The main objective of the present paper is to determine the potential impact the qualitative and quantitative tendencies in the labor market on the decisions which influence the design of monetary policy worldwide. Th...The main objective of the present paper is to determine the potential impact the qualitative and quantitative tendencies in the labor market on the decisions which influence the design of monetary policy worldwide. The analysis is focused on how human resources and phenomena associated with them could influence potential growth and, further on, how they can impact monetary policy decisions at national level for European countries outside the euro area and at ECB level for the euro zone countries. Moreover, the paper will envisage potential macroeconomic reactions （monetary decisions herewith included） to human resources dynamics. The economic variations are regarded through the perspective of growth potential shown by the Research ＆ Development sector and also through the effects of labor force migration. The analysis of statistical data aims at pointing out the different economic perspectives in the European Union, the United States, and Japan, also considering the disparities between EU member states. The analysis is completed by the use of the ranking method, the conclusions stating once more the crucial importance of the human factor in drawing monetary policy decisions展开更多
This study analyzes the interaction between non-regular employment of women and economic growth patterns by an overlapping-generations model.Declining Birthrate White Paper-Cabinet Office(2013)shows the ideal number o...This study analyzes the interaction between non-regular employment of women and economic growth patterns by an overlapping-generations model.Declining Birthrate White Paper-Cabinet Office(2013)shows the ideal number of children per household is 2.42 compared to the current number of 2.07,which is the lowest so far in Japan.The main reason households do not have the ideal number of children is“the costs burden of childcare and education”and the ratio amounts to 60.4%.In recent years in Japan,households in which both the husband and the wife work are increasing,whereas those in which only the husband works are decreasing.Additionally,although women have same educational background and abilities as men,most women become non-regular employees after marriage and childbirth,which reduces household income.In such a situation,raising the rate of pension insurance will be a big burden for the household and the declining birthrate may be caused by high levels of educational expenditure and pension insurance.The Japanese government has discussed raising the wages of non-regular employees.This paper finds that a rise in the wage rate of non-regular employment is needed under the public pension policy that raises the rate of pension insurance,and it must be at an adequate level.That is,there is a high risk that this policy will have a negative effect on Japan’s economic growth if an adequate level is not achieved.展开更多
The recent financial market turmoil has initiated another search for insightful understanding of the interactions between the financial market and monetary policy. This paper explores these interactions in terms of th...The recent financial market turmoil has initiated another search for insightful understanding of the interactions between the financial market and monetary policy. This paper explores these interactions in terms of the transmission mechanism of monetary policy in China. We argue that evolving financial development, enhanced by the expansion of the financial market, has altered the conventional channel for monetary transmission in China. Analyzing marked changes in the financial landscape and taking into account policy regime shifts in China, the paper provides clear evidence showing that the financial market has become a new and important channel for transmission of monetary policy in China.展开更多
文摘The main objective of the present paper is to determine the potential impact the qualitative and quantitative tendencies in the labor market on the decisions which influence the design of monetary policy worldwide. The analysis is focused on how human resources and phenomena associated with them could influence potential growth and, further on, how they can impact monetary policy decisions at national level for European countries outside the euro area and at ECB level for the euro zone countries. Moreover, the paper will envisage potential macroeconomic reactions （monetary decisions herewith included） to human resources dynamics. The economic variations are regarded through the perspective of growth potential shown by the Research ＆ Development sector and also through the effects of labor force migration. The analysis of statistical data aims at pointing out the different economic perspectives in the European Union, the United States, and Japan, also considering the disparities between EU member states. The analysis is completed by the use of the ranking method, the conclusions stating once more the crucial importance of the human factor in drawing monetary policy decisions
文摘This study analyzes the interaction between non-regular employment of women and economic growth patterns by an overlapping-generations model.Declining Birthrate White Paper-Cabinet Office(2013)shows the ideal number of children per household is 2.42 compared to the current number of 2.07,which is the lowest so far in Japan.The main reason households do not have the ideal number of children is“the costs burden of childcare and education”and the ratio amounts to 60.4%.In recent years in Japan,households in which both the husband and the wife work are increasing,whereas those in which only the husband works are decreasing.Additionally,although women have same educational background and abilities as men,most women become non-regular employees after marriage and childbirth,which reduces household income.In such a situation,raising the rate of pension insurance will be a big burden for the household and the declining birthrate may be caused by high levels of educational expenditure and pension insurance.The Japanese government has discussed raising the wages of non-regular employees.This paper finds that a rise in the wage rate of non-regular employment is needed under the public pension policy that raises the rate of pension insurance,and it must be at an adequate level.That is,there is a high risk that this policy will have a negative effect on Japan’s economic growth if an adequate level is not achieved.
基金supported by the Program for New Century Excellent Talents in Universitythe Ministry of Education of China(Grant No.08JZD0011)
文摘The recent financial market turmoil has initiated another search for insightful understanding of the interactions between the financial market and monetary policy. This paper explores these interactions in terms of the transmission mechanism of monetary policy in China. We argue that evolving financial development, enhanced by the expansion of the financial market, has altered the conventional channel for monetary transmission in China. Analyzing marked changes in the financial landscape and taking into account policy regime shifts in China, the paper provides clear evidence showing that the financial market has become a new and important channel for transmission of monetary policy in China.
