# CIRJE, Faculty of Economics, University of Tokyo

# CIRJE F-Series

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

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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

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### 2009

**CIRJE-F-631 Bayesian Estimation of Demand Functions under Block Rate Pricing***by*Koji Miyawaki & Yasuhiro Omori & Akira Hibiki**CIRJE-F-630 A Note on Construction of Multiple Swap Curves with and without Collateral***by*Masaaki Fujii & Yasufumi Shimada & Akihiko Takahashi**CIRJE-F-629 Socio-Economic Studies on Suicide: A Survey***by*Joe Chen & Yun Jeong Choi & Kohta Mori & Yasuyuki Sawada & Saki Sugano**CIRJE-F-628 The Jump, Inertia, and Juvenization of Suicides in Japan***by*Joe Chen & Yun Jeong Choi & Kohta Mori & Yasuyuki Sawada & Saki Sugano**CIRJE-F-627 Investment Frictions versus Financing Frictions***by*Takao Kobayashi & Risa Sai**CIRJE-F-626 Exclusive Dealing and Large Distributors***by*Ryoko Oki & Noriyuki Yanagawa**CIRJE-F-625 Probability Distribution and Option Pricing for Drawdown in a Stochastic Volatility Environment***by*Kyo Yamamoto & Seisho Sato & Akihiko Takahashi**CIRJE-F-624 Generating a Target Payoff Distribution with the Cheapest Dynamic Portfolio: An Application to Hedge Fund Replication***by*Akihiko Takahashi & Kyo Yamamoto**CIRJE-F-623 Business Cycle Implications of Internal Consumption Habit for New Keynesian Models***by*Takashi Kano & James M. Nason**CIRJE-F-622 The Role of the Government in Facilitating TFP Growth during Japan's Rapid Growth Era***by*Shuhei Aoki & Julen Esteban-Pretel & Tetsuji Okazaki & Yasuyuki Sawada**CIRJE-F-621 Computation in an Asymptotic Expansion Method***by*Akihiko Takahashi & Kohta Takehara & Masashi Toda**CIRJE-F-620 Computing Densities and Expectations in Stochastic Recursive Economies: Generalized Look-Ahead Techniques***by*Richard Anton Braun & Huiyu Li & John Stachurski**CIRJE-F-619 The Limited Information Maximum Likelihood Estimator as an Angle***by*T. W. Anderson & Naoto Kunitomo & Yukitoshi Matsushita**CIRJE-F-618 Pricing and Hedging of Long-term Futures and Forward Contracts by a Three-Factor Model***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-617 Pareto Optimal Pro-cyclical Research and Development***by*R. Anton Braun & Tomoyuki Nakajima**CIRJE-F-616 Customer Lifetime Value and RFM Data: Accounting Your Customers: One by One***by*Makoto Abe**CIRJE-F-615 Stationary Monetary Equilibria with Strictly Increasing Value Functions and Non-Discrete Money Holdings Distributions: An Indeterminacy Result***by*Kazuya Kamiya & Takashi Shimizu**CIRJE-F-614 Consistency of the Empirical Bayes Information Criterion for Selecting Variables in Linear Mixed Models***by*Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-613 Cyclical Informality and Unemployment***by*Mariano Bosch & Julen Esteban-Pretel**CIRJE-F-612 Did US Safeguards Resuscitate Harley-Davidson in the 1980s?