WorldCat Identities
Fri Mar 21 17:08:06 2014 UTClccn-n840390920.63The structure and reform of the U.S. tax system /0.721.00Franco Modigliani papers,241939330Albert_Andon 840390921155933Ando, Albert K. 1929-2002lccn-n79053769Blume, Marshalllccn-n79056782Friend, Irwinlccn-n50026234Friedlaender, Ann Fetterlccn-n82144293Brown, E. Cary(Edgar Cary)lccn-n83139242Nihon GinkōKinʼyū Kenkyūkyokulccn-n83020638Fisher, Franklin M.lccn-n79021485Simon, Herbert A.(Herbert Alexander)1916-2001nc-national bureau of economic researchNational Bureau of Economic Researchlccn-n88648558Guiso, Luigihnredtlccn-n82277047Marston, Richard C.Ando, AlbertConference proceedingsUnited StatesTax incidenceTaxationEurope--European Economic Community countriesFiscal policy--Mathematical modelsEconomic stabilization--Mathematical modelsMonetary policySocial sciences--Mathematical modelsEconomic stabilizationJapanItalySaving and investmentConsumption (Economics)HouseholdsEconomic historyEconomic developmentCapital costsCorporations--FinanceSaving and investment--Econometric modelsPopulationIncomeLabor supplyCanadaFinance, PublicInvestmentsOlder people--Economic conditionsWealthInheritance and successionEconomic development--Econometric modelsPricesWages--Econometric modelsRate of returnReal property--ValuationCorporations, Japanese--Government policyCapital--Mathematical modelsNational incomeCapital levyCorporations, American--Government policyCapitalInterest ratesNational income--AccountingIncome--Mathematical modelsHouseholds--Economic aspects--Mathematical modelsCapital costs--Econometric modelsRate of return--Econometric modelsEconomic policyInternational economic integrationFestschriftenEconomicsInterest rates--Econometric models192920021956196319641965196619671968197119731974197519781983198419851986198719891990199119921993199419951996199719981999200020012003200420052006412880238336.2050973HJ2381ocn468610101ocn310655236ocn797645654ocn466531784ocn246261908ocn797221458ocn800054414ocn807411773ocn760379493ocn802582341ocn185994515ocn835449857ocn0264118798918ocn011754462book19830.63Ando, AlbertThe structure and reform of the U.S. tax system+-+513565717570814ocn000252597book19680.63Ando, AlbertStudies in economic stabilization59511ocn011114373book19850.66Monetary policy in our times : proceedings of the first international conference held by the Institute for Monetary and Economic Studies of the Bank of JapanConference proceedings52815ocn000165729book19630.66Ando, AlbertEssays on the structure of social science models+-+76166071753242937ocn001946301book19740.76International aspects of stabilization policies : proceedings of a conference held at Williamstown, Massachusetts, June 1974Conference proceedings2099ocn028929028book19940.90Saving and the accumulation of wealth : essays on Italian household and government saving behaviorThe evolution of private saving and its interaction with government fiscal policy play a vital and complex role in the development of the national economy. Italy is an ideal country in which to assess the impact of government and private transfer, imperfections in the capital markets, productivity growth and shifting demographic patterns on the saving behavior of individual households and on their aggregation into total private saving+-+83570967053241067ocn060414047book20060.79Long-run growth and short-run stabilization : essays in memory of Albert AndoThere is much confusion in the economics literature on wage determination and the employment - inflation trade-off. Albert Ando pays careful attention to the definition and meaning of long-run concepts. The contributions in this work elaborate on the main issues of economic analysis and policies that concerned him+-+9891128936848ocn033401762book19950.92Ando, AlbertDemographic dynamics, labor force participation and household asset accumulation : case of JapanA dynamic model of the demographic structure of Japan is summarized. It is capable of tracing the dynamic development of the Japanese population, including the distribution of families by age, sex, and marital status of the head, as well as by the number and age of children and other dependents. This model is combined with a specification of the processes generating family income and consumption, and then used to generate the pattern of aggregate income, saving and asset accumulation for the period 1985-2090 under alternative fertility assumptions. The results suggest that the saving-income ratio for Japan will increase slightly in the immediate future as the number of children per family declines sharply, and then fall moderately as the proportion of older persons in the population increases. Quantitative results depend critically on the labor force participation rate of older persons and on the probability of older persons merging into younger households. However, unless some major changes in Japanese saving behavior take place, our analysis suggests that Japan will have an unusually high net worth-income ratio as its population stabilizes or begins to decline7912ocn036380060book19960.92Ando, AlbertCost of capital for the United States, Japan, and Canada : an attempt at measurement based on individual company records and aggregate national accounts data7210ocn045596749book20000.93Ando, AlbertOn the Japanese economy and Japanese national accountsA review of the Japanese National Accounts reveals that the Japanese household sector has apparently suffered a capital loss of some 400 trillion-yen in 1990 consumption prices since 1970. This loss is large enough to explain most of the Japanese recession of the 1990's. We can trace some three-fourths of this capital loss to the loss in the market value of Japanese corporations relative to their accounting value (at reproduction cost). While some plausible explanations for this loss can be offered, they are subject to serious doubts because of difficulties encountered in working with the Japanese National Accounts data. Similarly, we find total government expenditures reported in Japanese fiscal statistics difficult to interpret, and the difference between this total and total expenditures for the general government sector in the National Accounts hard to identify and understand. Until the relationship between the budget totals and the corresponding figures in the National Accounts is fully clarified, we are unable to say what the actual history of Japanese fiscal policy has been. We conclude the paper with a set of suggestions for improving the Japanese government's fiscal statistics and