# CIRJE, Faculty of Economics, University of Tokyo

# CIRJE F-Series

Postal: Hongo 7-3-1, Bunkyo-ku, Tokyo 113-0033

Phone: +81-3-5841-5644

Fax: +81-3-5841-8294

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Phone: +81-3-5841-5644

Fax: +81-3-5841-8294

Web page: http://www.cirje.e.u-tokyo.ac.jp/index.html

Email:

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### 2015

**CIRJE-F-978 Heteroscedastic Nested Error Regression Models with Variance Functions***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-977 Trend, Seasonality and Economic Time Series:the Nonstationary Errors-in-variables Models***by*Naoto Kunitomo & Seisho Sato**CIRJE-F-976 An Asymptotic Expansion of Forward-Backward SDEs with a Perturbed Driver***by*Akihiko Takahashi & Toshiaki Watanabe**CIRJE-F-975 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-974 The Effects of Domestic Mergers on Exports: A Case Study of the 1998 Korean Automobile Industry***by*Hiroshi Ohashi & Yuya Toyama**CIRJE-F-973 An Approximation Formula for Basket Option Prices under Local Stochastic Volatility with Jumps: an Application to Commodity Markets***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-972 Bank Behavior in Regional Finance and the Development of Regional Industries: The Case of Prewar Fukushima, Japan***by*Tetsuji Okazaki**CIRJE-F-971 A Variant of AIC Using Bayesian Marginal Likelihood***by*Yuki Kawakubo & Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-970 Comparison of Linear Shrinkage Estimators of a Large Covariance Matrix in Normal and Non-normal Distributions***by*Yuki Ikeda & Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-969 Abenomics: Why Was It So Successful in Changing Market Expectations?***by*Shin-ichi Fukuda**CIRJE-F-968 Expanding the Empire and Spatial Distribution of Economic Activities: The Colonization of Korea by Japan in the Pre-war Period***by*Kentaro Nakajima & Tetsuji Okazaki**CIRJE-F-967 Unconventional Monetary Policy and its External Effects: Evidence from Japanâ€™s Exports***by*Shin-ichi Fukuda & Tsutomu Doita**CIRJE-F-966 Twentieth Century Enterprise Forms: Japan in Comparative Perspective***by*Leslie Hannah & Makoto Kasuya**CIRJE-F-965 The SIML Estimation of Integrated Covariance and Hedging Coefficient under Round-off Errors, Micro-market Price Adjustments and Random Sampling***by*Naoto Kunitomo & Hiroumi Misaki & Seisho Sato**CIRJE-F-964 A Robust Estimation of Integrated Volatility under Round-off Errors, Micro-market Price Adjustments and Noises***by*Seisho Sato & Naoto Kunitomo**CIRJE-F-963 Optimal Position Management for a Market Maker with Stochastic Price Impacts***by*Masaaki Fujii**CIRJE-F-962 Deriving Customer Lifetime Value from RFM Measures:Insights into Customer Retention and Acquisition***by*Makoto Abe**CIRJE-F-961 Incentives and Social Preferences: Experimental Evidence from a Seemingly Inefficient Traditional Labor Contract***by*Jun Goto & Yasuyuki Sawada & Takeshi Aida & Keitaro Aoyagi**CIRJE-F-960 Connected Price Dynamics with Revealed Preferences and Auctioneer's Discretion in VCG Combinatorial Auction***by*Hitoshi Matsushima**CIRJE-F-959 Deflation/Inflation Dynamics: Analysis based on Micro Prices***by*Hiroshi Yoshikawa & Hideaki Aoyama & Yoshi Fujiwara & Hiroshi Iyetomi**CIRJE-F-958 Linear Shrinkage Estimation of Large Covariance Matrices with Use of Factor Models***by*Yuki Ikeda & Tatsuya Kubokawa**CIRJE-F-957 Box-Cox Transformed Linear Mixed Models for Positive-Valued and Clustered Data***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-956 Innovation Height and Firm Performance:Using Innovation Survey from Japan***by*Daiya Isogawa & Kohei Nishikawa & Hiroshi Ohashi**CIRJE-F-955 Optimal Mechanism Design: Type-Independent Preference Orderings***by*Hitoshi Matsushima**CIRJE-F-954 Perturbative Expansion Technique for Non-linear FBSDEs with Interacting Particle Method***by*Masaaki Fujii & Akihiko Takahshi**CIRJE-F-953 Bayesian Modeling of Dynamic Extreme Values: Extension of Generalized Extreme Value Distributions with Latent Stochastic Processes***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori**CIRJE-F-952 Bayesian Modeling of Dynamic Extreme Values: Extension of Generalized Extreme Value Distributions with Latent Stochastic Processes***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori**CIRJE-F-952 Bayesian Modeling of Dynamic Extreme Values: Extension of Generalized Extreme Value Distributions with Latent Stochastic Processes***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori

### 2014

**CIRJE-F-951 Information Sharing, Neighborhood Demarcation, and Yardstick Competition: An Empirical Analysis of Intergovernmental Expenditure Interaction in Japan***by*Masayoshi Hayashi & Wataru Yamamoto**CIRJE-F-950 Asymptotic Expansion Approach in Finance***by*Akihiko Takahashi**CIRJE-F-949 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-948 Factor Decomposition of Inter-prefectural Health Care Expenditure Disparities in Japan***by*Masayoshi Hayashi & Akiko Oyama**CIRJE-F-947 Price Impacts of Imperfect Collateralization***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-946 Measuring the Extent and Implications of Corporate Political Connections in Prewar Japan***by*Tetsuji Okazaki & Michiru Sawada**CIRJE-F-945 Acquisitions, Productivity, and Profitability: Evidence from the Japanese Cotton Spinning Industry***by*Serguey Braguinsky & Atsushi Ohyama & Tetsuji Okazaki & Chad Syverson**CIRJE-F-944 Conditional AIC under Covariate Shift with Application to Small Area Prediction***by*Yuki Kawakubo & Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-943 Bayesian Estimation of Entry Games with Multiple Players and Multiple Equilibria***by*Yuko Onishi & Yasuhiro Omori**CIRJE-F-942 A Discrete/Continuous Choice Model on a Nonconvex Budget Set***by*Yuta Kurose & Yasuhiro Omori & Akira Hibiki**CIRJE-F-941 Dynamic Equicorrelation Stochastic Volatility***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-940 An Empirical Analysis for a Case-based Decision to Watch Japanese TV dramas***by*Keita Kinjo & Shinya Sugawara**CIRJE-F-939 Prediction in Heteroscedastic Nested Error Regression Models with Random Dispersions***by*Tatsuya Kubokawa & Shonosuke Sugasawa & Malay Ghosh & Sanjay Chaudhuri**CIRJE-F-938 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-937 Unified Improvements in Estimation of a Normal Covariance Matrix in High and Low Dimesions***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-936 On Improved Shrinkage Estimators for Concave Loss***by*Tatsuya Kubokawa & �ric Marchand & William E. Strawderman**CIRJE-F-935 On Predictive Density Estimation for Location Families under Integrated L 2 and L1 Losses***by*Tatsuya Kubokawa & �ric Marchand & William E. Strawderman**CIRJE-F-934 On Conditional Mean Squared Errors of Empirical Bayes Estimators in Mixed Models with Application to Small Area Estimation***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-933 Tests for Covariance Matrices in High Dimension with Less Sample Size***by*Muni S. Srivastava & Hirokazu Yanagihara & Tatsuya Kubokawa**CIRJE-F-932 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-931 A Polynomial Scheme of Asymptotic Expansion for Backward SDEs and Option pricing***by*Masaaki Fujii**CIRJE-F-930 Estimation and Prediction Intervals in Transformed Linear Mixed Models***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-929 Estimation and Prediction Intervals in Transformed Linear Mixed Models***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-927 Simultaneous Selection of Optimal Bandwidths for the Sharp Regression Discontinuity Estimator***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-926 A Unified Approach to Estimating a Normal Mean Matrix in High and Low Dimensions***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-925 Effects of Consumer Subsidies for Renewable Energy on Industry Growth and Welfare: Japanese Solar Energy***by*Satoshi Myojo & Hiroshi Ohashi**CIRJE-F-924 Can Formal Elderly Care Stimulate Female Labor Supply? The Japanese Experience***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-923 Channels of Peer Effects and Guilt Aversion in Crime: Experimental and Empirical Evidence from Bangladesh***by*Masahiro Shoji**CIRJE-F-922 Does Local Spending Have Repercussion from Tax Structure?ï¼Evidence from Japanï¼***by*Nobuki Mochida**CIRJE-F-921 Volatility and Quantile Forecasts by Realized Stochastic Volatility Models with Generalized Hyperbolic Distribution***by*Makoto Takahashi & Toshiaki Watanabe & Yasuhiro Omori**CIRJE-F-920 Commitment, Deficit Ceiling, and Fiscal Privilege***by*Toshihiro Ihori**CIRJE-F-919 Urban Land Policy in Frankfurt am Main at the Turn of the Twentieth Century: A Case Study of a German 'Social City'***by*Satoshi Baba**CIRJE-F-918 Benchmarked Empirical Bayes Methods in Multiplicative Area-level Models with Risk Evaluation***by*Malay Ghosh & Tatsuya Kubokawa & Yuki Kawakubo**CIRJE-F-917 A New Improvement Scheme for Approximation Methods of Probability Density Functions***by*Akihiko Takahashi & Yukihiro Tsuzuki**CIRJE-F-916 Incentive for Gatekeepers and Their Demand Inducement: An Empirical Analysis of Care Managers in the Japanese Long-Term Care Insurance***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-915 Technological Progress and Economic Geography***by*Takatoshi Tabuchi & Jacques-Fran�ois Thisse & Xiwei Zhu**CIRJE-F-914 Optimal Hedging for Fund & Insurance Managers with Partially Observable Investment Flows***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-913 Pricing Basket Options under Local Stochastic Volatility with Jumps***by*Kenichiro Shiraya & Akihiko Takahashi