***by*Taiju Kitano & Hiroshi Ohashi**CIRJE-F-611 Asymptotic Expansions and Higher Order Properties of Semi-Parametric Estimators in a System of Simultaneous Equations***by*Naoto Kunitomo & Yukitoshi Matsushita**CIRJE-F-610 The Activities of a Japanese Bank in the Interwar Financial Centers: A Case of the Yokohama Specie Bank***by*Makoto Kasuya**CIRJE-F-609 Assessing the Consequences of a Horizontal Merger and its Remedies in a Dynamic Environment***by*Satoshi Myojo & Hiroshi Ohashi**CIRJE-F-608 Modeling and Forecasting the Volatility of the Nikkei 225 Realized Volatility Using the ARFIMA-GARCH Model***by*Isao Ishida & Toshiaki Watanabe**CIRJE-F-607 Self-organizing Marketplaces***by*Takatoshi Tabuchi**CIRJE-F-606 Behavioral Aspects of Arbitrageurs in Timing Games of Bubbles and Crashes***by*Hitoshi Matsushima

### 2008

**CIRJE-F-605 Interbank Networks in Pre-war Japan: Structure and Implications***by*Tetsuji Okazaki & Michiru Sawada**CIRJE-F-604 Those Who Are Left Behind: An Estimate of the Number of Family Members of Suicide Victims in Japan***by*Joe Chen & Yun Jeong Choi & Kohta Mori & Yasayuki Sawada & Saki Sugano**CIRJE-F-603 Macroeconomic Implications of Term Structures of Interest Rates under Stochastic Differential Utility with Non-Unitary EIS***by*Hisasi Nakamura & Wataru Nozawa & Akihiko Takahashi**CIRJE-F-602 Impact of Natural Disasters on Industrial Agglomeration: A Case of the 1923 Great Kanto Earthquake***by*Asuka Imaizumi & Kaori Ito & Tetsuji Okazaki**CIRJE-F-601 Realized Volatility, Covariance and Hedging Coefficient of the Nikkei-225 Futures with Micro-Market Noise***by*Naoto Kunitomo & Seisho Sato**CIRJE-F-600 Cotton and the Peasant Economy: A Response to 'Superior' Foreign Fibre in Early Modern Japan***by*Masayuki Tanimoto**CIRJE-F-599 Voluntarily Separable Repeated Prisoner's Dilemma***by*Takako Fujiwara-Greve & Masahiro Okuno-Fujiwara**CIRJE-F-598 Implementation and Social Influence***by*Hitoshi Matsushima**CIRJE-F-597 A Remark on a Singular Perturbation Method for Option Pricing under a Stochastic Volatility***by*Kyo Yamamoto & Akihiko Takahashi**CIRJE-F-596 Probability Distribution and Option Pricing for Drawdown in a Stochastic Volatility Environment***by*Kyo Yamamoto & Seisho Sato & Akihiko Takahashi**CIRJE-F-595 Tax Competition, Public Good Provision, and Income Redistribution: The Case of Linear Capital Income Tax***by*Toshihiro Ihori & C.C. Yang**CIRJE-F-594 Tobit Model with Covariate Dependent Thresholds***by*Yasuhiro Omori & Koji Miyawaki**CIRJE-F-593 Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court***by*Takako Idee & Shinichiro Iwata & Teruyuki Taguchi**CIRJE-F-592 Hedge Fund Replication***by*Akihiko Takahashi & Kyo Yamamoto**CIRJE-F-591 Trade and Location with Land as a Productive Factor***by*Pfluger, Michael & Takatoshi Tabuchi**CIRJE-F-590 Bartlett-type Correction of the Generalized Least Squares Test in the Fay-Herriot Model***by*Tatsuya Kubokawa**CIRJE-F-589 The Rise of China and Sustained Recovery of Japan***by*Shin-ichi Fukuda**CIRJE-F-588 Improving the Rank-Adjusted Anderson-Rubin Test with Many Instruments and Persistent Heteroscedasticity***by*Naoto Kunitomo & Yukitoshi Matsushita**CIRJE-F-587 Asymptotic Properties of the LSE of a Spatial Regression in both Weakly and Strongly Dependent Stationary Random Fields***by*Yoshihiro Yajima & Yasumasa Matsuda**CIRJE-F-586 Financial Imperfection and Outsourcing Decision***by*Noriyuki Yanagawa**CIRJE-F-585 Biased Motivation of Experts: Should They be Aggressive or Conservative?