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Search DetailsNISHIYAMA Shin-ichiGraduate School of Economics / Division of EconomicsProfessor
Research activity information
■ Award- Jun. 2001 Department of Economics, Ohio State University, PEGS Dissertation Fellowship
- 2001 Department of Economics, Ohio State University, Citation for Excellence in Teaching
- Last, Jan. 2024, 東日本大震災復興研究VII『東日本大震災と原発事故は何を残したか』第13章所収, 217 - 230, JapaneseEvaluation of Reconstruction Policy 2: Evaluation based on Tohoku University Earthquake Recovery Firm Survey 2012-2021[Invited]In book
- Last, Nov. 2022, Kobe University Graduate School of Economics Discussion Paper, (2215) (2215), EnglishThe Effects of Firm and Bank Balance Sheet Conditions to Net Interest Margins: Evidence from Loan-level Firm Survey DataResearch institution
- Last, Sep. 2022, Kobe University Graduate School of Economics Discussion Paper, (2212) (2212), EnglishTrend Inflation in the Japanese pre-2000s: A Markov-Switching DSGE EstimationResearch institution
- Lead, May 2022, The Kokumin-Keizai Zasshi, 225(5) (5), 15 - 29, English[Invited]Research institution
- 南北社, Mar. 2022, 東日本大震災復興研究VI『東日本大震災からの産業再生と地域経済・社会の展望』第16章, 298 - 322, Japanese復興政策の検証-震災復興企業実態調査2012~2015を用いた復興支援策の検証-[Invited]
- Jan. 2022, The Kokumin-Keizai Zasshi, 225(1) (1), 77 - 97, English[Invited]Research institution
- We incorporate two structural shocks associated with balance sheets of both the financial and nonfinancial firms in a medium scale New Keynesian dynamic stochastic general equilibrium (DSGE) model. The structural shocks in the model are assumed to possess stochastic volatilities with a leverage effect. Then, we estimated the model using a data-rich estimation method and utilized up to 40 macroeconomic time series. We found the following three pieces of empirical evidence in the Great Recession (Dec. 2007–Jun. 2009) worsened further by the collapse of Lehman Brothers in September 2008. First, the net-worth shock of financial firms had gradually declined prior to a huge decrease of net-worth of nonfinancial firms. Second, the net worth shock of nonfinancial firms accounted for large weight of the business cycles after the Great Recession, in terms of the data-rich approach with the SV of structural shocks, unlike the standard DSGE model. Third, the Troubled Asset Relief Program would have immediately worked to improve balance sheets of financial institutions, although it would not have stopped worsening those of the corporate sector for a while.Last, IntechOpen, Jan. 2021, Financial Crises - A Selection of Readings, Ch.3, 33 - 51, EnglishIn book
- Last, Asian Economic and Social Society, 2021, Asian Economic and Financial Review, 11(3) (3), 219 - 235, English[Refereed]Scientific journal
- Last, Aug. 2020, Kobe University Discussion Paper, EnglishThe Determinants of Net Interest Margins of Commercial Banks: Panel Evidence from China, India and JapanResearch institution
- Mar. 2020, Journal of Economics & Business Administration, 221(3) (3), 43 - 70, English[Invited]Research institution
- Effects of Post-Disaster Aid Measures to Firms: Evidence from Tohoku University Earthquake Recovery Firm Survey 2012–2015Panel data of individual firms are a valuable source of information on the disaster resilience of the regional economy. Such data also helps to assess the effectiveness of government aids to recovery. Every year after the Great East Japan Earthquake 2011, from 2012 to 2015, Tohoku University's Graduate School of Economics and Management conducted the Tohoku University Earthquake Recovery Firm Survey (TERFS) to obtain such information. The survey collected 25,826 responses over the 4-year period from a total of 11,090 firms in the east Tohoku region, the most severely affected region. Based on this survey, this paper assesses the effects of the conventional and new government recovery aid measures introduced to help firms affected by the disaster on the levels of business activity. The paper finds that group subsidy and debt reduction had important roles in the recovery of business activities, and demonstrates the importance of a panel survey in understanding and guiding policies for the resilience of the regional economy.Last, FUJI TECHNOLOGY PRESS LTD, Nov. 2019, Journal of Disaster Research, 14(8) (8), 1030 - 1046, English[Refereed]Scientific journal