### 2013

**CIRJE-F-912 Intensive Margins, Extensive Margins, and Spousal Allowances in the Japanes e System of Personal Income Taxes: A Discrete Choice Analysis***by*Shun-ichiro Bessho & Masayoshi Hayashi**CIRJE-F-911 Parametric Transformed Fay-Herriot Model for Small Area Estimation***by*Shonosuke Sugasawa & Tatsuya Kubokawa**CIRJE-F-910 On the Decomposition of Regional Stabilization and Redistribution***by*Masayoshi Hayashi**CIRJE-F-909 A Weak Approximation with Asymptotic Expansion and Multidimensional Malliavin Weights***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-908 Firm-driven Management for Longevity Risk: Analysis of Lump-sum Forward Payments in Japanese Nursing Homes***by*Shinya Sugawara**CIRJE-F-907 Dynamic Equicorrelation Stochastic Volatility***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-906 Optimal Ridge-type Estimators of Covariance Matrix in High Dimension***by*Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-905 Role of Credit Default Swap in Bubbles and Crashes***by*Hitoshi Matsushima**CIRJE-F-904 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-903 Do Wild Fluctuations in Quarterly Inventory Investment Data Matter?: A Study of Japanese GDP Statistics, 1994-2010***by*Yoshiro Miwa**CIRJE-F-902 On an Asymptotic Expansion of Forward-Backward SDEs with a Perturbed Driver***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-901 General Dominance Properties of Double Shrinkage Estimators for Ratio of Positive Parameters***by*Tatsuya Kubokawa**CIRJE-F-900 Strategies and Organizations for Managing "Greater East Asia Co-Prosperity Sphere"***by*Tetsuji Okazaki**CIRJE-F-899 Development and Management of Manchurian Economy under the Japan Empire***by*Tetsuji Okazaki**CIRJE-F-898 Political Economy of Trade Liberalization: The Case of Postwar Japan***by*Megumi Naoi & Tetsuji Okazaki**CIRJE-F-897 On Error Estimates for Asymptotic Expansions with Malliavin Weights ï¼ Application to Stochastic Volatility Model ï¼***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-896 Multiperiod Contract Problems with VeriÃ–able and UnveriÃ–able Outputs***by*Kazuya Kamiya & Meg Adachi-Sato**CIRJE-F-895 Modfiied Conditional AIC in Linear Mixed Models***by*Yuki Kawakubo & Tatsuya Kubokawa**CIRJE-F-894 The Response of Asset Prices to Monetary Policy under Abenomics***by*Kazuo Ueda**CIRJE-F-893 The SIML Estimation of Integrated Covariance and Hedging Coefficient under Micro-market noise and Random Sampling***by*Naoto Kunitomo & Hiroumi Misaki**CIRJE-F-892 On Robust Properties of the SIML Estimation of Volatility under Micro-market noise and Random Sampling***by*Hiroumi Misaki & Naoto Kunitomo**CIRJE-F-891 Making Mean-Variance Hedging Implementable in a Partially Observable Market -with supplementary contents for stochastic interest rates-***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-890 Incentive Pay that Causes Inefficient Managerial Replacement***by*Meg Adachi-Sato**CIRJE-F-889 Optimal Bandwidth Selection for Differences of Nonparametric Estimators with an Application to the Sharp Regression Discontinuity Design***by*Yoichi Arai & Hidehiko Ichimura**CIRJE-F-888 Is Elderly Care Socialized in Japan? Analyzing the Effects of the 2006 Amendment to the LTCI on the Female Labor Supply***by*Shinya Sugawara & Jiro Nakamura**CIRJE-F-887 An Interval Regression Analysis for Tenures of Japanese Elder Care Workers Using Matched Employer-Employee Data***by*Shinya Sugawara**CIRJE-F-886 Task Trade and the Size Distribution of Cities***by*Kohei Nagamachi**CIRJE-F-885 The Response of Asset Prices to Abenomics: Is It a Case of Self-Fulfilling Expectations?***by*Kazuo Ueda**CIRJE-F-884 Bartlett Adjustments for Hypothesis Testing in Linear Models with General Error Covariance Matrices***by*Masahiro Kojima & Tatsuya Kubokawa**CIRJE-F-883 Momentum-Space Approach to Asymptotic Expansion for Stochastic Filtering***by*Masaaki Fujii**CIRJE-F-882 An Econometric Analysis of Insurance Markets with Separate Identification for Moral Hazard and Selection***by*Shinya Sugawara & Yasuhiro Omori**CIRJE-F-881 A Discrete/Continuous Choice Model on the Nonconvex Budget Set***by*Koji Miyawaki & Yasuhiro Omori & Akira Hibiki**CIRJE-F-880 Realized Stochastic Volatility with Leverage and Long Memory***by*Shinichiro Shirota & Takayuki Hizu & Yasuhiro Omori**CIRJE-F-879 Behavioral Approach to Repeated Games with Private Monitoring***by*Hitoshi Matsushima & Tomomi Tanaka & Tomohisa Toyama**CIRJE-F-878 A Global Census of Corporations in 1910***by*Leslie Hannah**CIRJE-F-877 The Corporate Economies of America and Europe 1790-1860***by*Leslie Hannah**CIRJE-F-876 Impact of Financial Regulation and Innovation on Bubbles and Crashes due to Limited Arbitrage: Awareness Heterogeneity***by*Hitoshi Matsushima**CIRJE-F-875 Interlinkage and Generous Tit-for-Tat Strategy***by*Hitoshi Matsushima**CIRJE-F-874 A New Improvement Scheme for Approximation Methods of Probability Density Functions***by*Akihiko Takahashi & Yukihiro Tsuzuki**CIRJE-F-873 An Asymptotic Expansion Formula for Up-and-Out Barrier Option Price under Stochastic Volatility Model***by*Takashi Kato & Akihiko Takahashi & Toshihiro Yamada