***by*Noriyuki Yanagawa**CIRJE-F-584 Modified Bayesian Information Criterion in Linear Mixed Models***by*Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-583 Exclusive Dealing Contract and Inefficient Entry Threat***by*Noriyuki Yanagawa & Ryoko Oki**CIRJE-F-582 The Backward-bending Commute times of Married Women with Household Responsibility***by*Shinichiro Iwata & Keiko Tamada**CIRJE-F-581 Separating Information Maximum Likelihood Estimation of Realized Volatility and Covariance with Micro-Market Noise***by*Naoto Kunitomo & Seisho Sato**CIRJE-F-580 Company Strategies and Sport Models***by*Christer Ericsson**CIRJE-F-579 Industrial Paternalistic Corporate Company Strategies in Theory and Practice in Nordic Countries and Japan from 1900s to 1960s***by*Christer Ericsson**CIRJE-F-578 Minimaxity of the Stein Risk-Minimization Estimator for a Normal Mean Matrix***by*Tatsuya Kubokawa & Hisayuki Tsukuma**CIRJE-F-577 On Finite Sample Properties of Alternative Estimators of Coefficients in a Structural Equation with Many Instruments***by*T. W. Anderson & Naoto Kunitomo & Yukitoshi Matsushita**CIRJE-F-576 An Optimal Modification of the LIML Estimation for Many Instruments and Persistent Heteroscedasticity***by*Naoto Kunitomo**CIRJE-F-575 Conditional Information Criteria for Selecting Variables in Linear Mixed Models***by*Muni S. Srivastava & Tatsuya Kubokawa**CIRJE-F-574 Estimating Derivatives in Nonseparable Models with Limited Dependent Variables***by*Joseph G. Altonji & Hidehiko Ichimura & Taisuke Otsu**CIRJE-F-573 Time Series Nonparametric Regression Using Asymmetric Kernels with an Application to Estimation of Scalar Diffusion Processes***by*Nikolay Gospodinov & Masayuki Hirukawa**CIRJE-F-572 Habit Formation and the Present-Value Model of the Current Account: Yet Another Suspect***by*Takashi Kano**CIRJE-F-571 The Middle Class Patriarch in the Bourgeois Public***by*Christer Ericsson & Bjorn Horgby**CIRJE-F-570 Integral Inequality for Minimaxity in the Stein Problem***by*Tatsuya Kubokawa**CIRJE-F-569 A reappraisal of the incidence of employer contributions to social security in Japan***by*Jyunya Hamaaki & Yasushi Iwamoto**CIRJE-F-568 Bayesian Estimation of Demand Functions under Block Rate Pricing***by*Koji Miyawaki & Yasuihro Omori & Akira Hibiki**CIRJE-F-567 A New Scheme for Static Hedging of European Derivatives under Stochastic Volatility Models***by*Akihiko Takahashi & Akira Yamazaki**CIRJE-F-566 Supplier Networks and Aircraft Production @in Wartime Japan***by*Tetsuji Okazaki**CIRJE-F-565 Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution***by*Takao Kobayashi & Risa Sai & Kazuya Shibata**CIRJE-F-564 Impaired Bank Health and Default Risk***by*Shin-ichi Fukuda & Munehisa Kasuya & Kentaro Akashi**CIRJE-F-563 Industrial Policy Cuts Two Ways: Evidence from Cotton Spinning Firms in Japan, 1956-1964***by*Kozo Kiyota & Tetsuji Okazaki**CIRJE-F-562 Industrial Development, Firm Dynamics and Patterns of Productivity Growth: The Case of the Cotton Spinning Industry in Prewar Japan, 1894-1924***by*Tetsuji Okazaki**CIRJE-F-561 Consumption Side Agglomeration Economies in Japanese Cities***by*Chisato Asahi & Satoshi Hikino & Yoshitsugu Kanemoto**CIRJE-F-560 Effects of Reputation in Bubbles and Crashes***by*Hitoshi Matsushima**CIRJE-F-559 On Testing Linear Hypothesis in a Nested Error Regression Model***by*Tatsuya Kubokawa & Nyambaa Erdembat**CIRJE-F-558 Suicide and Life Insurance***by*Joe Chen & Yun Jeong Choi & Yasuyuki Sawada**CIRJE-F-557 How Is Suicide Different in Japan?