Abstract There is a large heterogeneity in health and macroeconomic outcomes across countries during the COVID-19 pandemic. We ...
Abstract Using credit card transaction data, we examine the impacts of two successive events that promoted cashless payments in...
Sorry, this item is only available in Japanese.
Abstract A policymaker discloses public information to interacting agents who also acquire costly private information. More pre...
Abstract This paper proposes normative criteria for voting rules under uncertainty about individual preferences to characterize...
Abstract A decision problem under uncertainty is often given with a piece of objective but imprecise information about the stat...
The Asahi Shinbun, November 19, 2021
Date and Time： Saturday, 11th December 2021, 9:00 -14:10 (Access starts from 8:00) Sunday, 12th December 2021, 9:00 -14:00 (Access starts from 8:45) Program ＆ Registration Form: https://sites.google.com/g.ecc.u-tokyo....
Abstract In October 2019, the Japanese government started a unique program that offered points (discounts) for cashless payment...
Abstract The spread of COVID-19 infections has led to substantial changes in consumption patterns. While demand for services th...
Abstract This paper estimates a money demand function using US data from 1980 onward, including the recent near-zero interest r...
Date: Saturday, December 11 and Sunday, December 12
Place: Online
Deadline: Friday, October 22, 2021 (Japan time)
Abstract Large-scale household inventory buildups occurred in Japan five times over the last decade, including those triggered ...
Abstract In incomplete information games with ambiguous information, rational behavior depends on fundamental ambiguity (ambigu...
Abstract Do price forecasts of rational economic agents need to coincide in perfectly competitive complete markets in order for...
Abstract Using sector-level survey data for the universe of Japanese firms, we establish the positive co-movement in the firm’s...
Abstract Changes in people’s behavior during the COVID-19 pandemic can be regarded as the result of two types of effects:...
Date: Saturday, December 12 and Sunday, December 13 Place: online Program＆Registration Form: https://ies.keio.ac.jp/en/events/13319/ Deadline: Wednesday, 9th December...
Our project has received the grade A (Research has progressed steadily toward the initial goal, and the expected results are an...
Date: Saturday, December 12 and Sunday, December 13 Place: online Deadline: Thursday, October 15, 2020 (Japan time) CALL FOR PAPERS ...
Abstract This paper derives a money demand function that explicitly takes the costs of storing money into account. This functio...
Abstract Japan’s government has taken a number of measures, including declaring a state of emergency, to combat the spread COVI...
Abstract This paper examines the implications of consumer inventory for cost-of-living indices (COLIs) and business cycles. We begin by providing stylized facts about consumer inventory using scanner data. We then construct a quasi-dynamic model to describe consumers’ purchase, consump...
Abstract We study a simple two period economy with no uncertainty and complete markets where agents trade based on forecasts ab...
Abstract The spread of novel coronavirus (COVID-19) infections has led to substantial changes in consumption patterns. While de...
要旨 新型コロナの感染拡大に伴い人々の消費スタイルが大きく変化している。外食や娯楽などFace-to-face の接触を伴うサービスへの需要が激減する一方，E コマースなどモノやサービスのオンライン消費は増えており，コロナ収束後も続くとの見方がある。ポ...
Abstract With the spread of coronavirus infections, there has been a growing tendency to refrain from consuming services such a...
Tsutomu Watanabe
VOX, CEPR Policy Portal, 04 April 2020
Abstract This note compares the responses of consumption and prices to the COVID-19 shock and another large-scale natural disas...
Abstract Consider an analyst who models a strategic situation in terms of an incomplete information game and makes a prediction...
A linear-quadratic-Gaussian (LQG) game is an incomplete information game with quadratic payoff functions and Gaussian informati...
Abstract Topic models are widely used to discover the latent representation of a set of documents. The two canonical models are...
Abstract Do price forecasts of rational economic agents need to coincide in perfectly competitive complete markets in order for...
Abstract This paper builds up a model for a rental housing market. With a search and matching friction in a rental housing mark...
Abstract Fiscal vulnerabilities depend on both the level and composition of government debt. This study investigates this thres...
The wall street journal, January 13, 2020
Date:November 16 (Sat.) and 17 (Sun.), 2019
Venue: Hotel Hankyu Expo Park
Abstract This paper estimates a money demand function using Japanese data from 1985 to 2017, which includes the period of near-...
Abstract We propose a novel approach to decomposing aggregate productivity growth into changes in technical efficiency, allocat...
Abstract Using individual family household data from Japan, we find that households prefer financial institutions, family and f...
Abstract A statistical method is proposed for detecting stock market bubbles that occur when speculative funds concentrate on a...
Abstract This paper develops a price model with a product cycle. Through a frictional product market with search and matching f...
Abstract We investigate the cross-sectional distribution of house prices in the Greater Tokyo Area for the period 1986 to 2009....
Date: Saturday, November 16 and Sunday, November 17
Place: Hotel Hankyu Expo Park, Suita City, Osaka
Deadline: Sunday, September 15, 2019 (Japan time)
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}
Abstract
In the Lucas Imperfect Information model, output responds to unanticipated monetary shocks. We incorporate more genera...
Sorry, this item is only available in Japanese.
Date:April 25(Thu), 2019 Venue: Economics Research Building, the University of Tokyo
Financial Times, March 13, 2019
The abstract of our 1997 survey paper Kajii and Morris (1997b) on “Refinements and Higher Order Beliefs” reads:
&nb...