### 2012

**CIRJE-F-872 A Variable Selection Criterion for Linear Discriminant Rule and its Optimality in High Dimensional Setting***by*Masashi Hyodo & Tatsuya Kubokawa**CIRJE-F-871 An FBSDE Approach to American Option Pricing with an Interacting Particle Method***by*Masaaki Fujii & Seisho Sato & Akihiko Takahashi**CIRJE-F-870 Process Manipulation in Unique Implementation***by*Hitoshi Matsushima**CIRJE-F-869 Realized stochastic volatility with leverage and long memory***by*Shinichiro Shirota & Takayuki Hizu & Yasuhiro Omori**CIRJE-F-868 Comparative Advantage and Skill Premium of Regions***by*Kohei Nagamachi**CIRJE-F-867 Testing the Number of Components in Finite Mixture Models***by*Hiroyuki Kasahara & Katsumi Shimotsu**CIRJE-F-866 Nonparametric Identification and Estimation of the Number of Components in Multivariate Mixtures***by*Hiroyuki Kasahara & Katsumi Shimotsu**CIRJE-F-865 An Asymptotic Expansion for Forward-Backward SDEs; A Malliavin Calculus Aproach***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-864 Some Consequences of the Early Twentieth Century Divorce of Ownership from Control***by*James Foreman-Peck & Leslie Hannah**CIRJE-F-863 Infrequent Changes of the Policy Target: Robust Optimal Monetary Policy under Ambiguity***by*Shin-ichi Fukuda**CIRJE-F-862 How Strongly Do "Financing Constraints" Affect Firm Behavior?: Japanese Corporate Investment since the Mid-1980s***by*Yoshiro Miwa**CIRJE-F-861 On Measuring Uncertainty of Benchmarked Predictors with Application to Disease Risk Estimatee***by*Tatsuya Kubokawa & Mana Hasukawa & Kunihiko Takahashi**CIRJE-F-860 Note on an Extension of an Asymptotic Expansion Scheme***by*Akihiko Takahashi & Masashi Toda**CIRJE-F-859 Role of Leverage in Bubbles and Crashes***by*Hitoshi Matsushima**CIRJE-F-858 Minimaxity in Estimation of Restricted and Non-restricted Scale Parameter Matrices***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-857 Behavioral Aspects of Arbitrageurs in Timing Games of Bubbles and Crashes***by*Hitoshi Matsushima**CIRJE-F-856 Inequalities in Japanese Economy during the Lost Decades***by*Nao Sudo & Michio Suzuki & Tomoaki Yamada**CIRJE-F-855 Estimation of Covariance and Precision Matrices in High Dimension***by*Tatsuya Kubokawa & Akira Inoue**CIRJE-F-854 Are NEG Models Capable of Simulating Agglomeration in the Real World?