- Abstract This paper provides an insight into the behaviour of the liability side of bank balance sheet in response to explicit deposit insurance. It is an empirical investigation into the choice of a rational bank maximizing its bank value in terms of deposit and non-deposit liabilities after the implementation of explicit deposit insurance. The paper tests how banks' liabilities are affected because of the safety net and its design. Banks lower their leverage ratio as a response to the explicit deposit insurance. The paper finds evidence of depositor shifting funds between the types of deposits in the bank as a result of the explicit deposit insurance. It provides evidence of the importance of setting the right coverage in order to prevent the adverse effects that deposit insurance induces. It studies how the safety net design features affect the bank liability structure. The study finds that besides the explicit deposit insurance, the bank liability structure is affected by factors like tax expense, bank size, overheads, and dividend payout.Last, Walter de Gruyter GmbH, Sep. 2019, Journal of Central Banking Theory and Practice, 8(3) (3), 179 - 206, English[Refereed]Scientific journal
- 同志社大学商学会, Mar. 2019, 同志社商学, 70(6) (6), 779 - 808, English[Invited]Research institution
- Last, Asian Economic and Social Society, 2019, Asian Economic and Financial Review, 9(9) (9), 1091 - 1106, English[Refereed]Scientific journal
- University of Dhaka, Jun. 2018, Journal of Banking & Financial Service, 10(1) (1), 01 - 14, EnglishStructure Conduct Performance (SCP) Paradigm and its Effect to Determine the Spread of Banking Industry: Empirical Evidence from BangladeshScientific journal
- Kobe University, Dec. 2017, Kobe University Graduate School of Economics Discussion Paper, (1723) (1723), EnglishIs this adverse selection or something else to determine the non-performing loans? Dynamic panel evidence from South Asian countriesResearch institution
- Last, May 2016, Journal of Applied Finance and Banking, 6, 77 - 97, EnglishThe Determinants of Bank Profitability: Dynamic Panel Evidence from South Asian Countries[Refereed]Scientific journal
- This paper studies the determinants of net interest margins of banks (NIMs) in four South Asian countries (Bangladesh, India, Nepal and Pakistan) in the period 1997-2012 using panel data of 230 banks. The study is in line of Ho-Saunders (1981) dealership model and its later expansions but extended the model by adding new variable the relative size of the banks and also classifying the determinants of interest margins as bank specific, industry specific and macroeconomic specific variables. We found that liquidity and equity positions, required reserve and operating expenses to total asset ratios affect net interest margins positively while relative size of the banks, market power and economic growth affect inversely.Elsevier Ltd, May 2016, Research in International Business and Finance, 37, 501 - 514, English[Refereed]Scientific journal
- Mar. 2016, 『東日本大震災復興研究V: 震災復興は東北をどう変えたか』、南北社, 第4章, Japanese被災地企業の雇用管理[Invited]In book
- Lead, Mar. 2016, 『東日本大震災復興研究V: 震災復興は東北をどう変えたか』、南北社, 第1章, Japanese東日本大震災被災地企業の復興状況-2015年度震災復興企業実態調査の概要と復興の全体像-[Invited]In book
- How important are collateral constraints for reproducing salient features of the data? To address this question, we estimate two nested versions of a New Keynesian model: one with collateralized household debt and the frictionless version of the same model. Both versions of the model are fit to Canadian data using Bayesian methods. We argue that the presence of collateral constraints improves the performance of the model in terms of overall goodness of fit. Housing collateral helps to generate a positive correlation between consumption and house prices. Moreover, housing collateral induced spillovers boosted consumption growth during the housing market boom-bust cycles of the late 1980s and early 2000s.WILEY-BLACKWELL, Feb. 2016, CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 49(1) (1), 207 - 236, English[Refereed]Scientific journal