***by*Joe Chen & Yun Jeong Choi & Yasuyuki Sawada**CIRJE-F-556 Bayesian Estimation of Entry Games with Application to Japanese Airline Data***by*Sugawara, Shinya & Yasuhiro Omori**CIRJE-F-555 How to Measure the Outcome of Innovations: Application to Product Innovations***by*Hiroshi Ohashi**CIRJE-F-554 National Adversity: Managing Insurance and Protection***by*Toshihiro Ihori & Martin McGuireb**CIRJE-F-553 Interregional Tax Competition and Intraregional Political Competition: The Optimal Provision of Public Goods***by*Toshihiro Ihori & C. C. Yang**CIRJE-F-552 Overlapping Tax Revenue, Local Debt Control and Soft-Budget Constraint***by*Toshihiro Ihori**CIRJE-F-551 Voluntarily Separable Prisoner's Dilemma with Reference Letters***by*Takako Fujiwara-Greve & Masahiro Okuno-Fujiwara & Nobue Suzuki**CIRJE-F-550 Substituability between Mobile and Fixed Telephones: Evidence and Implications for India***by*Muttur Ranganathan Narayana**CIRJE-F-549 Agrarian Land Tenancy in Prewar Japan: Contract Choice and Implications on Productivity***by*Yutaka Arimoto & Tetsuji Okazaki & Masaki Nakabayashi**CIRJE-F-548 Effects of Transparency in Procurement Practices on Government Expenditure: A Case Study of Municipal Public Works***by*Hiroshi Ohashi**CIRJE-F-547 A Factor Allocation Approach to Optimal Bond Portfolio***by*Keita Nakayama & Akihiko Takahashi**CIRJE-F-546 A New Scheme for Static Hedging of European Derivatives under Stochastic Volatility Models***by*Akihiko Takahashi & Akira Yamazaki**CIRJE-F-545 Telecommunication Services and Economic Growth: Evidence from India***by*Muttur Ranganathan Narayana**CIRJE-F-544 Globalization and Urban Growth: Evidence for Bangalore (India)***by*Muttur Ranganathan Narayana**CIRJE-F-543 Performance of Urban India during Globalization Period: An Economic Analysis***by*Narayana, Muttur Ranganathan**CIRJE-F-542 On the Asymptotic Optimality of the LIML Estimator with Possibly Many Instruments***by*T. W. Anderson & Naoto Kunitomo & Yukitoshi Matsushita**CIRJE-F-541 Subnational Borrowing in Japan : from 'Implicit Guarantee' to Market Discipline and Fiscal Rule***by*Nobuki Mochida**CIRJE-F-540 Term Structure of Interest Rates under Recursive Preferences in Continuous Time***by*Hisashi Nakamura & Keita Nakayama & Akihiko Takahashi**CIRJE-F-539 Efficient Static Replication of European Options under Exponential Levy Models***by*Akihiko Takahashi & Akira Yamazaki**CIRJE-F-538 Fourier Transform Method with an Asymptotic Expansion Approach: an Application to Currency Options***by*Akihiko Takahashi & Kohta Takehara**CIRJE-F-537 "Counting Your Customers" One by One: A Hierarchical Bayes Extension to the Pareto/NBD Model***by*Makoto Abe**CIRJE-F-536 A Hybrid Asymptotic Expansion Scheme:an Application to Long-term Currency Options***by*Akihiko Takahashi & Kohta Takehara

### 2007

**CIRJE-F-535 The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low***by*R. Anton Braun & Daisuke Ikeda & Douglas H. Joines**CIRJE-F-534 Joint Liability Borrowing and Suicide***by*Joe