経済学会  

本論文では，2部門モデルにおいて，消費に関する外部性が存在するモデルを展開する。内生的時間選好率を仮定し，この割引率に消費外部性が導入される。分析の結果，定常状態が複数存在するケースが導かれ，このケースにおいて，消費外部性が十分に大きいときには均衡経路の不決定が発生しうることがわかる。

Publisher：名古屋大学大学院経済学研究科  

This paper gives an overview of the recent literature on indeterminacy and sunspots, and examines a simple dynamic general equilibrium model generating indeterminate equilibria under small open economies. It discusses some of the conceptual and the technical aspects of this literature by using one-sector model of Benhabib and Farmer (1994). An overview of dynamic models under small open economy is given, and their theoretical properties and empirical plausibility are examined. After the survey of the models generating indeterminacy under small open economy, which the external effects in production sectors play an important role, we provide a simple framework whose long-run equilibria are indeterminate because of consumption externalities. Finally, we show the mechanisms that give rise to indeterminate equilibria.

Publisher：Taylor & Francis Journals  

This paper examines a two-country dynamic general equilibrium model with endogenous fertility. We show that the introduction of child-rearing behavior brings about new properties in long-run dynamics. After an analysis of the existence, uniqueness, and local stability of the longrun equilibrium, we examine the international trade pattern and comparative statics in order to identify the differences with the standard dynamic international trade model.

Publisher：The Society of Economics Nanzan University  

This paper studies the influence of consumption externalities in a small open economy. Households are infinitely lived and possess endogenous time preference. In the transitional path, status-conscious individuals might consume too much or too little as compared with the social optimum. A government can, however, induce the private sector to attain the social optimum by designing an optimal residence-based tax or subsidy policy.

Publisher：The Korea International Economics Association  

This paper presents a dynamic Heckscher–Ohlin–Samuelson (H–O–S) model with variable marginal impatience (of preference) in a small country economy. In the case of the increasing marginal impatience, the steady state with incomplete specialization exhibits uniqueness and saddle-point stability. On the other hand, in the case of the decreasing marginal impatience, contrary to the closed one-sector economy, the steady state with incomplete specialization does not exhibit uniqueness and saddle-point stability. We derive the trade pattern properties in the steady state.

Publisher：南山経済学会  

本論文では，消費外部性および内生的時間選好率が存在する最適成長モデルを研究する。特に，消費外部性を，個人消費および社会的消費が人々の主観的割引率の要素となっているような形で導入する。
このとき，長期均衡の存在，一意，および安定性に関して，well behaved な性質がもたらされる。つまり，消費に関する外部性が存在しても，通常の最適成長モデルと同様の結論を導くことが可能である。特に，decreasing marginal impatience of preference においても well behaved な結論が得られるという性質は既存の研究には無い結論である。

Publisher：The Society of Economics Nanzan University  

This paper explores the relations between capital accumulation, balance of payments (current account, trade account), and exchange rate in a small open economy with money. Especially, this paper assumes money-in-the-utility function for introducing money, and elastic labor supply. We examine the effects of monetary policy on macroeconomic variables, such as exchange rate, capital stock, foreign asset, current account, and trade account. Furthermore, this paper analyzes these by using various utility functions, which depend on consumption, real money holding, and labor supply.
The following results are obtained: First, when labor supply is inelastic, superneutrality of money prevails. However, in the case of utility function with elastic labor supply, monetary policy can affect real economy. Second, even when labor supply is inelastic, if the utility function is separable in money, monetary policy leads to superneutrality of money. Third, if the utility function is specifi

Publisher：南山大学経済学会  

本論文では，代表的家計の効用関数において内生的な時間選好率を仮定した2部門最適成長モデルにおいて，その経済の動学的均衡に関する性質を分析する。このとき，以下の2点の結論を得る。第1に，定常状態においては必ず不完全特化が成立し，その定常状態は一意に存在する。第2に，定常状態の近傍における安定性に関して，鞍点の性質が満たされることが導かれる。

Publisher：南山大学経済学会  

　本論文では，消費外部性および内生的時間選好率が存在する小国開放経済における異時点間最適化モデルを研究する。
　このとき，次のような結論を得る。まず第 1 に，定常状態が存在するための条件，およびその一意性が示される。第 2 に，長期均衡が鞍点の性質を持つことを導く。第 3 に，居住地主義に基づく利子所得税を課すことにより，人々の厚生水準が改善する可能性が存在することを導出する。