***by*Takatoshi Tabuchi**CIRJE-F-853 Optimal Multiunit Exchange Design***by*Hitoshi Matsushima**CIRJE-F-852 Congestion, Technical Returns, and the Minimum Efficient Scales of Local Public Expenditures: An Empirical Analysis for Japanese Cities***by*Masayoshi Hayashi**CIRJE-F-851 Productivity Change and Mine Dynamics: The Coal Industry in Japan during World War II***by*Tetsuji Okazaki**CIRJE-F-850 Estimating a Search and Matching Model of the Aggregate Labor Market in Japan***by*Ching-Yang Lin & Hiroaki Miyamoto**CIRJE-F-849 An Econometric Analysis of Insurance Markets with Separate Identification for Moral Hazard and Selection Problems***by*Shinya Sugawara & Yasuhiro Omori**CIRJE-F-848 Should the Japanese Tax System Be More Progressive? An Evaluation Using Simulated SMCFs Based on the Discrete Choice Model of Labor Supply***by*Shun-ichiro Bessho & Masayoshi Hayashi**CIRJE-F-847 Channels of Stabilization in a System of Local Public Health Insurance: The Case of the National Health Insurance in Japan***by*Masayoshi Hayashi**CIRJE-F-846 Forecasting Welfare Caseloads: The Case of the Japanese Public Assistance Program***by*Masayoshi Hayashi**CIRJE-F-845 Bayesian Analysis of Time-Varying Quantiles Using a Smoothing Spline***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-844 Pricing Multi-Asset Cross Currency Optionss***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-843 Minimaxity in Predictive Density Estimation with Parametric Constraints***by*Tatsuya Kubokawa & �ric Marchand & William E. Strawderman & Jean-Philippe Turcotte**CIRJE-F-842 A Remark on Approximation of the Solutions to Partial Differential Equations in Finance***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-841 A Semi-group Expansion for Pricing Barrier Options***by*Takashi Kato & Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-840 Perturbative Expansion of FBSDE in an Incomplete Market with Stochastic Volatility***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-839 Analyzing the Kuznets Relationship using Nonparametric and Semiparametric Methods***by*Kui-Wai Li**CIRJE-F-838 Asset Bubbles and Bailout***by*Tomohiro Hirano & Noriyuki Yanagawa**CIRJE-F-837 Combinatorial Bootstrap Inference IN in Prtially Identified Incomplete Structural Models***by*Marc Henry & Romuald M�ango & Maurice Queyranne**CIRJE-F-836 Local Utility and Multivariate Risk Aversion***by*Arthur Charpentier & Alfred Galichon & Marc Henry**CIRJE-F-835 Sharp Bounds in the Binary Roy Model***by*Marc Henry & Ismael Mourifi�**CIRJE-F-834 Empirical Analysis of the National Treatment Obligation Under the WTO: The Case of Japanese Shochu***by*Naoshi Doi & Hiroshi Ohashi**CIRJE-F-833 A Characterization of the Plurality Rule***by*Yohei Sekiguchi**CIRJE-F-832 Mixed Effects Prediction under Benchmarking and Applications to Small Area Estimation***by*Tatsuya Kubokawa