Abstract
This paper investigates whether sunspot equilibria are stable under agents’ adaptive learning with imperfect informati...
Abstract
The media plays a central role in monitoring powerful institutions and identifying any activities harmful to the publi...
Professor Kiyohiko G. Nishimura is awarded the 61st Nikkei Prize for Excellent Books in Economic Science: “Economics of Pessimism and Optimism: Theory of Knightian Uncertainty and Its Applications,” (with P...
Abstract
This work develops and estimates a three-factor term structure model with explicit sentiment factors in a period inclu...
Nikkei Asian Review, Oct 22，2018
Date:November 17 (Sat.) and 18 (Sun.), 2018
Venue:Conference Room, 7F Mercury Tower, Kunitachi Campus, Hitotsubashi University
Program...
Abstract
This paper estimates a money demand function using US data from 1980 onward, including the period of near-zero interes...
2018年11月17日（土）、18日（日）
Abstract
Using a new micro-level dataset we investigate the relationship between the inflation experience and inflation expecta...
日時：2018.8.4(土)
（Bloomberg, June 19, 2018)
Abstract
This paper investigates how expectation formation affects monetary policy effectiveness in a liquidity trap. We examin...
Abstract
This paper develops a price model with a search foundation based on product cycles and prices. Observations conclude t...
Abstract
Japan has failed to escape from deflation despite extraordinary monetary policy easing over the past four years. Monet...
Abstract
Using a new micro-level dataset we investigate the relationship between the inflation experience and inflation expecta...
Abstract
The “Fiscal foresight problem” poses a challenge to researchers who wish to estimate macroeconomic impacts...
Abstract
A notable characteristic of Japan’s deflation since the mid-1990s is the mild pace of price decline, with the CPI fall...
Abstract
Japan’s net government debt reached 130% of GDP in 2013. The present paper analyzes the welfare implications of ...
Abstract
We quantitatively evaluate the effectiveness of a consumption tax and transfer program as insurance against idiosyncra...
Abstract
In this study, we evaluate the effects of product turnover on a welfare-based cost-of-living index. We first present s...
Abstract
This paper presents a three-period model to analyze the need for bank reserves in the presence of other liquid assets ...
Abstract
We developed a model to reconstruct the international trade network by considering both commodities and industry secto...
Abstract
The distributions of market capitalization across stocks listed in the NASDAQ and Shanghai stock exchanges have power ...
Abstract
“Fixing” in the foreign exchange market, in Tokyo at 10am and in London at 4pm, is a market practice that determines t...
Abstract
Buyer–seller relationships among firms can be regarded as a longitudinal network in which the connectivity pattern evo...
Abstract
In a standard overlapping generations model, the unique equilibrium price of a Lucas’ tree can be decomposed into the ...
Abstract
We analyze lump-sum transfers financed through consumption taxes in a heterogeneousagent model with uninsured idiosync...
Abstract
How do we determine our expectations of inflation? Because inflation expectations greatly influence the economy, resea...
Abstract
How can parameter estimates be biased in a dynamic stochastic general equilibrium model that omits nonlinearity in the...
Abstract
We conduct a discourse analysis of the Bank of Japan’s Monthly Report and examine its characteristics in relation to b...
Abstract
This paper investigates history dependent easing known as a conventional wisdom of optimal monetary policy in a liquid...
Abstract
This paper examines the effects of the Quantitative and Qualitative Monetary Easing Policy (QQE <2013-current>) ...
Abstract
In an economy with an occasionally binding zero lower bound (ZLB) constraint, the anticipation of future ZLB episodes ...
Abstract
In this study, we illustrate a tradeoff between the short-run positive and long-run negative effects of monetary easin...
Abstract
本研究は名目金利が下限に達した下での日本の銀行行動、特に貸出行動を実証的に分析する。日本は他国に先駆けて、金利に引き下げ余地がない下でマネタリーベースの量を拡大する政策を採用してきた。しかしそれに反応してマネーストックが増加した形跡はほ...
Abstract
This paper presents a three-period model to analyze why banks need bank reserves for interbank payments despite the av...
Abstract
We propose an indicator to measure the degree to which a particular news article is novel, as well as an indicator to ...
Abstract
We examine how precisely one can reproduce the CPI constructed based on price surveys using scanner data. Specifically...
Abstract
We investigate the structure of global inter-firm linkages using a dataset that contains information on business partn...
Abstract
我が国では 1995 年から 2013 年春まで消費者物価（CPI）が趨勢的に低下するデフレが続いた。このデフレは，下落率が毎年 1%程度であり，物価下落の緩やかさに特徴がある。また，失業率が上昇したにもかかわらず物価の反応は僅かで，フ...
Abstract
We consider an economy where individuals face uninsurable risks to their human capital accumulation, and analyze the o...
Abstract
There is a growing recognition that pushing up the public’s inflation expectation is a key to a successful escape from...
Abstract
This paper proposes a framework to balance considerations of welfarism and virtue ethics in the normative analysis of ...
Abstract
We propose a new method to estimate quality adjusted commercial property price indexes using real estate investment tr...
Abstract
When price adjustment is sluggish, inflation is costly in terms of welfare because it distorts various kinds of relati...
Abstract
When individuals’ labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be...
Abstract
This paper compares fiat money and a Lucas’ tree in an overlapping generations model. A Lucas’ tree with a positive di...
