1. 2. (Rowthorn, 2014) / 39 1
|
|
|
- こうた ひきぎ
- 7 years ago
- Views:
Transcription
1 ,, 43 ( ) ( ) [email protected] 1 / 39
2 1. 2. (Rowthorn, 2014) / 39 1
3 ( 1). ( 2). = g. r. r > g ( 3).. 3 / 39 2
4 50% Figure I.1. Income inequality in the United States, Share of top decile in national income 45% 40% 35% 30% 25% The top decile share in U.S. national income dropped from 45-50% in the 1910s-1920s to less than 35% in the 1950s (this is the fall documented by Kuznets); it then rose from less than 35% in the 1970s to 45-50% in the 2000s-2010s. Sources and series: see piketty.pse.ens.fr/capital21c. 4 / 39
5 800% Figure I.2. The capital/income ratio in Europe, vate capital (% national income) 700% 600% 500% 400% Germany France United Kingdom Market value of pri 300% 200% 100% Aggregate private wealth was worth about 6-7 years of national income in Europe in 1910, between 2 and 3 years in 1950, and between 4 and 6 years in Sources and series: see piketty.pse.ens.fr/capital21c. 5 / 39
6 6% Figure Rate of return vs. growth rate at the world level, from Antiquity until 2100 rate of return or rate of growth Annual 5% 4% 3% 2% Pure rate of return to capital r (pre-tax) Growth rate of world output g 1% 0% The rate of return to capital (pre-tax) has always been higher than the world growth rate, but the gap was reduced during the 20th century, and might widen again in the 21st century. Sources and series: see piketty.pse.ens.fr/capital21c 6 / 39
7 国民所得 賃金 利潤 賃金 利潤 資本分配率 = 利潤 国民所得 の上昇 7 / 39
8 2. (Rowthorn, 2014) β: (K/Y) ( 2). α: (rk/y). β α ( 4)., σ 1, β α., α β, σ / 39 3
9 40% Figure 6.5. The capital share in rich countries, % al income (% national income) Capit 30% 25% 20% U.S. Germany Japan France 15% U.K. Italy Canada Australia 10% Capital income absorbs between 15% and 25% of national income in rich countries in 1970, and between 25% and 30% in Sources and series: see piketty.pse.ens.fr/capital21c 9 / 39
10 . Y = [δk σ 1 σ + (1 δ)e σ 1 σ ] σ σ 1. (1) Y:, K:, E:, σ:, δ:. r, α g α. g α = ( ) σ 1 g K/Y. (2) σ, g K/Y. σ > 1, g α g K/Y. 10 / 39 4
11 理論的には? 資本所得比率の上昇 かつ 1 より大きい代替の弾力性 資本分配率の上昇 資本所得比率の低下 かつ 1 より小さい代替の弾力性 資本分配率の上昇 11 / 39
12 , K/Y, W/Y., β = W Y = vk Y, v W K. (3), v ( Q ). β. g β = g K/Y + g v. (4) g v = 0, g β = g K/Y. 12 / 39 5
13 , K/Y, ( 5)., g v > 0 ( 6)., g K/Y 0 g v > 0, g v > g K/Y, g β > 0., σ 1, g α > 0. σ < / 39 6
14 500% Figure A133: Simulated private wealth / national income ratios in the absence of capital gains, % 400% 350% 300% 250% 200% USA Europe (weighted) 150% 100% / 39
15 160% Figure 5.6. Market value and book value of corporations Ratio between marke et value and book value of corporations 140% U.S. Japan 120% Germany France 100% U.K. Canada 80% 60% 40% 20% 0% Tobin's Q (i.e. the ratio between market value and book value of corporations) has risen in rich countries since the 1970s-1980s. Sources and series: see piketty.pse.ens.fr/capital21c. 15 / 39