Publisher：日本国際経済学会  

　本論文では，近年発展している独占的競争市場の理論を用いて，貨幣的な開放経済に関する異時点間アプローチの一般均衡モデルを展開する。特に，規模に関して収穫一定の生産技術の下で労働および資本が生産要素として用いられる場合，資本蓄積を通してどのように結論が修正されるかを分析する。
　本論文から導かれる結論は，上述のアプローチにおける先駆的な業績であるObstfeld and Rogoff (1995)と次の2点で異なる。第一に，資本が存在することによって，生産面に対する貨幣政策の効果が強められ，消費面に対する効果が弱められることが挙げられる。第二に，この設定の下では貨幣政策の厚生水準に対する効果として，移行過程をも含めた効用和で厚生水準を測るとき，いずれかの国が貨幣政策を実施することによって，両国の厚生は共に増加するが，実施した国における増加がもう一方の国における増加を上回ることを，適切なパラメーターの下で，数値例を用いて説明する。また，定常状態においては自国政府の政策が自国の厚生水準を必ず増加させる一方，外国政府の政策が自国の厚生水準を減少させることが導かれる。

Publisher：南山大学経済学会  

本論文では，無限期間モデルとOLGモデルという分類の下で，異時点間の最適化行動に基礎を置く動学的国際貿易モデルについて検討する。このとき，人々の時間的視野の相違によって，生産・貿易パターン，国際価格の変化に対する効果など，多くの点において2つのモデルに相違点が存在することを導く。特に，不完全特化が成立する場合に，無限期間モデルにおいては定常均衡が一意でなく移行過程が存在しないのに対し，OLGモデルにおいては一意な定常均衡が存在し安定な移行過程が存在するという2つのモデルにおける大きな相違点を導く。

Publisher：南山大学経済学会  

本論文では，国際資本移動が認められている2部門内生的成長モデルにおいて，政府の税率変更が国内の各変数や成長率にどのような影響を及ぼすかを分析する。このとき，次のような結論を得る。まず，定常的な成長経路は均斉的ではないこと，すなわち，消費の長期的な成長率と人的・物的資本および国際産出高の成長率が乖離することを示す。次に，定常成長経路が存在するための条件，およびその一意性を導く。最後に，国際資本所得に対する増税が消費の成長率の減少，およびGDP成長率の上昇を導くことが示される。

Publisher：名古屋大学大学院経済学研究科  

This paper integrates money with a two-sector trade model and analyzes the long-run effects of monetary growth and an increase in population on it's trade patterns. One sector produces the homogenous good using aconstant returns to scale technology, while the other sector produces the differentiated goods with an increasing returns to scale technology.
The effects of inflation and population increase on it's trade patterns work through changes in capital supply. This paper affords different results of the rise in inflation or the increase in capital from those of standard monetary trade models owing to the scale economies.

Publisher：名古屋大学大学院経済学研究科  

Publisher：埼玉大学大学院 経済科学研究科  

How should a welfare–maximizing host country regulate the entry of foreign firms into former public monopolies? We demonstrate that two widely–adopted FDI regulations, namely (i) mandating foreign firms to establish international joint ventures (IJVs) with local public firms and (ii) imposing equity restrictions on the degree of foreign ownership in the IJVs can, in fact, emerge as the host country’s optimal choices. When equity restrictions are inapplicable and with sufficiently high degrees of foreign ownership, restricting the entry mode to exports only would be optimal. Moreover, it is unlikely that greenfield investment would ever be chosen.

This paper examines a two-country dynamic general equilibrium model with endogenous fertility and mortality. We show that the introduction of endogenous demographic change brings about new properties in long-run dynamics. After an analysis of the existence, uniqueness, and local stability of the long-run equilibrium, we examine each country's long-run trade pattern and gains from trade in the long-run.

How should a welfare–maximizing host country regulate the entry of foreign firms into former public monopolies? We demonstrate that the two widely–adopted FDI regulations, namely, (i) mandating foreign firms to establish international joint ventures (IJVs) with local public firms; and (ii) imposing equity restrictions on the degree of foreign ownership in the IJVs; can in fact emerge as the host country’s optimal choices. When equity restrictions are inapplicable and with sufficiently high degrees of foreign ownership, restricting the entry mode to export only would be optimal. Moreover, it is unlikely that greenfield investment would ever be chosen.

This paper examines a two-country dynamic general equilibrium model with endogenous
fertility and mortality. We show that the introduction of endogenous demographic change
brings about new properties in long-run dynamics. After an analysis of the existence,
uniqueness, and local stability of the long-run equilibrium, we examine each country's long-
run trade pattern and gains from trade in the long-run.

We consider how the international cross-ownership of firms affects the privatization of a public firm competing with foreign firms. We show that when firms compete á la Cournot in a third market under a linear demand function, the domestic ownership of foreign firms can impede privatization, whereas the foreign ownership of the domestic firm can promote privatization. Moreover, the domestic ownership of foreign firms can render neither complete privatization nor complete nationalization optimal under moderate conditions. Conversely, when firms compete á la Bertrand, we demonstrate that it is always optimal to pursue complete nationalization.