Abstract
This paper considers the optimal degree of discretion in monetary policy when the central bank conducts policy based o...
Abstract
Is there any factor that is not analyzed in the literature but is important for preventing currency crises? What kind ...
Abstract
Uncertainty faced by individual firms appears to be heterogeneous. In this paper, I construct new empirical measures o...
Abstract
In the aftermath of the recent financial crisis and subsequent recession, slow recoveries have been observed and slowd...
Abstract
In this paper, we extend the concept of rational-expectations equilibrium, from a traditional single-belief framework ...
Abstract
Can the central bank credibly commit to keeping the nominal interest rate low for an extended period of time in the af...
Abstract
Since 2000s, large fluctuations in non-energy commodity prices have become a concern among policymakers about price st...
Abstract
This paper presents a three-period model to analyze the endogenous need for bank reserves in the presence of Treasury ...
Abstract
This study examines the response of aggregate consumption to active labor market policies that reduce unemployment. We...
Abstract
This paper presents a three-period model featuring a short-term investor in the over-the-counter bond market. A short-...
Abstract
The frequency of nominal wage adjustments varies with macroeconomic conditions. Existing macroeconomic analyses exclud...
Abstract
In this paper, we investigate the structure and evolution of customer-supplier networks in Japan using a unique datase...
Abstract
This paper analyzes the distinction between payment instruments and collateral in the interbank payment system. Given ...
Introduction
The inflation rate a consumer faces should be, in principle, a relatively simple process to measure. Intuitively, ...
Abstract
This paper introduces financial market frictions into a standard New Keynesian model through search and matching in th...
Abstract
Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is ap...
Abstract
By developing a class of dynamic stochastic general equilibrium models with nominal rigidities and assuming a two-coun...
Abstract
The effect of accepting more immigrants on welfare in the presence of a pay-as-yougo social security system is analyze...
Abstract
This paper presents a three-period model featuring a short-term investor in the over-the-counter bond market. A short-...
Abstract
Benhabib, Schmitt-GrohÈ, and Uribe (2001) argue for the existence of a deflation steady state when the zero lower boun...
Abstract
Using a simultaneous-move herding model of rational traders who infer other traders’ private information on the value ...
Abstract
The decade ending in 2007 was a period of rapid sourcing substitution for manufactured goods consumed in the US. Impor...
Abstract
This paper presents a tractable dynamic general equilibrium model of income and firm-size distributions. The size and ...
Abstract
We develop a macroeconomic model in which liquidity plays an essential role in the production process, because firms h...
Abstract
When individuals’ labor and capital income are subject to uninsurable idiosyncratic risks, should capital and labor be...
Abstract
We construct a T¨ornqvist daily price index using Japanese point of sale (POS) scanner data spanning from 1988 to 2013...
Abstract
We start from Gibrat’s law and quasi-inversion symmetry for three firm size variables (i.e., tangible fixed assets K, ...
Abstract
In this paper, we investigate the structure and evolution of customer-supplier networks in Japan using a unique datase...
Abstract
This paper considers the macroeconomic effects of retailers’ market concentration and buyer-size discounts on inflatio...
Abstract
Using a large and unique micro dataset compiled from the official real estate registry in Japan, we examine the loan-t...
Abstract
I study a business cycle model where agents learn about the state of the economy by accumulating capital. During reces...
Abstract
We study the impact that the liquidity crunch in 2008-2009 had on the U.S. economy’s growth trend. To this end, ...
Abstract
This paper examines the effects of urbanisation on development and growth. It starts with a labour market perspective ...
Abstract
Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise e...
Abstract
This paper presents a three-period model featuring a shortterm investor and dealers in an over-the-counter bond market...
Abstract
Since real estate is heterogeneous and infrequently traded, the repeat sales model has become a popular method to esti...
Abstract
Based on a production-theoretic framework, we measure the effects of real output prices, primary inputs, multi-factor ...
Abstract
We use a matching procedure to construct three commercial real estate indices (office, shop and multiple-user factory)...
Abstract
The 2004 International Labour Office Consumer Price Index Manual: Theory and Practice summarized the state of the art ...
Abstract
Dramatic increases and decreases in housing prices have had an enormous impact on the economies of various countries. ...
Abstract
The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure compon...
Abstract
The paper studies the problems associated with the construction of price indexes for commercial properties that could ...
Abstract
Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae ...
Abstract
This paper examines how and to what extent parameter estimates can be biased in a dynamic stochastic general equilibri...
Abstract
In an influential paper, Engel and West (2005) claim that the near random-walk behavior of nominal exchange rates is a...
Abstract
In this paper, we examine the role of inventory in the price-setting behavior of a distributive firm. Empirically, we ...
Abstract
In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in t...
Abstract
On the basis of household-level scanner data (homescan) for Japan, we construct a household-level price index and inve...
Abstract
By using both macro- and micro-level data, this paper investigates how wages and prices evolved during Japan’s lost tw...
Abstract
We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We prov...
Abstract
Japan has suffered from long-lasting but mild deflation since the latter half of the 1990s. Estimates of a standard Ph...
Abstract
It has been argued that pass-through of the exchange rate and import prices to domestic prices has declined in recent ...
Abstract
Consumer price inflation in Japan has been below zero since the mid-1990s. Given this, it is difficult for firms to ra...