### 2011

**CIRJE-F-831 Tests for Multivariate Analysis of Variance in High Dimension Under Non-Normality***by*Muni S. Srivastava & Tatsuya Kubokawa**CIRJE-F-830 Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010***by*Petra Gerlach & Robert N McCauley & Kazuo Ueda**CIRJE-F-829 Clean Valuation Framework for the USD Silo -An implication for the forthcoming Standard Credit Support Annex (SCSA)-***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-828 Deleveraging and Monetary Policy: Japan since the 1990s and the United States since 2007***by*Kazuo Ueda**CIRJE-F-827 Stochastic Macro-equilibrium and A Microfoundation for the Keynesian Economics***by*Hiroshi Yoshikawa**CIRJE-F-826 Efficient Combinatorial Exchanges***by*Hitoshi Matsushima**CIRJE-F-825 A Dynamic Multitask Model: Fixed Wages, No Externalities, and Holdup Problems***by*Meg Adachi-Sato & Kazuya Kamiya**CIRJE-F-824 An Asymptotic Expansion with Push-Down of Malliavin Weights***by*Akihiko Takahashi & Yoshihiro Yajima**CIRJE-F-823 Covariance Tapering for Prediction of Large Spatial Data Sets in Transformed Random Fields***by*Toshihiro Hirano & Yoshihiro Yajima**CIRJE-F-822 Euclidean Revealed Preferences: Testing the Spatial Voting Model***by*Marc Henry & Ismael Mourifie**CIRJE-F-821 Set Coverage and Robust Policy***by*Marc Henry & Alexei Onatski**CIRJE-F-820 Set Inference in Latent Variables Models***by*Isabel Mourifie & Marc Henry**CIRJE-F-819 Stock Price Targeting and Fiscal Deficit in Japan: Why Did the Fiscal Deficit Increase . during Japan's Lost Decades?***by*Shin-ichi Fukuda & Junji Yamada**CIRJE-F-818 Asymptotic Expansion and Estimation of EPMC for Linear Classification Rules in High Dimension***by*Tatsuya Kubokawa & Masashi Hyodo & Muni S. Srivastava**CIRJE-F-817 Estimating the Social Marginal Cost of Public Funds: A Micro-data Approach***by*Shun-ichiro Bessho & Masayoshi Hayashi**CIRJE-F-816 The Effects of Medical Factors on Transfer Deficits in Public Assistance in Japan: A Quantile Regression Analysis***by*Masayoshi Hayashi**CIRJE-F-815 On Approximation of the Solutions to Partial Differential Equations in Finance***by*Akihiko Takahashi & Toshihiro Yamada**CIRJE-F-814 The Effectiveness of Non-traditional Monetary Policy Measures: The Case of the Bank of Japan***by*Kazuo Ueda**CIRJE-F-813 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsuyoshi Nakamura & Hiroshi Ohashi**CIRJE-F-812 Matrix Exponential Stochastic Volatility with Cross Leverage***by*Tsunehiro Ishihara & Yasuhiro Omori & Manabu Asai**CIRJE-F-811 A Note on the Decomposition Technique of Economic Indices***by*Pascal Mossay & Takatoshi Tabuchi**CIRJE-F-810 A Note on the Decomposition Technique of Economic Indices***by*Kohta Mori & Saki Sugano & Joe Chen & Yun Jeong Choi & Yasuyuki Sawada**CIRJE-F-809 Admissibility and Minimaxity of Benchmarked Shrinkage Estimators***by*Tatsuya Kubokawa & William E. Strawderman**CIRJE-F-808 Are Japanese Firms Becoming More Independent from Their Banks?: Evidence from the Firm-Level Data of the "Corporate Enterprise Quarterly Statistics," 1994-2009***by*Yoshiro Miwa**CIRJE-F-806 Price-Based Combinatorial Auction: Connectedness and Representative Valuations***by*Hitoshi Matsushima**CIRJE-F-805 Interbank Networks in Prewar Japan: Structure and Implications***by*Tetsuji Okazaki & Michiru Sawada**CIRJE-F-804 Does the Employment of Fewer Caseworkers Lead to the Rationing of Caseloads? Evidence