start-ver=1.4
cd-journal=joma
no-vol=
cd-vols=
no-issue=
article-no=
start-page=
end-page=
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2022
dt-pub=20220906
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Middle-income traps and complexity in economic development
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=In this paper, we develop a simple multi-technology overlapping generations model that exhibits a wide variety of economic development patterns. In particular, our numerical simulations demonstrate that for a given set of parameter values, various types of development patterns such as the middle-income trap, the poverty trap, periodic or chaotic fluctuations, and high-income paths can coexist, and which pattern is realized depends only on the initial value of capital. For another set of parameter values, we show that, due to the pinball effect, an economy starting at a middle-income level can take off to the high-income state or get caught in the poverty trap in a seemingly random way after undergoing transient chaotic motions. Our results can explain observed complicated patterns of economic development in a unified manner.
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=ShibataAkihisa
en-aut-sei=Shibata
en-aut-mei=Akihisa
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=3
ORCID=

affil-num=1
en-affil=Faculty of Economics , Okayama University
kn-affil=

affil-num=2
en-affil=Institute of Economic Research, Kyoto University
kn-affil=

affil-num=3
en-affil=Faculty of Economics , Okayama University
kn-affil=
en-keyword=CES production functionchaos
kn-keyword=CES production functionchaos
en-keyword=complex dynamics
kn-keyword=complex dynamics
en-keyword=middle-income traps
kn-keyword=middle-income traps
en-keyword=nonlinearities
kn-keyword=nonlinearities
en-keyword=technology choice
kn-keyword=technology choice
END

start-ver=1.4
cd-journal=joma
no-vol=110
cd-vols=
no-issue=1
article-no=
start-page=945
end-page=961
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2022
dt-pub=20220629
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Quasi-periodic motions in a two-class economy with technology choice: an extreme case
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper constructs a simple overlapping generations (OLG) model with the working and capitalist classes and two types of production technologies. The behavior of agents belonging to the working class is basically the same as that in the standard Diamond (Am Econ Rev 55:1126-1150, 1965) type OLG model, whereas agents belonging to the capitalist class face two available technologies, select the one with a higher return on capital, and bequeath their assets to the next generation without supplying labor. Using techniques concerning the circle map in dynamical systems theory, we show that in an extreme case in which one technology is linear and the other is of the Leontief type, the economy exhibits bounded, non-periodic but non-chaotic motions for a large set of parameter values. We provide explicit formulas for the rotation number and the absolutely continuous invariant probability measure of the model.
en-copyright=
kn-copyright=

en-aut-name=AsanoTakao
en-aut-sei=Asano
en-aut-mei=Takao
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

en-aut-name=ShibataAkihisa
en-aut-sei=Shibata
en-aut-mei=Akihisa
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=2
ORCID=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=3
ORCID=

affil-num=1
en-affil=Faculty of Economics, Okayama University
kn-affil=

affil-num=2
en-affil=Institute of Economic Research, Kyoto University
kn-affil=

affil-num=3
en-affil=Faculty of Economics, Okayama University
kn-affil=
en-keyword=Endogenous business cycles
kn-keyword=Endogenous business cycles
en-keyword=Technology choice
kn-keyword=Technology choice
en-keyword=Quasi-periodic motion
kn-keyword=Quasi-periodic motion
en-keyword=OLG model
kn-keyword=OLG model
en-keyword=Rotation number
kn-keyword=Rotation number
END

start-ver=1.4
cd-journal=joma
no-vol=46
cd-vols=
no-issue=2
article-no=
start-page=213
end-page=221
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2014
dt-pub=20141218
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=A Note on Pecuniary Reward, Punishment and Erratic Contribution Behavior
kn-title=気まぐれな投稿行動：懲罰と金銭的報酬の効果
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=45
cd-vols=
no-issue=3
article-no=
start-page=85
end-page=99
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2013
dt-pub=20131220
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=A Note on Faculty Development from an Evolutionary Viewpoint
kn-title=進化的観点からみたFD活動に関する覚書き
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=
END