its National Income Accounts. We also hope that our discussion will serve as a guide for users of these statistics as to where they must be cautious698ocn051881417book20030.92Ando, AlbertInefficiency of corporate investment and distortion of savings behavior in JapanThe value of corporate equity in Japan is dramatically smaller than that implied by the sum of the reproduction cost of accumulated investment and the market value of land owned by corporations (that is, the Tobin's average 'q' is much smaller than unity). This discrepancy appears to result from the very low rate of return earned on corporate investment and also from the extraordinarily small and stagnant dividend payments. It has persisted at least since l965, and its size has become progressively larger over time. If the value of corporate equity were sufficiently high to close the discrepancy, the net worth of the household sector would have been larger than its actual value by some 395 trillion yen in l998. Such an addition to household net worth would have generated additional consumption demand of at least 15 trillion yen. This paper traces the development of this valuation discrepancy over time, and explores its possible causes. In the process, we prepare an alternative estimate of the capital stock and its depreciation to those offered in the National Accounts. The basic difference is that the depreciation rates underlying our calculations are substantially lower than those used in the Japanese National Accounts, and closer to values prevailing in the United States. The qualitative characteristics of our results, however, remain unaffected by the choice between these alternative estimates679ocn029593241book19930.90Ando, AlbertDissaving by the elderly, transfer motives and liquidity constraintsTwo explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire to pass part of the accumulated assets on to one's heirs. We reconsider the issue of wealth decumulation by the elderly and assess the presence of a transfer motive, drawing on Italian data. We show that if intergenerational transfer of assets takes place well before the time of death, induced for instance by existence of liquidity constraints on younger families, then tests for the presence of a transfer motive based on the relative speed of decumulation of elderly households with and without a potential bequest motive might have little discriminatory power. We suggest that in this case one should look at the whole pattern of asset accumulation and decumulation. We also offer an alternative test of the bequest motive based on life insurance purchases6510ocn029593320book19930.92Ando, AlbertPrices, wages, and employment in the U.S. economy : a traditional model and tests of some alternativesIn this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England537ocn024989449book19910.95Ando, AlbertYounger households saving : evidence from Japan and ItalyBoth young and old consumers appear to dissave too little for their behaviour to be consistent with a strict life cycle model. We concentrate on young households and document their behaviour drawing from Italian and Japanese data. We also provide a theoretical set-up which can account for the observed fact without relying on assumptions about the working of credit markets or the degree of foresight of consumers495ocn022218139book19900.95Ando, AlbertThe cost of capital in Japan : recent evidence and further resultsAbstract: (2) Correcting Japanese accounting statements for cross-holding454ocn016520071book19870.95Ando, AlbertThe cost of capital in the U.S. and Japan : a comparisonThis paper uses financial statement data for large samples of U.S. and Japanese nonfinancial corporations to estimate the return to capital in each country for the period 1967-83. Interpreting these as measures of the cost of capital, we find that the before-tax cost of corporate capital was higher for U.S. firms than for their Japanese counterparts, with the average gap potentially as high as 5.8 percentage points. The use of alternative measurement techniques alters the gap slightly but does not alter the basic finding. However, market returns in the two countries were much closer during the same period. Certain potential explanations for the gap in returns are rejected by empirical evidence, including differences in corporate taxation, differences in borrowing and differences in asset mix. This leaves three potential explanations: differences in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of capital389ocn013911822book19850.94Ando, AlbertThe corporate cost of capital in Japan and the U.S. : a comparisonThis paper presents evidence about the coats of corporate capital in Japan and the US, for a sample of large companies, and evaluates a variety of hypotheses about why the cost might be lower in Japan. We find that the before-tax return to capital in Japan appears slightly lower than in the U.S. when corrected book measures of earnings are used, but that this result would be reversed if market returns to Japanese equity were used in place of corrected earningsto measure the cost of equity. To what ever extent the cost of capital may actually be lower in Japan, we show that this is unlikely to be due either to a lower overall corporate tax burden or the particular tax advantages of corporate borrowing316ocn025986297book19920.93Ando, AlbertYoung households' saving and the life cycle of opportunities : evidence from Japan and Italy234ocn060660230book20040.96Ando, AlbertA micro simulation model of demographic development and households' economic behavior in Italy122ocn063222693book19740.73International aspects of stabilization policies, proceedings of a conference held at Williamstown, Mass., June 1974Conference proceedings11ocn062256414mix1.00Modigliani, FrancoFranco Modigliani papersHistoryRecords and correspondenceThrough correspondence, extensive research notes, unpublished writings, lectures and presentations, teaching materials, published materials, photographs, audiovisual materials, scrapbooks, and clippings, the collection documents the career of a noted economist and Nobel Prize winner, from his earliest student work in Italy through his 40-year tenure of teaching and research at the Massachusetts Institute of Technology. The many annotations written by Modigliani's wife and collaborator, Serena Modigliani, found throughout the collection, provide further information contextualizing the materials+-+5135657175+-+5135657175Fri Mar 21 15:43:16 EDT 2014batch24282