Chen & Yun Jeong Choi & Yasuyuki Sawada**CIRJE-F-533 Asymptotic Correction of Empirical Bayes Confidence Intervals in Small Area Estimation***by*Tatsuya Kubokawa**CIRJE-F-532 Strategic Default Jump as Impulse Control in Continuous Time***by*Hisashi Nakamura**CIRJE-F-531 A One-Sector Neoclassical Growth Model with Endogenous Retirement***by*Kiminori Matsuyama**CIRJE-F-530 Trying to Make Sense of the Bank of Japan's Monetary Policy since the Exit from Quantitative Easing***by*Kazuo Ueda**CIRJE-F-529 Macro Dynamics and Labor-Saving Innovation: US vs. Japan***by*Kenichiro Shiraya & Akihiko Takahashi**CIRJE-F-528 Macro Dynamics and Labor-Saving Innovation: US vs. Japan***by*Ryuzo Sato & Tamaki Morita**CIRJE-F-527 Homeless Networks and Geographic Concentration: Evidence from Osaka City***by*Shinichiro Iwata & Koji Karato**CIRJE-F-526 How Is Suicide Different in Japan?***by*Joe Chen & Yun Jeong Choi & Yasuyuki Sawada**CIRJE-F-525 Akaike Information Criterion for Selecting Variables in a Nested Error Regression Model***by*Tatsuya Kubokawa & Muni S. Srivastava**CIRJE-F-524 Selection and Performance Analysis of Asia-Pacific Hedge Funds***by*Takeshi Hakamada & Akihiko Takahashi & Kyo Yamamoto**CIRJE-F-523 Behavioral Aspects of Implementation Theory***by*Hitoshi Matsushima**CIRJE-F-522 Homeless Networks: Testing Peer and Homed Networks Against Location Choice***by*Shinichiro Iwata & Koji Karato**CIRJE-F-521 Bank Distress and the Borrowers' Productivity***by*Keiichiro Kobayashi & Noriyuki Yanagawa**CIRJE-F-520 Land Tenure Security and Home Maintenance: Evidence from Japan***by*Shinichiro Iwata & Hisaki Yamaga**CIRJE-F-519 Detail-Free Mechanism Design in Twice Iterative Dominance: Large Economies***by*Hitoshi Matsushima**CIRJE-F-518 Role of Honesty in Full Implementation***by*Hitoshi Matsushima**CIRJE-F-517 The Role of the Courts in Economic Development: The Case of Prewar Japan***by*Masaki Nakabayashi & Tetsuji Okazaki**CIRJE-F-516 From Peasant Economy to Urban Agglomeration : The Transformation of 'Labour-intensive Industrialization' in Modern Japan***by*Masayuki Tanimoto**CIRJE-F-515 Estimating Stochastic Volatility Models Using Daily Returns and Realized Volatility Simultaneously***by*Makoto Takahashi & Yasuhiro Omori & Toshiaki Watanabe**CIRJE-F-514 Leverage, heavy-tails and correlated jumps in stochastic volatility models***by*Jouchi Nakajima & Yasuhiro Omori**CIRJE-F-513 Efficient Static Replication of European Options for Exponential Levy Models***by*Akihiko Takahashi & Akira Yamazaki**CIRJE-F-512 Consumption Insurance and Risk-Coping Strategies under Non-Separable Utility: Evidence from the Kobe Earthquake***by*Yasuyuki Sawada & Satoshi Shimizutani**CIRJE-F-511 Measuring Fiscal Needs: Japan's Experiences***by*Nobuki Mochida**CIRJE-F-510 Modifying Estimators of Ordered Positive Parameters under the Stein Loss***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-509 An Asymptotic Expansion Approach in Finance***by*Akihiko Takahashi**CIRJE-F-508 Block Sampler and Posterior Mode Estimation for A Nonlinear and Non-Gaussian State-space Model with Correlated Errors***by*Yasuhiro Omori & Toshiaki Watanabe**CIRJE-F-507 Block Sampler and Posterior Mode Estimation for Asymmetric Stochastic Volatility Models***by*Yasuhiro