start-ver=1.4
cd-journal=joma
no-vol=44
cd-vols=
no-issue=3
article-no=
start-page=93
end-page=99
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2012
dt-pub=20121210
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=An Evolutionary Analysis of an Asymmetric Tiny Rock-Scissors-Paper Game
kn-title=非対称縮小ジャンケンの進化ゲーム論的分析
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=33
cd-vols=
no-issue=3
article-no=
start-page=19
end-page=32
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2001
dt-pub=20011210
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Labor Mobility and Dynamic Core−Periphery Patterns : A Two−Region Case
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=Paul Krugman (1991) proposed a geographic model in which a country consisting of two regions can
endogenously become differentiated into an industrialized "core" and an agricultural "periphery". His model can
give rise to multiple equilibria at which manufacturing production is concentrated in one region or divided between the both regions. We introduce to his basically static model a discrete−time adjustment process which leads the workers who earn lower real wage than the average to migrate to the other region which offers them
higher real wage. Numerical simulations suggest not only that persistent endogenous fluctuations in manufacturing share are possible but also that discontinuous changes in manufacturing share over time can occur without any changes in the underlying system. Furthermore, the basin of attraction for a concentration steady state turns out to have a complicated structure for high transportaion costs.
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=36
cd-vols=
no-issue=2
article-no=
start-page=35
end-page=48
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2004
dt-pub=20040910
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Contribution Cycles and Preferable Incentive Schemes
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This note considers a situation in which the publisher of an academic journal seeks to maintain the number of contributions to the journal by subsidizing the contributors with some incentive payments. We show that under the incentive payment scheme that distributes some pre−determined total amount of payments equally to each contributor (the constant total payment scheme), the number of contributions can fluctuate cyclically as well as chaotically over time when the potential contributors form adaptive expectations. Numerical simulations suggest, among other things, that the performance of the constant total payment scheme may be more efficient than the constant per−capita payment scheme when the total amount of payments is supposed to be small.
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=37
cd-vols=
no-issue=2
article-no=
start-page=57
end-page=63
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2005
dt-pub=20050910
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=Exchange Rate Cycles in the Mundell-Fleming Model when the Marshall-Lerner Condition is Violated
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=In many standard undergraduate textbooks of macroeconomics, open economies are discussed by means of the Mundell−Fleming model, an open macroeconomic version of the IS−LM model. This short paper develops a simple differential−equation version of the dynamic Mundell−Fleming model, taking account of two key assumptions : (i) the Marshall−Lerner condition is globally violated and (ii) the investment function depends nonlinearly on the current output level. Under our settings, we demonstrate that the exchange rate and the other relevant variables can display persistent fluctuations due to the occurrence of a stable limit cycle. We also discuss a paradox that the resulting dynamics may well be consistent with the J−curve effect.
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=37
cd-vols=
no-issue=1
article-no=
start-page=53
end-page=61
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2005
dt-pub=20050610
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=On Dynamic Effects of the Number of Players in a Commons Game : A Tragedy of Nutria in Okayama
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=This paper considers a dynamic commons game in relation with mitigation of invasive alien species such as nutria in Okayama. In our commons game, players (trappers) non−cooperatively seek to maximize their own payoff by extracting the renewable resource stock (nutria). One key assumption is that the cost of extraction of
the resource is negatively related to the current stock level. For a low level of resource stock, the extraction cost is high, which makes the extraction less lucrative for the players and which in turn stimulates the renewable
resource stock to regenerate more rapidly. As the resource stock reaches a high level, the reverse process will start, and this can cause oscillating behaviors. Our simple model proposed here exemplifies that an increase in the number of players can drastically change the qualitative as well as quantitative features of the dynamics for the renewable resource stock.
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=
kn-aut-sei=
kn-aut-mei=
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=42
cd-vols=
no-issue=2
article-no=
start-page=77
end-page=87
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2010
dt-pub=20100910
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=Consumption-tax-financed fertility policy and persistent intergenerational inequality: A preliminary exploration
kn-title=消費税を財源とする少子化対策と持続的世代間格差に関する予備的考察
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=The paper incorporates into a standard two-period-lived overlapping generations model with Cobb-Douglas utility and Cobb-Douglas production technology a government that levies a tax on consumption and households that have an opportunity to choose the fertility rate. The government spends all the tax revenue to finance
the policy aiming to increase the national birth rate. Each young household faces a binary choice between 'high fertility' and 'low fertility', depending on the level of the government’s expenditure on that policy. The government’s policy together with the fertility choice by the households can give rise to strong nonlinearity
in the transition equation of the economy. Numerical simulations show that the economic system exhibits endogenous cyclical or chaotic fluctuations in fertility for a large set of values of consumption tax rates. It is also numerically shown that some (inappropriate) choice of the tax rate by the government can cause persistent intergenerational inequality.
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=42
cd-vols=
no-issue=1
article-no=
start-page=1
end-page=16
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2010
dt-pub=20100625
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=On stabilization of chaotic economic growth using capital nationalization and birth control
kn-title=国有化と産児制限によるカオス的経済成長の安定化について
en-subtitle=
kn-subtitle=
en-abstract=This paper investigates a policy mix of two macroeconomic policies in an overlapping generations economy with production. One policy is that the government nationalizes assets such as productive capital or land and lends them perpetually to the private sector. The other one is to control the rate of population growth via e.g. birth control. Generally, in a simple OLG economy with no government, the steady states do not necessarily satisfy the golden rule, which is a criterion for optimality. However, one of the steady states generated by the first policy does satisfy the golden rule criterion. Nonetheless, the golden rule steady state does not necessarily possess dynamic stability, and may be contained in a chaotic invariant set. Especially, in the last mentioned case, we examine how to synchronize the irregularly fluctuating growth paths to the golden rule balanced growth path. To do this, our second policy fine-tunes the population growth rate in arbitrarily small amplitude, making use of the OGY method, which exploits the features of chaos.
kn-abstract=生産を含む世代重複モデルにおいて，２つのマクロ政策の混合を検討する。ひとつは，政府が資本や土地などの資産を国有化し，民間部門に永続的に貸与することである。もうひとつは，産児制限などにより人口成長率を制御することである。政府が存在しない単純な経済では，一般に定常状態は，ひとつの最適性の条件である黄金律を満たさないが，第１の政策により発生する定常状態のひとつは黄金律を満たす。しかし，その黄金律定常状態は，必ずしも動学的安定性を持たず，場合によっては，カオス的な不変集合に含まれる。特にそのような場合に，第２の政策として，カオスの特性を利用するOGY 法を援用することで，人口成長率を任意に小さな振れ幅で制御しながら，不規則に変動する成長循環経路を黄金律均斉成長経路に同期させる方法を議論する。
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=41
cd-vols=
no-issue=3
article-no=
start-page=47
end-page=62
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2009
dt-pub=20091210
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=A Note on Exchange Rate Dynamics of a Small Country Exposed to the Global Business Cycle
kn-title=世界的景気循環の影響下における小国の為替レート変動に関する覚書き
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=本稿では，開放マクロ経済学でよく利用される Mundell-Fleming モデルの動学版を２つの方向に拡張し，そこから得られる為替レートの変動を調べる。第１の拡張は，定常状態での局所的な Marshall-Lerner 条件を維持しつつ，大域的にはそれが満たされない状況を定式化することである。より詳しく言うと，通常の定常状態の近傍では小国である自国の通貨の減価は純輸出を増加させるが，為替レートがその範囲を超えると，逆に自国通貨の減価が純輸出を減少させるという状況である。第２の拡張は，大国である外国，あるいは世界経済，が持続的かつ周期的な景気循環に曝されている状況をモデルに組み入れることである。このような設定のもとで，為替レートが自国通貨高均衡と自国通貨安均衡のそれぞれの周囲を経巡るような複雑な変動を生じることを計算機による数値計算により観察する。
en-copyright=
kn-copyright=