This paper presents a two-sector dynamic general equilibrium model in an autarkic economy and a small open economy, and considers the role of endogenous impatience and consumption externalities in a neoclassical growth model. In the case of socially increasing marginal impatience, there exists a unique and saddle-point stable steady state. By constrast, in the case of socially decreasing marginal impatience, there may exist multiple steady states and the dynamic equilibrium around the steady state with incomplete specialization may exhibit indeterminacy. The occurrence of the indeterminacy result requires a large degree of increasing time preference in average consumption and a socially decreasing marginal impatience which means that the slope of the supply curve for capital is negative in the long-run. In addition, the long-run effects of a terms-of-trade deterioration on the economy's comparative advantage and its relation to indeterminacy are examined.

This paper examines a two-country dynamic general equilibrium model with endogenous fertility. We show that the introduction of child-rearing behavior brings about new properties in long-run dynamics. After an analysis of the existence, uniqueness, and local stability of the long-run equilibrium, we examined the international trade pattern and comparative statics in order to identify the differences with the standard dynamic international trade model.

This paper examines a two-country dynamic general equilibrium model with endogenous fertility. We show that the introduction of child rearing behavior brings about new properties in long run dynamics. After analysis about the existence, uniqueness, and local stability of long run equilibrium, we investigate the international trade pattern and comparative statics in order to see the differences with the standard dynamic international trade model.

This paper examines a two-country dynamic general equilibrium model with endogenous fertility. We show that the introduction of child rearing behavior brings about new properties in long run dynamics. After analysis about the existence, uniqueness, and local saddle point stability of long run equilibrium, we investigate the international trade pattern and comparative statics in order to see the differences
with the standard dynamic international trade model.

This paper presents a two-sector dynamic general equilibrium model in a small open economy and considers the role of endogenous impatience and consumption externalities in a neoclassical growth model. In the case of socially increasing marginal impatience, there exists a unique and saddle-point stable steady state. By contrast, in the case of socially decreasing marginal impatience, there may exist multiple steady states and the dynamic equilibrium around the steady state with incomplete specialization may exhibit indeterminacy. The occurrence of the indeterminacy result requires a large degree of increasing time preference in average consumption and a socially decreasing marginal impatience which means that the slope of the supply curve for capital is negative in the long-run. In addition, the long-run effects of a terms-of-trade deterioration on the economy's comparative advantage and its relation to indeterminacy are examined.

This paper presents a two-sector dynamic general equilibrium model in a small open economy and considers the role of endogenous impatiences in a neoclassical growth model with consumption externalities. In the case of the socially increasing marginal impatience, the steady state with incomplete specialization exhibits uniqueness and saddle-point stability. To the existence of locally indeterminate long-run equilibria with incomplete specialization, we need a large degree of increasing impatience in average consumption, and a suficiently large degree of decreasing impatience in private consumption so as to dominate the increasing impatience in average consumption. In addition, the long-run effects of a terms-of-trade deterioration and a population growth on the economy’s comparative advantage and its relation to indeterminacy are examined.

This paper presents a dynamic Heckscher–Ohlin–Samuelson (H–O–S) model with variable marginal impatience (of preference) in a small country economy. In the case of the increasing marginal impatience, the steady state with incomplete specialization exhibits uniqueness and saddle-point stability. On the other hand, in the case of the decreasing marginal impatience, contrary to the closed one-sector economy, the steady state with incomplete specialization does not exhibit uniqueness and saddle-point stability. We derive the trade pattern properties in the steady state.

This paper presents a dynamic H−O−S model with variable marginal impatience in a small country economy. In the case of the increasing marginal impatience, the steady state with incomplete specialization exhibits uniqueness and saddle-point stability. On the other hand, in the case of the decreasing marginal impatience, contrary to the closed one-sector economy, the steady state with incomplete specialization does not exhibit uniqueness and saddle-point stability.

This paper studies the influence of consumption externalities in a small open economy. Households are infinitely lived and possess an endogenous time preference. In the transitional path, status-conscious individuals might consume too much or too little as compared with the social optimum. A government can, however, induce the private sector to attain the social optimum by designing an optimal residence-based tax or subsidy policy.

本論文では，国際資本移動が認められている2部門内生的成長モデルにおいて，政府の税率変更が国内の各変数や成長率にどのような影響を及ぼすかを分析する。このとき，次のような結論を得る。まず，定常的な成長経路は均斉的ではないこと，すなわち，消費の長期的な成長率と人的・物的資本および国際産出高の成長率が乖離することを示す。次に，定常成長経路が存在するための条件，およびその一意性を導く。最後に，国際資本所得に対する増税が消費の成長率の減少，および GDP 成長率の上昇を導くことが示される。

This paper explores the relations between capital accumulation, balance of payments (current account, trade account), and exchange rate in a small open economy with money. Especially, this paper assumes money-in-the-utility function for introducing money,

討論者/Asia-Pacific Economic Association/National Taiwan University, Taiwan

岩倉市生涯学習講座「日本の国際貿易－自由貿易政策の新たな展開とTPP－」

討論者/日本地域学会/立正大学

討論者/日本地域学会/政策研究大学院大学

討論者/日本地域学会/広島大学