Peer-reviewed Journal Articles

[1] "Management Ability, Long-run Growth, and Poverty Traps" Accepted: 5 December 2005 Published online: 12 June 2006 Journal of Economics (JEZN), Vol. 89 No.1 pp 37-58. [Abstract]  The long version of this paper is here.

[2] "The Mechanics of Economic Growth through Capital Accumulation and Technological Progress,"  2007, The Japanese Economic Review.
Vol. 58, No. 4, pp. 504-523  [Abstract] The latest version is here.

[3]  "Luxury-based Growth" 2006, Economics Bulletin, Vol. 15, No. 3 pp. 1-13.[Abstract]

[4] @gThe Role of Expectations in a Specialization-driven Growth Model with Endogenous Technology Choicehiwith Akihisa Shibataj@ Division of Labor  & Transaction Costs Vol. 2, No. 1 (2006) pp.55-69. [DP version is here (KIER Discussion Peper Series  No.625)]

[5] "Dynamical Analysis of the R&D-based Growth Model with a Regime Switch" 2013  Journal of Economics (JEZN), [DP version is here (U. of TSUKUBA SSM Discussion Peper Series  No.1297)] [Abstract]

[6] "Does international knowledge spillover always leads to a positive trickle down?" 2013, Journal of the Japanese and International Economies.  DP version (U. of Tsukuba SSM DP series No,1298) is here. [Abstract]

[7]"Multiple Steady States and Indeterminacy in the Uzawa-Lucas Model with Educational Externalities" Accepted: March 2017, Journal of Economics(JEZN)  [Abstract][DP Version(2015, University of Hyogo, Discussion Paper Series 86) is here]

Working Papers/Under Review

[1]  "Multiple Steady States and Indeterminacy in a Uzawa-Lucas model with Labor-leisure Choice" (with Hobara, N.)

[2] R&D-based Growth, Poverty Traps, and Multiple Steady States in an Endogenous Growth Model with R&D externalty 2016, University of Hyogo, Discussion Paper Series 87 [here]

[3] "Does gthe Spirit of Capitalismh always Generate Long-run Growths?", 2013,  University of Hyogo, Discussion Paper Series 63  [2008 Ver.]

[4] "Entry, Exit, and Endogenous Growth" (with Katsuhiko Hori) 2009, GCOE Discussion Paper DP2008-043, Keio University.  [Downloadable] (Old version is here)

[5] "Polarization, Regime Switch and Economic Policies in the Process of Economic Development" 2008 mimeo [Long version] [Short version[Abstract

[6] "Long-run Growth and Poverty Traps in an R&D-based Growth Model with Endogenous Raw and Educated Labor Supply" 2006, 21COE IAEA Discussion Paper No.101 Kyoto University.  [Downloadable]

[7] "Polarization, Catch up, and International Specialization in an Integrated Model of Human Capital Accumulation and R&D", 2006, 21COE IAEA Discussion Paper No.103, Kyoto University.  [Downloadable] [Abstract]

[8] "R&D Structure and Economic Performance" 2003 mimeo

[9] "R&D-based Growth, Human Capital Accumulation and Effective Economic Policies " 2005 mimeo

Works  in progress

[1] "Market Competitiveness, Steady States Multiplicity and Optimal Growth Policy in the Romer model with Exogenous Imitations"

[2] "Inflation and Growth, Revisited
" (with Nao Sudou)

[3] "Flexibility and Endegenous Growth"

"The Mechanics of Economic Growth through CapitalAccumulation and Technological Progress"

This study develops a model in which capital is used in the production of final goods and R&D activities. This arrangement generates changes in the equilibrium capital allocation in proportion to the capital accumulation, which engenders a regime change from capital-based growth with decreasing returns to R&D-based perpetual growth. These two growth phases account for the polarization of economies. A non-occurrence of this regime change will suspend an economy's growth, leading it into a poverty trap. The multiple equilibria on capital allocation, which emerge during the middle stages of capital accumulation, account for leapfrogging and the instability of economic growth.

Keywords: Capital accumulation, R&D, Regime change, poverty traps, polarization.

"Dynamical Analysis of the R\&D-based Growth Model with a Regime Switch"    

Several empirical studies suggest that advanced economies experience a growth regime switch from factor accumulation to knowledge accumulation. To investigate the mechanism of such a regime switch, this study develops a concise and flexible dynamic model based on  Romer (1990) by introducing two types of endogenously supplied R&D input capital. The model replicates the growth patterns of developed and underdeveloped nations, clarifies the important role that capital plays in the difference between them, and presents several implications for interest-rate subsidies and official development assistance. Further, it shows that if a country enjoying long-run growth has little initial capital, its initial economic development will be based on capital accumulation. When the capital stock becomes sufficient for supporting R&D, the economy will achieve long-run growth through R&D.