16 , g β > 0 g β = g K/Y > 0 g α > 0 with σ > 1. (5), g β > 0 g β = g K/Y /0 + g v + > 0 g α > 0 with σ < 1. (6), g α > 0,,. 16 / 39 7
17 ピケティの観察した事実 資産 所得比率の上昇 ピケティの解釈 1 資本 所得比率の上昇 21 より大きい代替の弾力性 3 評価比率は一定 より正しい解釈 1 資本 所得比率の低下 21 より小さい代替の弾力性 いずれにしても資本分配率は上昇 3 評価比率の上昇 17 / 39
18 3...,,.,,.,,.,. 18 / 39 8
19 生産関数が CES 型のとき因果関係あり 新古典派成長モデルにおける因果関係 生産関数がコブ = ダグラス型だと因果関係なし 経済成長 所得分配 古典派成長モデルとカレツキ派成長モデルにおける因果関係 所得分配 経済成長 19 / 39
20 4. ( ),,,.. Y = min{ae, bk}. (7), a = Y/E, b = Y/K.. w:, r:. Y = we + rk. (8) 20 / 39 9
21 α. α = rk Y = Y we Y = 1 w a. (9), w a,,.. r = Y we K = ( 1 w ) b = αb. (10) a,. 21 / 39 10
22 : s c.,. S = s c rk, 0 < s c < 1. (11) S = I.,. g s c r = s c bα. (12) 22 / 39 11
23 ,., ( ).,. (= ) 23 / 39 12
24 : s w. S = s w we + s c rk, 0 < s w < 1. (13). g = [s w (1 α) + s c α]b. (14) 24 / 39 13
25 . dg dα = b(s c s w ). (15) s c > s w,. s c = s w,. 25 / 39 14
26 s w s c Table 1: (Storm and Naastepad, 2012) 26 / 39 15
27 5. ( ),,,.. Y = min{ae, ubk}, (16) = min{ae, uk}. (17) : b = Y /K = 1. u = Y/Y = Y/K:. r = Y we K = u ( 1 w ) a = αu. (18) 27 / 39 16
28 . p = (1 + µ) ω a. (19) µ:, ω: (ω = pw).,,, 1 α = w a = µ. (20) α = 1 w a = µ = µ 1 + µ. (21) 28 / 39 17
29 . g d = γ + ϕu, γ > 0, ϕ > 0. (22).. g s = s c r = s c αu. (23).. g d = g s = γ + ϕu = s c αu. (24) 29 / 39 18
30 . u = g = γ s c α ϕ, (25) γs cα s c α ϕ (26) α,.,. ( ) ( ) 30 / 39 19
31 s w. g s = [s w (1 α) + s c α]u (27), u = g = γ [s w (1 α) + s c α] ϕ, (28) [s w(1 α) + s c α]γ [s w (1 α) + s c α] ϕ. (29) 31 / 39 20
32 s c > s w,. s c = s w = s, u = g = γ s ϕ, (30) sγ s ϕ. (31) α. 32 / 39 21
33 . g d = γ + ϕu + ψα, γ > 0, ϕ > 0, ψ > 0. (32),,,.,. 33 / 39 22
34 古典派とカレツキ派の違い 古典派 資本分配率の上昇 経済成長率の上昇 カレツキ派 資本分配率の上昇 経済成長率の低下 あるいは 経済成長率の上昇 34 / 39
35 .,,.,,,.,. α = 1 w a. (33) w, a, α. 35 / 39 23
36 36 / 39 24
37 労使交渉 国際価格競争 市場占有度 金融政策 経済成長 所得分配率 経済成長 フィードバック効果 37 / 39
38 / 39 25
39 7. (2014) 21,. Rowthorn, R. (2014) A Note on Piketty s Capital in the Twenty-First Century, Cambridge Journal of Economics 38, pp Sasaki, H. (2014) Growth, Cycles, and Distribution: Approach, Kyoto: Kyoto University Press. A Kaleckian Storm, S. and Naastepad, C. W. M. (2012) Macroeconomics Beyond the NAIRU, Cambridge MA: Harvard Univeristy Press. 39 / 39 26
第86回日本感染症学会総会学術集会後抄録（I）
κ κ κ κ κ κ μ μ β β β γ α α β β γ α β α α α γ α β β γ μ β β μ μ α ββ β β β β β β β β β β β β β β β β β β γ β μ μ μ μμ μ μ μ μ β β μ μ μ μ μ μ μ μ μ μ μ μ μ μ β
88 th Annual Meeting of the Zoological Society of Japan Abstracts 88 th Annual Meeting of the Zoological Society of Japan Abstracts 88 th Annual Meeting of the Zoological Society of Japan Abstracts 88
,.,,.,. NIRA,.,.,,, GDP.,., 1%, 2.0% 3).,,.,,., 1, 4).,,.,, GDP,.,,.,,,.,,., 2002.,,., 3), Q&A Q16 (http://www.stat.go.jp/data/kakei/qa-1.ht
1, 1, 2011 4 3-28,,.,,.,.,,.,,.,,.,.,. 1., 1), 1946.,, GDP,.,,,.,,., (2008) ( NIRA ), 23,.,,, 2).,,,.,,.,,., 657-8501 2-1, E-mail: [email protected] 1) 1. 2), 1990 2 21, 1993 6 12. 3 1 1 2011