en-aut-name=YokooMasanori
en-aut-sei=Yokoo
en-aut-mei=Masanori
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
END

start-ver=1.4
cd-journal=joma
no-vol=1
cd-vols=
no-issue=1
article-no=
start-page=1
end-page=16
dt-received=
dt-revised=
dt-accepted=
dt-pub-year=2004
dt-pub=2004
dt-online=
en-article=
kn-article=
en-subject=
kn-subject=
en-title=
kn-title=地域間労働移動と内生的経済変動の発生
en-subtitle=
kn-subtitle=
en-abstract=
kn-abstract=本稿は、資本蓄積と適応的予見を含む、２つの地域からなる世代重複モデルを提示する。シュミレーションにより、地域格差に基づく労働移動の可能性が周期変動、準周期変動、カオス的変動などの持続的な内生的経済変動を生み出す要因となりえることを見出す。
en-copyright=
kn-copyright=

en-aut-name=
en-aut-sei=
en-aut-mei=
kn-aut-name=横尾昌紀
kn-aut-sei=横尾
kn-aut-mei=昌紀
aut-affil-num=1
ORCID=

affil-num=1
en-affil=
kn-affil=岡山大学
en-keyword=地域
kn-keyword=地域
en-keyword=労働移動
kn-keyword=労働移動
en-keyword=経済変動
kn-keyword=経済変動
END