Abstract
Why are product prices in online markets dispersed in spite of very small search costs? To address this question, we c...
Abstract
We investigate the cross-sectional distribution of house prices in the Greater Tokyo Area for the period 1986 to 2009....
Abstract
This paper presents a dynamic matching model featuring dealers and short-term investors in an over-the-counter bond ma...
Abstract
We propose a new method to estimate quality adjusted commercial property price indexes using real estate investment tr...
Abstract
We discuss a mechanism through which inversion symmetry (i.e., invariance of a joint probability density function unde...
Abstract
Understanding the mutual relationships between information flows and social activity in society today is one of the co...
Abstract
The consumer price inflation rate in Japan has been below zero since the mid-1990s. However, despite the presence of a...
Abstract
日本では，1990 年代後半以降，政策金利がゼロになる一方，物価上昇率もゼロ近傍となっている。この「二つのゼロ」現象は，この時期における日本経済の貨幣的側面を特徴づけるものであり，実物的側面の特徴である成長率の長期低迷と対をなしている。...
Abstract
To explore the emergence of power laws in social and economic phenomena, the authors discuss the mechanism whereby rev...
Abstract
This paper demonstrates that fat-tailed distributions of trade volume and stock returns emerge in a simultaneous-move ...
Abstract
We propose a new method for estimating the power-law exponents of firm size variables. Our focus is on how to empirica...
Abstract
We examine the downward rigidity of nominal wage in Japan between 1993 and 2006 by constructing a quasi-panel data set...
Abstract
Central banks react even to intraday changes in the exchange rate; however, in most cases, intervention data is availa...
Abstract
In constructing a housing price index, one has to make at least two important choices. The first is the choice among a...
Abstract
本稿では生産関数の形状を選択する手法を提案する。世の中には数人の従業員で営まれる零細企業から数十万人の従業員を擁する超巨大企業まで様々な規模の企業が存在する。どの規模の企業が何社存在するかを表したものが企業の規模分布であり，企業の規模を...
Abstract
This paper investigates price rigidity arise out of the specific market structures, such as degree of market concentra...
Abstract
This paper estimates fiscal policy feedback rules in Japan, the United States, and the United Kingdom for more than a ...
Abstract
価格はなぜ硬直的なのか。Arthur Okun は，需要の増加時に価格を引き上げることを顧客はアンフェアとみるので，顧客の怒りを買うことを恐れる企業や商店は価格を上げないと説明した。例えば，雪の日にシャベルの需要が高まることに乗じて値札...
Abstract
日本では，1990 年代後半以降，政策金利がゼロになる一方，物価上昇率もゼロ近傍となっている。この「二つのゼロ」現象は，この時期における日本経済の貨幣的側面を特徴づけるものであり，実物的側面の特徴である成長率の長期低迷と対をなしている。...
Abstract
1990年代前半の日本のバブル崩壊期では住宅価格の大幅下落にもかかわらず家賃はほとんど変化しなかった。同様の現象はバブル崩壊後の米国でも観察されている。家賃はなぜ変化しないのか。なぜ住宅価格と家賃は連動しないのか。本稿では，こうした疑問...
Abstract
We empirically investigate the nonstationarity property of the dollar-yen exchange rate by using an eight year span of...
Abstract
This paper demonstrates that the behavior of institutional investors around the downturn of the U.S. equity markets in...
Abstract
This paper extends the previous analyses of the forecastability of Japanese stock market returns in two directions. Fi...
Abstract
Do indexes of house prices behave differently depending on the estimation method? If so, to what extent? To address th...
Abstract
Is the cross-sectional distribution of house prices close to a (log)normal distribution, as is often assumed in empiri...
Abstract
This paper investigates the contribution of technology and nontechnology shocks to the changing volatility of output a...
Abstract
This paper theoretically analyzes the Early Warning System (EWS) of the IMF based on the principal-agent model. We sea...
Abstract
Are the changes in the future technology process, the so-called “news shocks,” the main contributors to the macroecono...
Abstract
We investigate retailers’ price setting behavior using a unique dataset containing by-the-second records of prices off...
Abstract
Is the cross-sectional distribution of house prices close to a (log)normal distribution, as is often assumed in empiri...
Abstract
Using the uniform most powerful unbiased test, we observed the sales distribution of consumer electronics in Japan on ...
Abstract
We investigate retailers’ price setting behavior, and in particular strategic interaction between retailers, using a u...
Abstract
Employing a new accounting data set, this paper estimates the value of productive capital stocks in Japan using the ne...
Abstract
An economic indicator faces two requirements. It should be timely reported and should not significantly be altered aft...
Abstract
Purpose: When Japan’s asset bubble burst, the office vacancy rate soared sharply. This study targets the office market...
Abstract
Japan and the United States have experienced the housing bubbles and subsequent collapses of the bubbles in succession...
Abstract
Large-scale supermarkets have rapidly expanded in Japan over the past two decades, partly because of zoning deregulati...
Abstract
Do the indexes of house prices behave differently depending on the estimationmethods? If so, to what extent? To addres...
Abstract
家計パネルデータ(KHPS)の所得と消費支出に関する共分散構造を用い、近年の日本の勤労家計が直面する所得変動の恒常的要因と一時的要因の分解を試みた。その結果、30 代家計においては、直近において、一時的変動の重要性が低下し、恒常的変動が...