Sport and the Media: The Close Relationship between Sport and Broadcasting SUDO, Haruo1) Abstract This report tries to demonstrate the relationship be
Sport and the Media: The Close Relationship between Sport and Broadcasting SUDO, Haruo1) Abstract This report tries to demonstrate the relationship between broadcasting and sport (major sport and professional
研修コーナー
l l l l l l l l l l l α α β l µ l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l
- March IMF IMF IMF ITO The General Agreement on Tariffs and Trade
M&A IMF IMF gold tranche - March IMF IMF IMF ITO The General Agreement on Tariffs and Trade IMF IMF IMF GATT OECD OECD BITs. - March. U I = I (r m, i, Z * r m i Z * (= Z / Z) I / r m > I / i < I / Z *
The effect of tax rate and deduction in income taxation In Japan, numerous attempts have been made to reform the income taxation system. Researchers h
The effect of tax rate and deduction in income taxation In Japan, numerous attempts have been made to reform the income taxation system. Researchers have pointed out that as a result of these attempts,
ｎｓｇ０２－１３／ｋｙ０４５０５９３０１６０００３３２１０
φ φ φ φ κ κ α α μ μ α α μ χ et al Neurosci. Res. Trpv J Physiol μ μ α α α β in vivo β β β β β β β β in vitro β γ μ δ μδ δ δ α θ α θ α In Biomechanics at Micro- and Nanoscale Levels, Volume I W W v W
高齢化とマクロ投資比率―国際パネルデータを用いた分析―
196 2017 * ** ** ** ** 160 2 2 JEL Classification Codes E21, E22, J11 Keywords * ESRI 28 ESRI 29 3 17 ESRI ** 115 196 Population Aging and Domestic Investment An Analysis Using International Panel Data
遺産相続、学歴及び退職金の決定要因に関する実証分析 『家族関係、就労、退職金及び教育・資産の世代間移転に関する世帯アンケート調査』
2-1. (2-1 ) (2-2 ) (2-3 ) (Hayashi [1986]Dekle [1989]Barthold and Ito [1992] [1996]Campbell [1997] [1998]Shimono and Ishikawa [2002]Shimono and Otsuki [2006] [2008]Horioka [2009]) 1 2-1-1 2-1-1-1 8 (1.
44 2012 2013 3 35 48 法人化後の国立大学の収入変動 37 法人化後の国立大学の収入変動 2009 2005 2010 2012 2012 2008 2009a 2010 16 18 17 20 2 4 2012 38 44 2012 17 22 (1) (2) 2012 5 GP COE 30 WPI 1 2012 17 22 16 17 22 17 17 19 2012 2012
Microsoft Word - 2016年06月月次データ_総合
経 済 動 向 分 析 ) 在 日 本 国 大 使 館 経 済 動 向 1) In the Q1 2016, a faster growth of wage costs was recorded, which entailed decrease of profitability of enterprises to 49.3%. Household real consumption per capita
デフレの定義（最新版）.PDF
DP/01-1 Director General for Economic Assessment and Policy Analysis CABINET OFFICE E-mail : [email protected] 1 2 3 i (ii) 4 5 Deflation defined as at least two consecutive years of price decreases.
大学論集第42号本文.indb
42 2010 2011 3 279 295 COSO 281 COSO 1990 1 internal control 1 19962007, Internal Control Integrated Framework COSO COSO 282 42 2 2) the Committee of Sponsoring Organizations of the Treadway committee
Comparative Study of Media Use Capacity for 8th Grade Students Yoshiro Kawakami Hirohisa Suzuki The world is experiencing a variety of changes resulting from the widespread diffusion of information technology.
Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): Issue Date URL Right
Title ベンチャー企業の研究開発支出の決定要因 日本と台湾の事例を中心に Author(s) 蘇, 顯揚 Citation 經濟論叢 (1996), 158(1): 54-76 Issue Date 1996-07 URL https://doi.org/10.14989/45083 Right Type Departmental Bulletin Paper Textversion publisher
自由集会時系列part2web.key
spurious correlation spurious regression xt=xt-1+n(0,σ^2) yt=yt-1+n(0,σ^2) n=20 type1error(5%)=0.4703 no trend 0 1000 2000 3000 4000 p for r xt=xt-1+n(0,σ^2) random walk random walk variable -5 0 5 variable
産業・企業レベルデータで見た日本の経済成長.pdf
2003 11 10 IT IT JIP JCER ) 2003 CD-ROM http://www.esri.go.jp/jp/archive/bun/bun170/170index. html 1 JIP Jorgenson, Mun, andstiroh (2002) GDP 2 3 1951 1954 1957 1960 1963 1966 1969 1972 1975 1978 1981
A comparison of abdominal versus vaginal hysterectomy for leiomyoma and adenomyosis Kenji ARAHORI, Hisasi KATAYAMA, Suminori NIOKA Department of Obstetrics and Gnecology, National Maizuru Hospital,Kyoto,
13....*PDF.p
36 2005 2006 3 237 250 1 1990 2 3 4 5 6 239 10 90 1993 1997 1998a 10 10 1 90 1 2 3 4 5 1990 1 1990 201 2004 141 108 105 2 54 75 1970 1980 1990 49 2 2004 59 8 25 42 1980 1993 25 4 2004 10 6 1994 14 2004
ＧＤＰギャップと潜在成長率
2003 output gap 80 1 20 90 20 70 2 1 2 output gap potential output 1 2 (2001) 3 potential rate of growth 2000 Meyer (2000) European Central Bank: (1999b) 2002 10 4 3 (2000) 4 4 () 5 5 5 6 () () 7 Total
2 / 24
2017 11 9 1 / 24 2 / 24 Solow, 1957 total factor productivity; TFP 5% 経済成長率の要因分解 4% 3% 2.68% 2.51% 2% 1% 0% 1.63% 1.50% 0.34% 0.42% 0.55% 0.97% 1.14% 0.86% 0.13% -0.59% -0.59% -0.09% 0.01% -1% 1970-80
23_02.dvi
Vol. 2 No. 2 10 21 (Mar. 2009) 1 1 1 Effect of Overconfidencial Investor to Stock Market Behaviour Ryota Inaishi, 1 Fei Zhai 1 and Eisuke Kita 1 Recently, the behavioral finance theory has been interested
-February GDP GDP
-February GDP GDP - GDP. GDP GDP / GDP DI.. DI..,,. -February (2010=100) 115 110 105 100 95 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 800 350 750 700 300 650 600 250 550
Attendance Demand for J-League õ Shinsuke KAWAI* and Takeo HIRATA* Abstract The purpose of this study was to clarify the variables determining the attendance in J-league matches, using the 2,699 J-league
【表紙】経済学論叢＿１８号／表１・３・背
Blanchard Solow Solow Galor and Tsiddon ,, , ,, ,,,,,, a if b c if if CES CES,,,,,,. Bowles Ciccone and Peri, .,, Bowles Hamermesh Antras Ciccone and Peri CES CES Krusell et al. Duffy et al. Hornstein
Winter 図 1 図 OECD OECD OECD OECD 2003
266 Vol. 44 No. 3 I 序論 Mirrlees 1971 Diamond 1998 Saez 2002 Kaplow 2008 1 700 900 1, 300 1, 700 II III IV V II わが国の再分配の状況と国際比較 OECD Forster and Mira d Ercole 2005 2006 2001 Winter 08 267 図 1 図 2 2000 2
,,.,,.,..,.,,,.,, Aldous,.,,.,,.,,, NPO,,.,,,,,,.,,,,.,,,,..,,,,.,
J. of Population Problems. pp.,.,,,.,,..,,..,,,,.,.,,...,.,,..,.,,,. ,,.,,.,..,.,,,.,, Aldous,.,,.,,.,,, NPO,,.,,,,,,.,,,,.,,,,..,,,,., ,,.,,..,,.,.,.,,,,,.,.,.,,,. European Labour Force Survey,,.,,,,,,,
M-JUSD2471b
JUSD 2471b 2 www.pall.com 3 4 www.pall.com 5 6 www.pall.com 7 TM AllegroSystems The Single-Use Solution Visit us on the Web at www.pall.com/japan/biopharm.asp e-mail us at [email protected] 163-1325 651TEL.03(6386)0995
第６２巻 第１号 平成２４年４月／石こうを用いた木材ペレット
Bulletin of Japan Association for Fire Science and Engineering Vol. 62. No. 1 (2012) Development of Two-Dimensional Simple Simulation Model and Evaluation of Discharge Ability for Water Discharge of Firefighting
ｎｓｇ０４－２８／ｋｙ２０８６８４３５６１０００４３０７７
δ!!! μ μ μ γ UBE3A Ube3a Ube3a δ !!!! α α α α α α α α α α μ μ α β α β β !!!!!!!! μ! Suncus murinus μ Ω! π μ Ω in vivo! μ μ μ!!! ! in situ! in vivo δ δ !!!!!!!!!! ! in vivo Orexin-Arch Orexin-Arch !!