Omori & Toshiaki Watanabe**CIRJE-F-506 Duality-Based Analysis of Residential Gas Demand under Decreasing Block Rate Pricing***by*Koji Miyawaki & Yasuhiro Omori**CIRJE-F-505 Habit Formation and the Present-Value Model of the Current Account: Yet Another Suspect***by*Takashi Kano**CIRJE-F-504 Why some Distressed Firms Have Low Expected Returns"***by*Takao Kobayashi & Ryoichi Ikeda**CIRJE-F-503 The Conditional Limited Information Maximum Likelihood Approach to Dynamic Panel Structural Equations***by*Naoto Kunitomo & Kentaro Akashi**CIRJE-F-502 Knightian Uncertainty and Poverty Trap in a Model of Economic Growth***by*Shin-ichi Fukuda**CIRJE-F-501 Dual' gravity: Using spatial econometrics to control for multilateral resistance***by*Kristian Behrens & Cem Ertur & Wilfried Koch**CIRJE-F-500 Economic Development, Income Inequality and Social Stability in Prewar Japan: A Prefecture-level Analysis***by*Tetsuji Okazaki**CIRJE-F-499 On Likelihood Ratio Tests of Structural Coefficients: Anderson-Rubin (1949) revisited***by*Naoto Kunitomo & T. W. Anderson**CIRJE-F-498 Did the Credit Crunch in Japan Affect Household Welfare? An Augmented Euler Equation Approach Using Type 5 Tobit Model***by*Yasuyuki Sawada & Kazumitsu Nawata & Masako Ii & Jeong-Joon Lee**CIRJE-F-497 Fourier Transform Method with an Asymptotic Expansion Approach: an Application to Currency Options***by*Akihiko Takahashi & Kohta Takehara**CIRJE-F-496 Estimating Interregional Utility Differentials***by*Kentaro Nakajima & Takatoshi Tabuchi**CIRJE-F-495 Listing Policy and Development of the Tokyo Stock Exchange in the Pre-War Period***by*Yasushi Hamao & Takeo Hoshi & Tetsuji Okazaki**CIRJE-F-494 A Factor Allocation Approach to Optimal Bond Portfolio***by*Keita Nakayama & Akihiko Takahashi**CIRJE-F-493 Non-Self-Averaging in Macroeconomic Models: A Criticism of Modern Micro-founded Macroeconomics***by*Masanao Aoki & Hiroshi Yoshikawa**CIRJE-F-492 Tit-For-Tat Equilibria in Discounted Repeated Games with Private Monitoring***by*Hitoshi Matsushima**CIRJE-F-491 Weakly Belief-Free Equilibria in Repeated Games with Private Monitoring***by*Michihiro Kandori**CIRJE-F-490 International and Intergenerational Aspects of Capital Income Taxation in an Endogenously Growing World Economy***by*Yasushi Iwamoto & Akihisa Shibata**CIRJE-F-489 Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia***by*Shin-ichi Fukuda & Yoshifumi Kon**CIRJE-F-488 Multivariate stochastic volatility***by*Siddhartha Chib & Yasuhiro Omori & Manabu Asai**CIRJE-F-487 Pioneering Modern Corporate Governance: a View from London in 1900***by*Leslie Hannah**CIRJE-F-486 Logistics, Market Size and Giant Plants in the Early 20th Century: A Global View***by*Leslie Hannah**CIRJE-F-485 Rural-Urban Migration and Urban Poverty: Socio-Economic Profiles of Rickshaw Pullers and Owner-Contractors in North-East Delhi***by*Takashi Kurosaki & Yasuyuki Sawada & Asit Banerji & S.N. Mishra**CIRJE-F-484 Obstacles to School Progression in Rural Pakistan: An Analysis of Gender and Sibling Rivalry Using Field Survey Data***by*Yasuyuki Sawada & Michael Lokshin**CIRJE-F-483 Quantity or Quality: The Impact of Labor-Saving Innovation on US and Japanese Growth Rates, 1960-2004***by*Ryuzo Sato & Tamaki Morita**CIRJE-F-482 China's