Abstract
本稿では，各企業が互いの価格設定行動を模倣することに伴って生じる価格の粘着性を自己相関係数により計測する方法を提案するとともに，オンライン市場のデータを用いてその度合いを計測する。Bils and Klenow (2004) 以降の研究...
Abstract
日本の通貨当局は 2003 年初から 2004 年春にかけて大量の円売りドル買い介入を行った。この時期の介入は John Taylor によって Great intervention と命名されている。本稿では，この Great int...
Abstract
Are prices sticky due to the presence of strategic complementarity in price setting? If so, to what extent? To address...
Abstract
The aim of this paper is to provide a critical and comprehensive reexamination of empirical evidence on the ability of...
Abstract
We extend the beauty contest framework to allow the disclosure of the authority to be received with an additional nois...
Abstract
Do the indices of house prices and rents behave differently depending on the estimation methods? If so, to what extent...
Abstract
We empirically investigate fluctuations in product prices in online markets by using a tick-bytick price data collecte...
Abstract
Recently housing market bubble and its burst attracts much interest of researchers in various fields including economi...
Abstract
We empirically investigate the firm growth model proposed by Buldyrev et al. by using a unique dataset that contains t...
Abstract
本稿では大規模な小売スキャナー・データを用いて価格変動の因子分析を行った．因子モデルによって価格変化を共通因子と独自因子に分解し，価格変動が店舗特有の要因，あるいはマクロレベルの要因にどの程度影響を受けていたかを検討した．分析の結果，1...
Abstract
We use the result from a survey of Japanese firms in manufacturing and service to investigate the choice of wage and e...
Abstract
本論文では,日本における金融政策の株式市場,債券市場への影響を明らかにする為に,4つの分析を行っている.1つ目は,日本における株式収益率や債券収益率に予測可能性があるかどうかについての分析である.青野(2008)では,株式市場のみを対象...
Abstract
This paper investigates why the Japanese household saving rate, which fell from the late 1990s to the first few years ...
Abstract
過去四半世紀を振り返ると，資産価格は 1980 年代後半に大幅に上昇し 90 年代前半に急落するという大きな変動を示した。ところが消費者物価や GDP デフレータに代表される財サービス価格はそれほど変化していない。資産価格と財サービス価...
Abstract
日本と米国は相次いで住宅バブルとその崩壊を経験した。本稿ではこの 2 つのバブルを比較し以下のファインディングを得た。
第 1 に，住宅価格の代表的な計測手法である「リピートセールス法」と「ヘドニック法」をわが国の過去 20 年間のデー...
Abstract
Is the actual price-setting behavior of an individual commodity item consistent with the assumptions of a sticky-price...
Abstract
Central banks react even to intraday changes in the exchange rate; however, in most cases, intervention data is availa...
Abstract
Why was the Japanese consumer price index for rents so stable even during the period of housing bubble in the 1980s? I...
Abstract
本稿では，政府税収の四半期データと四半期での税収の産出量弾性値を作成した上で，それを用いて構造VAR モデルを推計し日本の財政乗数を計測する。分析の結果，財政乗数は 1980 年代半ば以降，顕著に低下していることが確認された。すなわち，...
Abstract
本稿ではわが国の食品・日用雑貨を生産・出荷する企業 123 社を対象として価格設定行動に関するアンケート調査を行い以下のファインディングを得た。第1 に，約 9 割の企業は原価や需要が変化しても直ちには出荷価格を変更しないという行動をと...
Abstract
Using a survey of Japanese firms, this paper empirically examines interactions among employment, wage and price adjust...
Abstract
Using tick-by-tick data of the dollar-yen and euro-dollar exchange rates recorded in the actual transaction platform, ...
Abstract
本稿では，価格比較サイト「価格.com」において仮想店舗が提示する価格と，それに対する消費者のクリック行動を秒単位で記録した新しいデータセットを用いて，店舗の価格設定行動と消費者の購買行動を分析した。本稿の主要なファインディングは以下の...
Abstract
本稿は、1964 年から 2005 年までの日本の上場企業のパネルデータを用い、日本企業の資金調達行動が、資本構成理論におけるトレードオフ理論とペッキングオーダー理論のいずれに従うのかについて検証を行ったものである。検証にあたっては、ト...
Abstract
多くの実証研究では都市サイズ，企業の資産や売上高の規模などの研究対象がパレート性を持つことを，ランクサイズ回帰で観察してきた．具体的には，順位の対数値をその規模の対数値に回帰することにより，その係数が-1 になるかを調べる．また，パレー...
Abstract
標準的な家計消費モデルに従うと、家計消費は所得に比べてスムーズに変化し、その動きはランダムウォークに近くなる。しかしながら、各国のパネルデータに記録されている家計消費変化率の分散は所得変化率の分散よりも大きく、ランダムウォークよりも i...
Abstract
This article empirically examines “disagreement” models using JASDAQ market data by exploiting institutional investors...
Abstract
行動ファイナンス研究における，投資家間の「意見の不一致のモデル」のインプリケーションを，日本の JASDAQ 市場のデータを用いて検証した．(株)QUICK による，QSS 株式機関投資家の株価予想のサーベイ結果の標準偏差を投資家の「意...
Abstract
Using large-scale daily scanner data, we investigate micro and macro price dynamics in Japan between 1988 and 2005. Dr...
Abstract
This paper investigates implications of the menu cost hypothesis about the distribution of price changes using daily s...