O1-1 O1-2 O1-3 O1-4 O1-5 O1-6
O1-1 O1-2 O1-3 O1-4 O1-5 O1-6 O1-7 O1-8 O1-9 O1-10 O1-11 O1-12 O1-13 O1-14 O1-15 O1-16 O1-17 O1-18 O1-19 O1-20 O1-21 O1-22 O1-23 O1-24 O1-25 O1-26 O1-27 O1-28 O1-29 O1-30 O1-31 O1-32 O1-33 O1-34 O1-35
untitled
2009 57 2 393 411 c 2009 1 1 1 2009 1 15 7 21 7 22 1 1 1 1 1 1 1 1. 1 1 1 2 3 4 12 2000 147 31 1 3,941 596 1 528 1 372 1 1 1.42 350 1197 1 13 1 394 57 2 2009 1 1 19 2002 2005 4.8 1968 5 93SNA 6 12 1 7,
06’ÓŠ¹/ŒØŒì
FD. FD FD FD FD FD FD / Plan-Do-See FD FD FD FD FD FD FD FD FD FD FD FD FD FD JABEE FD A. C. A B .. AV .. B Communication Space A FD FD ES FD FD The approach of the lesson improvement in Osaka City University
アジアの資本移動の変化に関するクラスター分析 アジア域内の証券投資活性化に向けて
* ** 199 1 1996-97 relation * ** Seoul conference China and Emerging Asia: Reorganizing the Global Economy? held by KIEP and Seoul National University 26 5 11-12 Hugh Patrick Yung-Chul Park 26 9 9-1 East
bottleneckjapanese.dvi
1 M&A Keywords:,. Address: 742-1, Higashinakano, Hachioji-shi, Tokyo 192-09,Japan fax:+81 426 74 425 E-mail: [email protected] ; [email protected] 1 Yang and Kawashima(2008) 1 2 ( MVI
\ (1963): Recent Trends of Urban Geography in Japan A, A, A, G, 53 93^ 102 Yamaga S, & Y, Masai (1966) : Japanese Urban Geography-General View Japanese Geography 1966; Spec, Publ, No,1 Ass, Jap, Geogrs,
1 911 9001030 9:00 A B C D E F G H I J K L M 1A0900 1B0900 1C0900 1D0900 1E0900 1F0900 1G0900 1H0900 1I0900 1J0900 1K0900 1L0900 1M0900 9:15 1A0915 1B0915 1C0915 1D0915 1E0915 1F0915 1G0915 1H0915 1I0915
1970). Baumol, W. J., Panzar, J. C. and R. D. Willig (1982); Contestable Markets and The Theory of Industry Structure, 1982. Caves, R. and M. E. Porter (1977); From entry barriers to mobility barriers:
Company_2801.ai
Park Systems www.parkafm.co.jp Park Systems Enabling Nanoscale Advances ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ ㅣ Courtesy NASA/JPL-Caltech Park Systems Enabling Nanoscale Advances 5 98 988 997 Prof. C.F. Quate
平成28年度国民経済計算 年次推計 （支出側系列等）
平成 28 年度国民経済計算年次推計 ( 支出側系列等 ) FY2016 Annual Estimates of GDP Ⅰ. 国内総生産 ( 支出側 ) 及び各需要項目 GDP (Expenditure Approach) and Its Components 1. 速報値と年次推計値の比較 ( 実質成長率 年度 ) Comparison of the Preliminary and the Revised
(2004 ) 2 (A) (B) (C) 3 (1987) (1988) Shimono and Tachibanaki(1985) (2008) , % 2 (1999) (2005) 3 (2005) (2006) (2008)
