Economic Theory, Dynamics and Markets: Essays in Honor of Ryuzo Sato (Research Monographs in Japan-U.S. Business and Economics, 5)

__Economic Theory, Dynamics, and Markets.__ The collection of essays in honor of Ryuzo Sato, written by his colleagues and students, covers the many fields of economic theory and policy to which he has contributed. The first section pays tribute to his contributions to mathematical economics and economic theory. Ryuzo Sato is known for his work in growth theory and technical progress, and the second section has a number of papers on macroeconomics and dynamics. The third section has a number of papers on financial markets and their functioning in Japan and the United States. The next section examines various aspects of the economics of firms and industry. Ryuzo Sato has been very involved in analyzing the economic and business relations between Japan and the United States, and the last section is devoted to comparative analysis of economic systems. Front Matter....Pages i-xix One Way to Measure How Much Second Best “Second Best” is....Pages 1-17 The Marshallian Macroeconomic Model....Pages 19-29 Production Theory as a Part of a Dynamic General Disequilibrium System....Pages 31-44 Kinds of Theory....Pages 45-55 Maximality, Optimality, and Duality: A Synthesis of Some Recent Results....Pages 57-72 Fiml Estimation of Sample Selection Models for Count Data....Pages 73-91 Long-Run Rigidity in Labor Markets....Pages 93-103 Incomplete Contracts in Public Procurement....Pages 105-119 Non-Stationary Intergenerational Altruism....Pages 121-131 The Speed of Adjustment....Pages 133-142 Interactions in the Growth of Science and the Economy....Pages 143-151 Conservation Laws and Optimal Paths in External Two Sector Growth Model....Pages 153-165 Nonlinearity, Chaos, and Bifurcation: A Competition and an Experiment....Pages 167-187 Capital Depreciation, Indeterminacy and Cycles in Two-Sector Economies....Pages 189-197 Environmental Externalities, Abatement Behavior and Pigovian Taxes....Pages 199-207 Optimal Defense Spending....Pages 209-219 The Dynamic Gains from Trade Liberalization with Product Variety: Summary of Results....Pages 221-231 Monetary Expansion and Converging Speed in a Growing Economy....Pages 233-242 Analytical Afterthoughts on the Asian Crisis....Pages 243-255 The Impact of Mergers on U.S. Bank Performance....Pages 257-274 A Simple Model of Foreign Exchange Exposure....Pages 275-286 The International Linkage of Interest Rate Swap Spreads: The Yen-Dollar Markets....Pages 287-308 Inflation, Financial Development and Growth....Pages 309-324 Stochastic Inter-Temporal Optimization in Discrete Time....Pages 325-339 Fluctuation of Exchange Rates, Foreign Direct Investment, and Hollowing Phenomenon....Pages 341-355 Alfred Marshall in Hitotsubashi....Pages 357-367 Endogenous Technology Transfer: What is the Right Price?....Pages 369-378 Investment for Survival....Pages 379-389 Characterizing an Area Condition Associated with Minimizing Systems....Pages 391-403 Access Pricing in Regulated Industries....Pages 405-416 Equilibrium Locations: Product Cost Differentials and the Market Size....Pages 417-427 Indeterminate Output Allocations....Pages 429-437 Divisional Rivalry and First-Mover Disadvantages....Pages 439-452 Symmetry and the Theory of the Firm....Pages 453-464 Reflections on Japanese Political Economy....Pages 465-471 “Reversed Investment Cycles” Between Japan and United States in the Half Century....Pages 473-481 The Rising Sun and the Stumbling Bear: The Mortality Consequences of Economic Well-Being....Pages 483-493 Financial Systems and Economic Modernization: A New Historical Perspective?....Pages 495-504 The Young Professor....Pages 505-512 Japanese Economics: An Appraisal....Pages 513-523 Rethinking Development in an Interdependent World....Pages 525-542 Unfinished Business: Symmetry and Moral Behavior....Pages 543-549 Felicitation of Professor Sato at the Berkshires Conference, September 9, 2000....Pages 551-560 Professor Sato’s Curriculum Vitae....Pages 561-573