Abstract
近年のマクロ経済理論において，個別商品価格の粘着性の強度はフィリップス曲線の形状および金融政策の有効性を決定する極めて重要なパラメターである．しかしながら，(1) 実際の個別価格の動向は店舗間・商品間で大きく異なること，(2) 頻繁に生...
Abstract
There is strong empirical evidence that the degree of price stickiness differs across commodity items, and that the no...
Abstract
本研究は日本における小売物価の硬直性を Calvo（1983）で与えられた定義に従って計測し、その価格改定パターンを解明することを目的とする。分析には総務省統計局が作成している小売物価統計調査の価格データ（2000 年 1 月～2005...
Abstract
本稿では日本の法人企業約 82 万社（全法人企業の約 3 分の 1）をカバーするデータセットを用いて，企業の資本・取引関係数が企業規模とどのように関係するかを調べた。第 1 に，企業の資本・取引関係数の分布はロングテールである。資本・取...
Abstract
From the beginning of 2003 to the spring of 2004, Japan’s monetary authorities conducted large-scale yen-selling/dolla...
Abstract
本論文では，日本の株式市場での株式収益率に予測可能性があるか否かを明らかにすることを目的に，Campbell(1991) に倣って Campbelll and Shiller(1988) の対数線形近似の手法と分散分解の手法を利用した分...
Abstract
In this study, we investigate interfirm networks by employing a unique dataset containing information on more than 800...
Abstract
Following Lettau and Ludvigson (2001a,b), we examine whether the consumption—wealth ratio can explain Japanese stock m...
Abstract
This study investigates the determinants of companies’ voluntary information disclosure. Employing a large and unique ...
Abstract
日本家計の 10 年にわたるパネルデータを使用し、消費・労働供給・資産蓄積に関する平均年齢プロファイルおよび共分散構造を分析した。その結果、消費プロファイルの Hump Shape、右下がりの労働供給プロファイル等、平均プロファイルに関...
Abstract
In this paper, we deliberate the possible impacts of corporate governance and performance on managerial turnover using...
Abstract
During the postwar period, many countries have de-tracked their secondary schools, based on the view that early tracki...
Abstract
本稿では Krugman (1998) 以降の流動性の罠に関する研究をサーベイし，そこで得られた知見を整理する。第 1 に，最近の研究が対象とするのは超短期金利の非負制約がバインディングになる現象であり，永久国債の金利に注目するケインズ...
Abstract
This paper characterizes optimal monetary policy in an economy with the zero interest rate bound and endogenous capita...
Abstract
This paper estimates fiscal policy feedback rules in Japan, the United States, and the United Kingdom, allowing for st...
Abstract
This paper presents a model with broad liquidity services to discuss the consequences of massive money injection in an...
The Lucas Imperfect Information Model with Imperfect Common Knowledge
(日本語) 金融政策研究会/SWET: Summer Workshop on Economic Theory
Monetary Policy Workshop
Recent price rises fail to boost Japan inflation
Notes on “Refinements and Higher Order Beliefs”
Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information
Predicting Adverse Media Risk using a Heterogeneous Information Network
Prof. Kiyohiko G. Nishimura is awarded the 61st Nikkei Prize for Excellent Books in Economic Science.
Term Structure Models During the Global Financial Crisis: A Parsimonious Text Mining Approach
Japanese consumers balk at ‘stealth price hikes’
20th Macroeconomics Conference (Program)
The Demand for Money at the Zero Interest Rate Bound
Announcement for the 20th Macroeconomics Conference (Call for Papers)
一橋大学 (マーキュリータワー7階マーキュリーホール）
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The Formation of Consumer Inflation Expectations: New Evidence From Japan’s Deflation Experience
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(日本語) 金融政策研究会/SWET: Summer Workshop on Economic Theory
場所：北海道大学
“Japan’s Central Bank Should Face Up to Zero-Price Growth, Ex-Official Says”
Role of Expectation in a Liquidity Trap
Product Cycles and Prices: Search Foundation
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The Formation of Consumer Inflation Expectations: New Evidence From Japan’s Deflation Experience
Extracting fiscal policy expectations from a cross section of daily stock returns
Price Rigidity at Near-Zero Inflation Rates: Evidence from Japan
The Optimum Quantity of Debt for Japan
The Effectiveness of Consumption Taxes and Transfers as Insurance against Idiosyncratic Risk
Product Turnover and Deflation: Evidence from Japan
Payment Instruments and Collateral in the Interbank Payment System
Who buys what, where: Reconstruction of the international trade flows by commodity and industry
Power laws in market capitalization during the Dot-com and Shanghai bubble periods
Puzzles in the Tokyo Fixing in the Forex Market: Order Imbalances and Bank Pricing
The gradual evolution of buyer-seller networks and their role in aggregate fluctuations
A Double Counting Problem in the Theory of Rational Bubbles
Consumption Taxes and Divisibility of Labor under Incomplete Markets
The Mechanism of Inflation Expectation Formation among Consumers
Parameter Bias in an Estimated DSGE Model: Does Nonlinearity Matter?