- A dynamic factor model (DFM), widely used in empirical research in macroeconomics, shows that common factors extracted from large panel data sets are key factors behind the fluctuations of primal macroeconomic series. Boivin and Giannoni (2006) and Kryshko (2011) combine a dynamic stochastic general equilibrium (DSGE) model with a DFM as a data-rich DSGE model, in which model variables are regarded as common factors derived from large data sets. Following Smets and Wouters (2003, 2007), we estimate a new Keynesian DSGE model for Japan between 1981Q1 and 1995Q4 in a data-rich environment with 55 macroeconomic indicators using Markov chain Monte Carlo (MCMC) methods. Using a simulation smoother developed by de Jong and Shephard (1995), unlike previous studies, we succeeded in sampling model variables and exogenous shocks used for analyzing sources of business cycles. We found that a data-rich DSGE model with an inappropriate data set or inaccurate specificities reduces efficiency even though the number of indicators is fulfilling. J. Japanese Int. Economies 36 (2015) 25-55. Graduate School of Social Sciences, Tokyo Metropolitan University, Japan; Economic and Social Research Institute, Cabinet Office, Japan; Graduate School of Economics and Management, Tohoku University, Japan. (C) 2015 Elsevier Inc. All rights reserved.ACADEMIC PRESS INC ELSEVIER SCIENCE, Jun. 2015, JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, 36, 25 - 55, English[Refereed]Scientific journal
- Mar. 2015, 『東日本大震災復興研究IV: 新しいフェーズを迎える東北復興への提言』、南北社, 第4章, Japanese被災地企業の雇用管理[Invited]In book
- Lead, Mar. 2015, 『東日本大震災復興研究IV: 新しいフェーズを迎える東北復興への提言』、南北社, 第1章, Japanese東日本大震災被災地企業の復興状況-2014年度震災復興企業実態調査の概要と復興の全体像-[Invited]In book
- 生協総合研究所, Mar. 2015, 生活協同組合研究, (470) (470), 14 - 21, Japanese大震災から4年―福島を考える 福島県における企業復興の現状と課題Scientific journal
- Last, Dec. 2014, ESRI Discussion Paper, 313, EnglishSources of the Great Recession:A Bayesian Approach of a Data-Rich DSGE model with Time-Varying Volatility ShocksResearch institution
- Dec. 2014, Journal of Stock and Forex Trading, 3, 1 - 26, EnglishHow Important are Financial Shocks for the Canadian Business Cycle?Scientific journal
- Lead, Mar. 2014, 『東日本大震災復興研究III: 震災復興政策の検証と新産業創出への提言 』、河北新報出版センター, 第1章, Japanese被災地企業の復興状況―2013年度アンケート調査概要と復興の全体像―[Invited]In book
- Mar. 2014, 『東日本大震災復興研究III 震災復興政策の検証と新産業創出への提言』、河北新報出版センター, 第4章, Japanese被災地企業の雇用管理[Invited]In book
- Lead, Mar. 2013, 『東日本大震災復興研究Ⅱ 東北地域の産業・社会の復興と再生への提言』、河北新報出版センター, 第1章, Japanese被災地企業の基本情報と被災状況[Invited]In book
- Mar. 2013, 『東日本大震災復興研究Ⅱ 東北地域の産業・社会の復興と再生への提言』、河北新報出版センター, 第4章, Japanese被災地企業の雇用管理[Invited]In book
- Lead, Dec. 2012, Theoretical Economics Letters, 2(5) (5), 361 - 364, English[Refereed]Scientific journal
- Mar. 2012, 『東日本大震災復興研究I:東日本大震災からの地域経済復興への提言』、河北新報出版センター, 第9章, Japanese二重債務問題克服へ向けた政策提言[Invited]In book
- An Application of Hybrid MCMC and Simulation Smoother in Estimating a DSGE Model with Measurement ErrorsIn estimating a DSGE model with measurement errors, Boivin and Giannoni (2006) and Kryshko (2010) proposed a hybrid MCMC based on Carter and Kohn's (1994) smoothing method. However, their approach cannot be applied to general class of DSGE models with measurement errors, but needs to be customized for each model in an ad-hoc manner. In this paper, we adopt a hybrid MCMC based on the simulation smoother method proposed by de Jong and Shephard (1995) which is applicable to general class of DSGE models with measurement errors. We then estimate a DSGE model with measurement errors using Japanese macro data and compare its empirical results with those from the same model but without measurement error. It turns out that the estimation results of structural parameters, structural shocks, and historical decompositions to be considerably different between the model with measurement errors and without measurement error. Finally, we compare two models using Bayes Factor and find the model with measurement errors to be favored very strongly which implies that the model with measurement errors to have significantly higher forecasting power over the model without measurement error.日本統計学会, Sep. 2011, 日本統計学会誌, 41(1) (1), 83 - 121, Japanese[Refereed]Scientific journal
- Jul. 2009, Bank of Canada Working Paper Series, 2009(2) (2), EnglishMonetary Policy Lag, Zero Lower Bound, and Inflation TargetingResearch institution
