Takanori Minamikawa Hokkaido University   22-7 Umegae town Otaru city, Hokkaido 047-0044 Japan   kisaragi20@econ.hokudai.ac.jp             JEL Areas: E3 : Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E0 : Macroeconomics and Monetary Economics: General