Strategic Central Bank Communication: Discourse and Game-Theoretic Analyses of the Bank of Japan’s Monthly Report
Liquidity Trap and Optimal Monetary Policy Revisited
Transmission Channels and Welfare Implications of Unconventional Monetary Easing Policy in Japan
Conservatism and Liquidity Traps
Short- and Long-Run Tradeoff Monetary Easing
Money creation at the zero lower bound on interest rates in Japan（in Japanese)
Payment Instruments and Collateral in the Interbank Payment System
Novel and topical business news and their impact on stock market activities
Replicating Japan’s CPI Using Scanner Data
Structure of global buyer-supplier networks and its implications for conflict minerals regulations
Price Stickiness and Trend Inflation: Evidence from Japan’s Deflation Period (in Japanese)
Optimal taxation and debt with uninsurable risks to human capital accumulation
Time varying pass-through: Will the yen depreciation help Japan hit the inflation target?
A Reformulation of Normative Economics for Models with Endogenous Preferences
Estimating Quality Adjusted Commercial Property Price Indexes Using Japanese REIT Data
Relative Prices and Inflation Stabilisations
Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Rational Bubble on Interest-Bearing Assets
The Optimal Degree of Monetary-Discretion in a New Keynesian Model with Private Information
The Effects of Financial and Real Shocks, Structural Vulnerability and Monetary Policy on Exchange Rates from the Perspective of Currency Crises Models
A New Look at Uncertainty Shocks: Imperfect Information and Misallocation
Post-Crisis Slow Recovery and Monetary Policy
Multi-Belief Rational-Expectations Equilibria: Indeterminacy, Complexity and Sustained Deflation
Reputation and Liquidity Traps
Effects of Commodity Price Shocks on Inflation:A Cross-Country Analysis
Payment Instruments and Collateral in the Interbank Payment System
Time-Varying Employment Risks, Consumption Composition, and Fiscal Policy
Investment Horizon and Repo in the Over-the-Counter Market
State Dependency in Price and Wage Setting
Buyer-Supplier Networks and Aggregate Volatility
Payment Instruments and Collateral in the Interbank Payment System
Using Online Prices to Anticipate Official CPI Inflation
Optimal Macroprudential Policy
Working Less and Bargain Hunting More: Macro Implications of Sales during Japan’s Lost Decades
Inflation Stabilization and Default Risk in a Currency Union
Pareto-improving Immigration and Its Effect on Capital Accumulation in the Presence of Social Security
Investment Horizon and Repo in the Over-the-Counter Market
An Estimated DSGE Model with a Deflation Steady State
Beauty Contests and Fat Tails in Financial Markets
Offshoring, Sourcing Substitution Bias and the Measurement of US Import Prices, GDP and Productivity
Zipf’s Law, Pareto’s Law, and the Evolution of Top Incomes in the U.S.
A macroeconomic model of liquidity crises
Constrained Inefficiency and Optimal Taxation with Uninsurable Risks
Estimating Daily Inflation Using Scanner Data: A Progress Report
Analytical Derivation of Power Laws in Firm Size Variables from Gibrat’s Law and Quasi-inversion Symmetry: A Geomorphological Approach
The Structure and Evolution of Buyer-Supplier Networks
Buyer-Size Discounts and Inflation Dynamics
Lending Pro-Cyclicality and Macro-Prudential Policy: Evidence from Japanese LTV Ratios
The Uncertainty Multiplier and Business Cycles
Liquidity, Trends and the Great Recession
Growing through cities in developing countries
The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries
Aging and Real Estate Prices: Evidence from Japanese and US Regional Data
Investment Horizon and Repo in the Over-the-Counter Market
Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition
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Matching Indices for Thinly-Traded Commercial Real Estate in Singapore
The Consumer Price Index: Recent Developments
The Estimation of Owner Occupied Housing Indexes using the RPPI: The Case of Tokyo
Residential Property Price Indexes for Tokyo
A Conceptual Framework for Commercial Property Price Indexes
How Much Do Official Price Indexes Tell Us About Inflation?
Zero Lower Bound and Parameter Bias in an Estimated DSGE Model
Exchange Rates and Fundamentals: Closing a Two-country Model
The Relation between Inventory Investment and Price Dynamics in a Distributive Firm
Labor Force Participation and Monetary Policy in the Wake of the Great Recession
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Is Downward Wage Flexibility the Primary Factor of Japan’s Prolonged Deflation?
Micro Price Dynamics during Japan’s Lost Decades
Chronic Deflation in Japan
A pass-through revival
Product Downsizing and Hidden Price Increases: Evidence from Japan’s Deflationary Period
Why are product prices in online markets not converging?
Detecting Real Estate Bubbles: A New Approach Based on the Cross-Sectional Dispersion of Property Prices
Repos in Over-the-Counter Markets
Estimating Quality Adjusted Commercial Property Price Indexes Using Japanese REIT Data
The Emergence of Different Tail Exponents in the Distributions of Firm Size Variables
High quality topic extraction from business news explains abnormal financial market volatility
How Fast Are Prices in Japan Falling?
Moderate but persistent deflation in Japan (in Japanese)
Emergence of power laws with different power-law exponents from reversal quasi-symmetry and Gibrat’s law
Beauty Contests and Fat Tails in Financial Markets
A New Method for Measuring Tail Exponents of Firm Size Distributions
Nominal Wage Rigidity in Japan(1993-2006) Quasi-panel approach (in Japanese, abstract in English)
A New Method for Identifying the Effects of Foreign Exchange Interventions
House Prices at Different Stages of the Buying/Selling Process
A New Method for Specifying Functional Form of Production Function (in Japanese)
Price Rigidity and Market Structure: Evidence from the Japanese Scanner Data
Fiscal Policy Switching in Japan, the U.S., and the U.K.
