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The purpose of this paper is to present an alternative macroeconomic model. The classical macroeconomic model and AD-AS model have some problems. The macroeconomic model presented in this paper solves them and is more realistic and logically consistent than the other models.

マーケット・タイミング理論が提唱されて以降，それを巡った実証研究が数多く行われている。しかしながら，実証研究のほとんどは欧米企業を対象として行われ，日本ではその理論がまだ注目されていない。本稿はマーケット・タイミング理論に基づき，株式発行におけるマーケット・タイミング行動に注目し，それに関する実証研究をサーベイする。主な結果は以下の2点である。まず日本企業ではマーケット・タイミング行動の実証的証拠が多いが，マーケット・タイミング行動と資本構成の関係についての実証研究はまだ少ない点である。また，マーケット・タイミング行動の資本構成への影響について，先行研究の結果が分かれており，そして異なる特性を持つ企業では影響効果も異なっている点である。このサーベイを通して，この研究分野の現状と動向を示し，さらなる発展に寄与することを目指す。

This research aims to examine the relationship between political connections and bank performance during the COVID-19 pandemic in Indonesia, with data sample comprising banks listed on the Indonesia Stock Exchange （IDX）. The study employed a panel data linear regression and found an insignificant positive influence of political connections on banks' profitability. However, the result also indicates marginally lower profitability in politically connected banks compared to non-connected peers, and the event-study methodology reveals the tendency for affiliated banks to obtain substantial negative abnormal returns during the pandemic. Therefore, there is a negative effect of COVID-19 on stock performance of politically connected banks.

We will discuss why Japan succeeded after the Meiji Restoration and why she has been stagnated since 1990s, and propose the conditions for the revitalization of the Japanese economy based on M.E. Porter’s factor condition and Michio Morishima’s view of population history. Michio Morishima maintains that the quantity and quality of population is the foundation of economy and society. This paper focus on values which is one of the qualitative aspects of human beings.

The non-efficiency of the government hospital is pointed out. Then, I compare the management in government hospitals and non-government hospitals, and show clearly what kind of difference there is. In this paper, the following things are clear. (1) Clarify the difference from a viewpoint of management in government hospitals and non-government hospitals. (2) Classify government hospitals into two kinds (cites・towns・and villages-hospitals and prefectural hospitals), and clarify the difference from a viewpoint of management. (3) Classify non-government hospitals into eight kind hospitals, and clarify the feature in management.