Economic Inquiry

81?3?5841?5508 | Fax: 81?3?5841?5521

Professor, Graduate School of Economics, University of Tokyo, Tokyo 113?0033, Japan

82?10?2860?3457 | Fax: 82?2?705?8268

Corresponding Author, Associate Professor, Department of Economics, Sogang University, Seoul 4107, South Korea

An early on version of this paper happens to be publicly circulated within the paper that is working from Harvard company class (March 2012), IZA (April 2012), and also the Center on Japanese Economy and Business at Columbia University (2012). We thank Lisa Dettling, Jihye Kam, Younggun Na, Akiko Nasuda, Dimitri Silva, Akiko Togawa, and Seon younger Yoon because of their research that is excellent support. We benefitted through the helpful talks with seminar and conference individuals, specially with Ran Abramitzky, Francisca Antman, Dan Hamermesh, John Ham, Jeanne Lafortune, Shelly Lundberg, Claudia Olivetti, Jessica Pan, and Aloysius Siow. All mistakes are our.Search that is own for papers by this author

81?3?5841?5508 | Fax: 81?3?5841?5521

Professor, Graduate class of Economics, University of Tokyo, Tokyo 113?0033, Japan

82?10?2860?3457 | Fax: 82?2?705?8268

Corresponding Author, Associate Professor, Department of Economics, Sogang University, Seoul 4107, Southern Korea

An early on form of this paper happens to be publicly circulated within the paper that is working from Harvard company class (March 2012), IZA (April 2012), in addition to Center on Japanese Economy and Business at Columbia University (2012). We thank Lisa Dettling, Jihye Kam, Younggun Na, Akiko Nasuda, Dimitri Silva, Akiko Togawa, and Seon younger Yoon with regards to their exceptional research support.