Fair or unfair pricing in internet auctions(in Japanese)
Mild deflation at the zero lower bound on interest rates (in Japanese)
On the nominal rigidities of housing rents(in Japanese)
On the Nonstationarity of the Exchange Rate Process
Stochastic Herding by Institutional Investment Managers
Forecasting Japanese Stock Returns with Financial Ratios and Other Variables
Housing Prices in Tokyo: A Comparison of Hedonic and Repeat Sales Measures
On the Evolution of the House Price Distribution
The Great Moderation in the Japanese Economy
The Role of the IMF Under the Noise of Signals
News shocks and the Japanese macroeconomic fluctuations
Closely Competing Firms and Price Adjustment: Some Findings from an Online Marketplace
On the Evolution of the House Price Distribution”
Sales Distribution of Consumer Electronics
Competing Firms and Price Adjustment: Evidence from an Online Marketplace
Japan’s Intangible Capital and Valuation of Corporations in a Neoclassical Framework
Structural and Temporal Changes in the Housing Market and Hedonic Housing Price Indices
Estimation of Redevelopment Probability using Panel Data -Asset Bubble Burst and Office Market in Tokyo-
Housing Bubble in Japan and the United States
Incumbent’s Price Response to New Entry:The Case of Japanese Supermarkets
House Prices in Tokyo: A Comparison of Repeat-Sales and Hedonic Measures”
A study of income risks faced by recent young people(in Japanese)
Measuring Nominal and Real Rigidities of Prices: Some Methodological Issues(in Japanese)
Japan’s Foreign Exchange Interventions during the Quantitative Easing Period(in Japanese)
Real Rigidities: Evidence from an Online Marketplace
On the Predictability of Japanese Stock Returns using Dividend Yield
The welfare effect of disclosure through media: a zero-sum case
Housing Prices and Rents in Tokyo: A Comparison of Repeat-Sales and Hedonic Measures
A statistical analysis of product prices in online markets
The bursting of housing bubble as jamming phase transition
The Firm as a Bundle of Barcodes
Factor Analysis of Price Changes Using a Large Scale POS Data (in Japanese)
Employment and Wage Adjustments at Firms under Distress in Japan: An Analysis Based upon a Survey
The Effects of Monetary Policy on the Stock and Bond Markets -An Empirical Examination Using Euro–Yen 3-month Future Rates- (in Japanese)
Understanding the Decline in the Japanese Saving Rate in the New Millennium
Price Dynamics in Japan over the Last Quarter Century(in Japanese)
Housing Bubbles in Japan and US(in Japanese)
Goodness-of-Fit Test for Price Duration Distributions
A New Method for Identifying the Effects of Central Bank Interventions
Residential Rents and Price Rigidity: Micro Structure and Macro Consequences
Measuring Fiscal Multipliers during the Zero Interest Rate Period(in Japanese)
Stickiness in Producer and Consumer Prices-Investigation through Survey and Scanner Data- (in Japanese)
Wage – Employment Adjustment and Price Setting Behavior (in Japanese)
Random Walk or A Run -Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability-
Why the Law of One Price Does Not Hold? Evidence from a Japanese Price Comparison Site(in Japanese)
Financing Behavior of Japanese Firms(in Japanese)
Tests of the Rank Size Rule Regression (in Japanese)
The Cause of Volatility in Panel Data of Household Expenditure – A Study on Measurement Errors and Time Aggregation- (in Japanese)
Disagreement and Stock Prices in the JASDAQ -An Empirical Investigation Using Market Survey Data
Disagreement and Stock Prices in the JASDAQ -An Empirical Investigation Using Market Survey Data (in Japanese)
Micro and Macro Price Dynamics over Twenty Years in Japan ―A Large Scale Study Using Daily Scanner Data―
Menu Costs and Price Change Distributions: Evidence from Japanese Scanner Data
Price change frequency, bargain sales, and the CPI – An empirical analysis based on large scale scanner data(in Japanese)
Unobserved Heterogeneity in Price-Setting Behavior: a Duration Analysis Approach
Microeconometric Analysis on Nominal Price Stickiness (in Japanese)
Firm Growth and Interfirm Network: Evidence from Japan (in Japanese)
The Great Intervention and Massive Money Injection: The Japanese Experience 2003-2004
On the Predictability of Japanese Stock Market (in Japanese)
Do Larger Firms Have More Interfirm Relationships?
The Consumption-Wealth Ratio and the Japanese Stock Market
Voluntary Information Disclosure and Corporate Governance The Empirical Evidence on Earnings Forecasts
Consumption, Saving, and Labor Profiles in Japan (in Japanese)
IMPACTS OF CORPORATE GOVERNANCE AND PERFORMANCE ON MANAGERIAL TURNOVER IN RUSSIAN FIRMS
On the Efficiency Costs of De-tracking Secondary Schools
The Liquidity Trap and Optimal Monetary Policy: A Survey (in Japanese)
Optimal Monetary Policy at the Zero Interest Rate Bound: The Case of Endogenous Capital Formation
Fiscal Policy Switching: Evidence from Japan, US, and UK
Massive Money Injection in an Economy with Broad Liquidity Services: The Japanese Experience 2001-2006
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