,, 23 4 30 (i) (ii) (i) (ii) Negishi (1960) 2010 (2010) ( ) ( ) (2010) E-mail:[email protected] E-mail:[email protected] E-mail:[email protected] 1 1 16 (2004 ) 2 (A) (B) (C) 3 (1987)
財政赤字の経済分析：中長期的視点からの考察
1998 1999 1998 1999 10 10 1999 30 (1982, 1996) (1997) (1977) (1990) (1996) (1997) (1996) Ihori, Doi, and Kondo (1999) (1982) (1984) (1987) (1993) (1997) (1998) CAPM 1980 (time inconsistency) Persson, Persson
2 24
J-REIT 2012/05/18 2 24 J-REIT 3 J-REIT 2001 9J-REIT10 2007 J-REIT7 42 42 33 2010 2 3 J-REIT 22012 4 IPO 4 343.5 4 J-REIT10 3000.00 2500.00 REIT TOPIX 2000.00 1500.00 1000.00 NCR(*) 2010/6 500.00 2001/9
394-04
Change and Development of Continuous Casting Technology Abstract It is about 60 years that history of continuous casting process in our country. From the start of commercial operation of the first continuous
X線分析の進歩36 別刷
X X X-Ray Fluorescence Analysis on Environmental Standard Reference Materials with a Dry Battery X-Ray Generator Hideshi ISHII, Hiroya MIYAUCHI, Tadashi HIOKI and Jun KAWAI Copyright The Discussion Group
i ii iii 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 1 x = n n x i i= 1 2 s X = s X n ( x x) i 2 2 i= 1 s X = n 1 g 1 n = ( n 1)( n 2) n i= 1 x i x s 3 24 g 2 n n( n + 1) x = ( n 1)( n
Auerbach and Kotlikoff(1987) (1987) (1988) 4 (2004) 5 Diamond(1965) Auerbach and Kotlikoff(1987) 1 ( ) ,
,, 2010 8 24 2010 9 14 A B C A (B Negishi(1960) (C) ( 22 3 27 ) E-mail:[email protected] E-mail:[email protected] E-mail:[email protected] 1 1 1 2 3 Auerbach and Kotlikoff(1987) (1987)
国際比較からみた介護システムの役割分担
* OECDLong-term Care for Older People E-mail: [email protected] Long-term care Long-term care for older people OECDLTC GDP. OECD WHOHealth life expectancy : HALE GDP Martins et al OECD OECD OECD Residential
表紙＿目次.PDF
JIL 2 1980 vol.3 15 3 1 3 15 18 IT 26 28 33 20 OECD 80 90 (1998) (2000) 2 Aghion et al. (1999) OECD 1970 1 2 70 1980 90 1.1 Kuznets U inverted U-shaped hypothesis GNP U 1 18901940 6 3 Kuznets(1955) (1963)
untitled
[ 研究ノート ] 4% 19 19 20 1997a 20 Mitchell, 2002: 123 208 1997b; 2008 2 1960 1980 Abdel-Fadil, 1975; Hansen, 1969; Radwan & Lee, 1986 Abdel-Fadil, 1980; 85 Assaad, 1997 2 Hopkins Hopkins & Westergaard, 1998:
fiúŁÄ”s‘ê‡ÌŁª”U…−…X…N…v…„…~…A…•‡Ì ”s‘ê™´›ß…−…^†[…fiŠ‚ª›Âfl’«
2016/3/11 Realized Volatility RV 1 RV 1 Implied Volatility IV Volatility Risk Premium VRP 1 (Fama and French(1988) Campbell and Shiller(1988)) (Hodrick(1992)) (Lettau and Ludvigson (2001)) VRP (Bollerslev