Energy Security: National Security, Ecological Balance and Regional Co-operation***by*Haider A. Khan & Mariko Frame**CIRJE-F-481 Efficient Gibbs Sampler for Bayesian Analysis of a Sample Selection Model***by*Yasuhiro Omori**CIRJE-F-480 Globalization and Regional Co-operation in South Asia: A Political and Social Economy Approach***by*Haider A. Khan & Zulfiqar Larik**CIRJE-F-479 The asymptotic variance of the pseudo maximum likelihood estimator***by*Jan R. Magnus**CIRJE-F-478 On the estimation of a large sparse Bayesian system: the Snaer program***by*Dmitry Danilov & Jan R. Magnus**CIRJE-F-477 Social Accounting Matrix: A Very Short Introduction for Economic Modeling***by*Haider A. Khan**CIRJE-F-476 On some definitions in matrix algebra***by*Jan R. Magnus & Karim M. Abadir**CIRJE-F-475 Women's Rights as Human Rights: A Political and Social Economy Approach within a Deep Democratic Framework***by*Haider A. Khan**CIRJE-F-474 An Asymptotic Expansion Approach to Currency Options with a Market Model of Interest Rates under Stochastic Volatility Processes of Spot Exchange Rates***by*Akihiko Takahashi & Kohta Takehara**CIRJE-F-473 The Stein Phenomenon in Simultaneous Estimation of Normal Precisions***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-472 Akaike Information Criterion for Selecting Components of the Mean Vector in High Dimensional Data with Fewer Observations***by*Muni S. Srivastava & Tatsuya Kubokawa**CIRJE-F-471 Productivity, Capital Utilization, and Intra-firm Diffusion: A Study of Steel Refining Furnaces***by*Tsuyoshi Nakamura & Hiroshi Ohashi**CIRJE-F-470 Dark Matter: Some Reflections on the Current Account Debate***by*Tanweer Akram & Haider A. Khan**CIRJE-F-469 Deep Democracy ; A Political and Social Economy Approach***by*Mariko Frame & Haider A. Khan**CIRJE-F-468 A Theory of Deep Democracy and Economic Justice in the Age of Postmodernism***by*Haider A. Khan**CIRJE-F-467 t-Tests in a Structural Equation with Many Instruments***by*Yukitoshi Matsushita**CIRJE-F-466 Approximate Distributions of the Likelihood Ratio Statistic in a Structural Equation with Many Instruments***by*Yukitoshi Matsushita**CIRJE-F-465 What did Morgan's Men really do?***by*Leslie Hannah**CIRJE-F-464 Sustainability and Surplus***by*Haider A. Khan**CIRJE-F-463 Social Accounting Matrices(SAMs) and CGE Modeling:Using Macroeconomic Computable General Equilibrium Models for Assessing Poverty Impact of Structural Adjustment Policies***by*Haider A. Khan**CIRJE-F-462 Trade Liberalization and Poverty Reduction in General Equilibrium: The Role of Labor Market Structure***by*Haider A. Khan**CIRJE-F-461 Demand for non-life insurance: A cross-country analysis***by*Hiroyuki Nakata & Yasuyuki Sawada**CIRJE-F-460 The Divorce of Ownership from Control from 1900: Re-calibrating Imagined Global Historical Trends***by*Leslie Hannah

### 2006

**CIRJE-F-459 Simultaneous estimation of normal precision matrices***by*Hisayuki Tsukuma & Tatsuya Kubokawa**CIRJE-F-458 Democracy, Finance and Development***by*Juan Pineiro Chousa & Haider A. Khan & Davit N. Melikyan & Artur Tamazian**CIRJE-F-457 Soft Infrastructure, Trading Costs and Regional Co-operation***by*Haider A. Khan**CIRJE-F-456 Competing for capital when labor is heterogeneous***by*Yasuhiro Sato & Jacques-Francois Thisse**CIRJE-F-455 Is the regulation of the transport sector always detrimental to consumers?