27 Result(s)

Article

Interlinkage in the endogenous real business cycles of international economies

This study investigates interlinkage among the business cycles of countries from the viewpoint of endogenous real business cycles. For this purpose, we build a simple perfect foresight equilibrium model with t...

Kazuo Nishimura, Makoto Yano in Economic Theory (1993)

Article

Optimal chaos, nonlinearity and feasibility conditions

This study constructs a class of dynamic models in which optimal paths are generated by nonlinear transition functions similar to a tent map. We provide a sufficient condition under which such a transition fun...

Kazuo Nishimura, Makoto Yano in Economic Theory (1994)

Article

Ergodic chaos in optimal growth models with low discount rates

We show that for every discount factorρε(0,1) one can find infinitely many strictly concave discrete-time optimal growth models in reduced form which have optimal policy functions exhibiting ergodic chaos. These ...

Kazuo Nishimura, Gerhard Sorger, Makoto Yano in Economic Theory (1994)

Article

Interior Optimal Chaos with Arbitrarily Low Discount Rates

In this study, we demonstrate, for an arbitrarily small discount rate, the existence of a topologically chaotic policy function that lies in the interior of the technology set in a two-sector model with smooth...

Kazuo Nishimura, Tadashi Shigoka, Makoto Yano in The Japanese Economic Review (1998)

Article

Symposium on Intertemporal Equilibrium Theory and Nonlinear Dynamics: Introduction

Kazuo Nishimura, Harutaka Takahashi in The Japanese Economic Review (1999)

Article

Indeterminacy Arising in Multi-Sector Economies

We characterize a large class of constant-returns-to-scale economies with standard Cobb-Douglas production technologies, which, when perturbed to incorporate external effects, exhibit indeterminacy or multiple...

Jess Benhabib, Kazuo Nishimura in The Japanese Economic Review (1999)

Article

Transboundary Pollution in a Dynamic Game Model

We consider a dynamic game model in which N countries produce a single product that is not traded. Production results in emissions that accumulate a stock of pollution in each country. Households in each country ...

Engelbert J. Dockner, Kazuo Nishimura in The Japanese Economic Review (1999)

Article

Equilibrium Growth and Nonlinear Dynamics in Continuous-Time Models

Building on recent work on equilibrium growth models with externality, I re-examine earlier results from multi-sector growth models in the continuous-time framework, and study the structural relationship betwe...

Kazuo Nishimura in The Japanese Economic Review (2001)

Article

Indeterminacy and cycles in two-sector discrete-time model

We consider a discrete-time two-sector Cobb-Douglas economy with positive sector specific external effects. We show that indeterminacy of steady states and cycles can easily arise with constant or decreasing ...

Jess Benhabib, Kazuo Nishimura, Alain Venditti in Economic Theory (2002)

Article

Working and Training: A Nonlinear Dynamic Analysis of Human Capital Development

We tend to think of workers completing their education and then entering the workforce, where they will gradually develop their skills. In fact, however, a worker’s career may be characterized not only by this...

Kazuo Nishimura, Tadashi Yagi, Makoto Yano in The Japanese Economic Review (2004)

Article

Asymmetric Factor Substitutability and Indeterminacy

We consider a discrete-time two-sector CES economy with sector specific external effects in which factor substitutability differs across sectors. For this general model, we provide sufficient conditions on the...

Kazuo Nishimura, Alain Venditti in Journal of Economics (2004)

Article

Foreword to the Symposium

Charalambos D. Aliprantis, Tapan Mitra, Kazuo Nishimura, Roy Radner in Economic Theory (2006)

Article

Indeterminacy in a dynamic two-country model

The purpose of this paper is to show that indeterminacy can arise in a simple competitive two-country dynamic model of international trade, free of externalities, imperfect competition, and government interven...

Kazuo Nishimura, Koji Shimomura in Economic Theory (2006)

Article

Endogenous Fluctuations in Two-Country Models

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-Dougl...

Kazuo Nishimura, Alain Venditti, Makoto Yano in The Japanese Economic Review (2006)

Article

Duality with Sector-Specific Externalities Under Social Constant Returns

We develop dual approaches to quantity and price relationships of production in a general multisectoral model with sector-specific externalities. The production of each good exhibits socially constant returns ...

Kazuo Nishimura, Koji Shimomura, ** Wang in The Japanese Economic Review (2006)

Article

Introduction

Kazuo Nishimura, Makoto Yano in The Japanese Economic Review (2006)

Article

Parents’ Educational Background, Subjects “Good-At” in School and Income: An Empirical Study

We analyze the effects of studying mathematics and of parents’ academic profile on the annual labour income of their children in later life. Data was obtained from graduates of departments of economics at majo...

Junichi Hirata, Kazuo Nishimura, Junko Urasaka… in The Japanese Economic Review (2006)