from Public Assistance in Japan***by*Masayoshi Hayashi**CIRJE-F-803 A Robust Estimation of Realized Volatility and Covariance with Micro-market Adjustments and Round-off Errors***by*Seisho Sato & Naoto Kunitomo**CIRJE-F-802 Analytical Approximation for Non-linear FBSDEs with Perturbation Scheme***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-801 Parametric Bootstrap Methods for Bias Correction in Linear Mixed Models***by*Tatsuya Kubokawa & Bui Nagashima**CIRJE-F-800 Multi-period Contract Problems with Verifiable and Unverifiable Outputs***by*Kazuya Kamiya & Meg Sato**CIRJE-F-799 Collateralized CDS and Default Dependence -Implications for the Central Clearing-***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-798 Bayesian Analysis of Stochastic Quantiles Using a Smoothing Spline***by*Yuta Kurose & Yasuhiro Omori**CIRJE-F-797 Duopoly in the Japanese Airline Market: Bayesian Estimation for the Entry Game***by*Shinya Sugawara & Yasuhiro Omori**CIRJE-F-796 Rebalancing Static Super-Replications***by*Masaaki Fujii & Yukihiro Tsuzuki**CIRJE-F-795 Monitoring Accuracy and Retaliation in Infinitely Repeated Games with Imperfect Private Monitoring: Theory and Experiments***by*Hitoshi Matsushima & Tomohisa Toyama**CIRJE-F-794 Strategic Voting on Environmental Policy Making: The Case for "Political Race to the Top"***by*Yukihiro Nishimura & Kimiko Terai**CIRJE-F-793 Hotelling Meets Weber***by*Fu-Chuan Lai & So Kubota**CIRJE-F-792 Efficient estimation and particle filter for max-stable processes***by*Kazuya Kamiya & So Kubota & Kayuna Nakajima**CIRJE-F-791 Efficient estimation and particle filter for max-stable processes***by*Tsuyoshi Kunihama & Yasuhiro Omori & Zhengjun Zhang**CIRJE-F-790 Investment and Ultimatum Games: Experiments***by*Hitoshi Matsushima & Toshihiko Shima**CIRJE-F-789 Exclusive Dealing Contracts by Distributors***by*Ryoko Oki & Noriyuki Yanagawa**CIRJE-F-788 Evaluation and Formation of Human Capital in Prewar Japan: The Case of White-Collar Workers in Mitsubishi Zaibatsu***by*Tetsuji Okazaki**CIRJE-F-787 A General Computation Scheme for a High-Order Asymptotic Expansion Method***by*Akihiko Takahashi & Kohta Takehara & Masashi Toda**CIRJE-F-786 A Unified Approach to Non-minimaxity of Sets of Linear Combinations of Restricted Location Estimators***by*Tatsuya Kubokawa & William E. Strawderman**CIRJE-F-785 A Study of Financing Behavior of Japanese Firms with Firm-Level Data from Corporate Enterprise Quarterly Statistics â€“ 1994~2009: Introduction and Summary***by*Yoshiro Miwa**CIRJE-F-784 How Does Yield Curve Predict GDP Growth? A Macro-Finance Approach Revisited***by*Junko Koeda**CIRJE-F-783 Life-Cycle Labor Search with Stochastic Match Quality***by*Julen Esteban-Pretel & Junichi Fujimoto**CIRJE-F-782 Generalized Extreme Value Distribution with Time-Dependence Using the AR and MA Models in State Space Form***by*Jouchi Nakajima & Tsuyoshi Kunihama & Yasuhiro Omori & Sylvia Fruhwirth-Schnatter

### 2010

**CIRJE-F-781 Asymmetric and Imperfect Collateralization, Derivative Pricing, and CVA***by*Masaaki Fujii & Akihiko Takahashi**CIRJE-F-780 An Aysmptotically Optimal Modification of the Panel LIML Estimation for Individual Heteroscedasticity***by*Naoto Kunitomo & Kentaro Akashi**CIRJE-F-779 Housework and the Consumption History in pre-war Japan***by*Masayuki Tanimoto**CIRJE-F-778 Choice of Collateral Currency***by*Masaaki Fujii & Akihiko Takahashi