***by*Behrens, Kristian & Carl Gaigne & Jacques-Francois Thisse**CIRJE-F-454 Trade and the structure of cities***by*Jean Cavailhes & Carl Gaigne & Takatoshi Tabuchi & Jacques-Francois Thisse**CIRJE-F-453 Collaborative R&D in the robot technology in Japan: an inquiry based on patent data analysis (1991-2004)***by*Sebastien Lechevalier & Yukio Ikeda & Junichi Nishimura**CIRJE-F-452 Implementing Nonparametric and Semiparametric Estimators***by*Hidehiko Ichimura & Petra E. Todd**CIRJE-F-451 Pricing Currency Options with a Market Model of Interest Rates under Jump-Diffusion Stochastic Volatility Processes of Spot Exchange Rates***by*Akihiko Takahashi & , Kota Takehara & Akira Yamazaki**CIRJE-F-450 Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models***by*Toshihiro Ihori & Martin McGuire**CIRJE-F-449 Patterns of Non-exponential Growth of Macroeconomic Models: Two-parameter Poisson-Dirichlet Models***by*Masanao Aoki**CIRJE-F-448 The Degree of Precautionary Saving: A Reexamination***by*Yasuyuki Sawada & Jeong-Joon Lee**CIRJE-F-447 Micro-aspects of Monetary Policy: Lender of Last Resort and Selection of Banks in Pre-war Japan***by*Tetsuji Okazaki**CIRJE-F-446 Growth Patterns of Two Types of Macro-Models: Limiting Behavior of One-and Two-Parameter Poisson-Dirichlet Models***by*Masanao Aoki**CIRJE-F-445 Thermodynamic Limits of Macroeconomic or Financial Models: One-and Two-Parameter Poisson-Dirichlet Models***by*Masanao Aoki**CIRJE-F-444 The U.S. Information Technology Revolution and Its Impact on U.S. Economy and Beyond***by*John Riew**CIRJE-F-443 On the Consumption Insurance Effects of Long-term Care Insurance In Japan: Evidence from Micro Household Data***by*Yasushi Iwamoto & Miki Kohara & Makoto Saito**CIRJE-F-442 On the Determinants of Exporters' Currency Pricing: History vs. Expectations***by*Shin-ichi Fukuda & Masanori Ono**CIRJE-F-441 Post-crisis Exchange Rate Regimes in ASEAN:A New Empirical Test Based on Intra-daily Data***by*Shin-ichi Fukuda & Sanae Ohno**CIRJE-F-440 The Role of Trade Credit for Small Firms: An Implication from Japan's Banking Crisis***by*Shin-ichi Fukuda & Munehisa Kasuya & Kentaro Akashi**CIRJE-F-439 The Impacts of "Shock Therapy" on Large and Small Clients:Experiences from Two Large Bank Failures in Japan***by*Shin-ichi Fukuda & Satoshi Koibuchi**CIRJE-F-438 A Factor Allocation Approach to Optimal Bond Portfolio***by*Keita Nakayama & Akihiko Takahashi**CIRJE-F-437 Convertible Bond Underpricing: Renegotiable Covenants, Seasoning and Convergence***by*Alex W.H. Chan & Nai-fu Chen**CIRJE-F-436 The Welfare Enhancing Effects of a Selfish Government in the Presence of Uninsurable, Idiosyncratic Risk***by*R. Anton Braun & Harald Uhlig**CIRJE-F-435 Economic Geography with Tariff Competition***by*Chao-cheng Mai & Shin-Kun Peng & Takatoshi Tabuchi**CIRJE-F-434 Selection and Performance Analysis of Asia-Pacific Hedge Funds***by*Takeshi Hakamada & Akihiko Takahashi & Kyo Yamamoto**CIRJE-F-433 A Dynamic Theory of Debt Restructuring***by*Hisashi Nakamura**CIRJE-F-432 Policy Options for Financing the Future Health and Long-term Care Costs in Japan***by*Tadashi Fukui & Yasushi Iwamoto