Keyword: dynamics of regime switch, capital-accumulation-based growth, R&D-based growth, effectiveness of economic policies

Does international knowledge spillover always leads to a positive trickle down?"    

This paper demonstrates the negative effects of positive international knowledge spillovers on economic growth. In other words, we obtain the possibility that educational investment for human capital is crowded out under global economic growth. To this end, we assume the phenomenon of international knowledge spillover, effects of population growth on human capital accumulation, and non-unity intertemporal elasticity of substitution in an endogenous growth model along the lines developed by Arnold. This model comprises R&D activities along the lines proposed by Jones and human capital accumulation along the lines proposed by Uzawa and Lucas. The results show that even if international spillover increases, low-growth traps without human capital investment emerge in some cases, for example, an economy with a large intertemporal elasticity of substitution and a high population growth rate.

Keywords: R&D-based growth; human capital accumulation; international knowledge spillover

"Management Ability, Long-run Growth, and Poverty Traps" Top

This study establishes an R\&D-based growth model that includes the functional difference between labor and human capital in the production of goods. In our analysis, the human capital is used by the managers in the manufacturing process. Such an allocation of human capital yields three possible steady states: endogenous growth, poverty traps, and multiple equilibria. Economies are sorted into these steady states according to the endowments of labor, human capital, and knowledge. Thus, the obtained steady states explain some economic growth patterns, such as polarization and leapfrogging of economies.

Keywords: Management ability, R&D, multiple equilibria, poverty traps, long-run growth

"Polarization, Regime Switch and Economic Policies in the Process of Economic Development" Top

This study develops an eondogenous growth model that depicts the process of economic development, such as a regime switch from capital-accumulation-based growth to R&D-based growth and the phenomenon falling into poverty traps. Furthermore, we also obtained several  implications of economic policies, as follows. Interest rate subsidies promote economic welfare. Development aids through the provision of factor stocks such as capital and technology are ineffective for an economy to ride on a steady growth path. Promoting efficiency in goods production and/or R&D, on the other hand, is effective.

Keywords: Polarization of economies, R&D-based growth, poverty traps, regime switch of growth engine,  effectivity of economic policies

"Polarization, Catch up, and International Specialization in an Integrated Model of Human Capital Accumulation and R&D" Top

  The endogenous growth model has given a central role for long-run growth on knowledge. The present paper   develops an endogenous growth model with both non-embodied and embodied knowledge accumulations (respectively R&D activities and human capital accumulation), and international non-embodied knowledge spillover, and demonstrates the role of the knowledge on both autarky and international economies. In the autarky model, there exist two types of steady growth path; one is the growth path with positive educational investment, and the other is semi-endogenous no education trap. Opening up the model by introducing international knowledge spillover, the countries both in positive education may show some growth patterns such as catch up, polarization, and international specialization.

Keywords: R&D-based growth, human capital accumulation, international knowledge spillover

"Multiple Steady States and Indeterminacy in the Uzawa-Lucas Model with Educational Externalities"
This study attempts to endogenize educational efficiency, a critical exogenous parameter in the Uzawa--Lucas model, where human capital accumulation plays an important role in economic growth. Human capital accumulation is a puzzle; in addition to the broadly recognized positive spillover of human capital, educated human capital productivity occasionally shows a decreasing trend in the economic growth process (Jones 1995; Pritchett 2001). Incorporating these phenomena as educational externalities into the Uzawa-Lucas model, we analyze the properties of endogenous growth and stagnation. The model yields multiple steady states under intertemporal substitution elasticity larger than 1. The results reveal that a steady state with a higher growth rate demonstrates indeterminacy, and the selection of the steady states depends on expectation formation.

Keywords: Uzawa-Lucas model; Negative Growth Effects on Education; Educational externality; Local and global indeterminacy

"Luxury-based Growth" 


Assuming that there exists a preference for luxury goods and a knowledge spillover from luxury goods production to goods production, this paper constructs an endogenous economic growth model. The model predicts two steady states: one is a steady positive growth state with regard to luxury goods production, and the other is a zero growth state in the absence of luxury goods production. Thus, this study examines the polarization of economies based on luxury goods consumption.

Keywords: Luxury goods, endogenous growth, poverty traps