- Jul. 2006, RIETI Discussion Paper Series, 2006(E-16) (E-16), EnglishDo Banks Reduce Lending Preemptively in Response to Capital Losses? Evidence from JapanResearch institution
- This paper addresses the empirical dilemma in identifying and estimating the parameters governing the intertemporal elasticity of substitution (IES) for import demand. We propose a new concept, the cross-Euler equation, for overcoming this empirical dilemma. IES parameters are estimated by exploiting the cointegrating restriction implied by the cross-Euler equation. Further, by comparing the IES estimates from the cross-Euler equation to those from the standard Euler equation, we test the hypothesis whether import demand is affected by nuisance factors. Using the US data, we found imported goods consumption to be robust against nuisance factors, but not for domestic goods. Copyright (c) 2005 John Wiley & Sons, Ltd.JOHN WILEY & SONS LTD, Dec. 2005, JOURNAL OF APPLIED ECONOMETRICS, 20(7) (7), 841 - 872, English[Refereed]Scientific journal
- This paper characterizes the optimal monetary policy reaction function in the presence of a zero lower bound on the nominal interest rate. We analytically prove and numerically show that the function is highly non-linear, more expansionary, and more aggressive than the Taylor rule. We then test its empirical validity taking the case of Japan in the 1990s. Qualitatively, we find some evidence of non-linear monetary policy. Quantitatively, we find the actual monetary policy to be too contractionary during the first half of the decade, while the low interest policy during the latter half turns out to be fairly consistent with the simulated path. (C) 2004 Elsevier B.V. All rights reserved.ELSEVIER SCIENCE BV, Jan. 2005, JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 29(1-2) (1-2), 97 - 133, English[Refereed]Scientific journal
- Jul. 2003, IMES Discussion Paper, 2003(E-8) (E-8), EnglishInflation Target as a Buffer against Liquidity TrapResearch institution
- Aug. 2002, Ph.D. Dissertation, The Ohio State University, EnglishTesting the Life Cycle/Permanent Income Model: The Cross-Euler Equation ApproachDoctoral thesis
- Feb. 2024, Economy Chosun, KoreanJapanese interest rate will not be rising even after BoJ lifts negative policy rate[Invited]Others
- Jun. 2023, Kobe University News Site, JapaneseAs the BOJ welcomes a New Governor, Where is Monetary Easing Headed?[Invited]Others
- Lead, Mar. 2023, 経済学の歩き方(2023年度版), 203 - 209, Japanese金融論とはどのような学問か?[Invited]Introduction research institution
- Lead, Jan. 2020, 国民経済雑誌, 221(1) (1), 51 - 59, Japanese[Invited]Introduction research institution
- Lead, Oct. 2019, 凌霜, 423, 46 - 47, Japanese経済学研究科におけるGMAPコースとIFEEKプログラムの現状と今後の課題[Invited]Introduction other
- 神戸大学経済経営学会, Oct. 2018, 国民経済雑誌別冊, (平成30年度後期号) (平成30年度後期号), 45 - 56, Japanese経済学の学び方、経済学を活かしたキャリア形成:実践的アドバイス[Invited]Introduction research institution
- Mar. 2017, 東経連月報, 61, Japaneseゼロ金利制約下における伝統的金融政策と非伝統的金融政策[Invited]Introduction other
- 16 Nov. 2016, 河北新報, Japanese<マイナス金利>リスクに見合う金利設定を[Invited]Introduction commerce magazine
- Lead, Dec. 2015, 月刊金融ジャーナル, Japanese注目集める『出口戦略』[Invited]Introduction commerce magazine
- Lead, Dec. 2014, まなびの杜, 70, Japanese政策を支えるマクロ経済モデルの新潮流[Invited]Introduction other
- Jun. 2013, 自然災害リスク研究会中間報告書, 3 - 5, Japanese被災地企業の地震保険等加入状況と保険金支払い状況[Invited]Technical report
- Lead, 07 Mar. 2013, 日本経済新聞, Japanese二重債務問題、なお重荷[Invited]Introduction commerce magazine
- Lead, 04 Mar. 2013, 河北新報, Japanese金融機関の役割重要 産学連携で産業創出[Invited]Introduction commerce magazine
- Lead, Mar. 2012, 月刊金融ジャーナル, 46 - 49, Japanese二重債務問題克服へ向けた政策提言[Invited]Introduction commerce magazine
- 14 Feb. 2009, 週刊東洋経済, 106 - 107, Japanese分析ツールの共有化が進む世界の経済政策当局[Invited]Introduction commerce magazine
- Kobe University Digital University Seminar hosted by Japan Research Institute, Mar. 2024, JapaneseEstimation of Japanese Trend Inflation based on Macro-econometric Model[Invited]Public discourse
- Special Seminar for Vietnam Central Commission of Theoretical Studies, Oct. 2023, EnglishJapanese Trend Inflation and Monetary Policy from 1950's to 2000's[Invited]Public discourse
- 日本金融学会2022年度秋季大会(於:神戸大学), Nov. 2022, Japanese, 日本金融学会「賃金と物価の好循環のための金融政策」に対するコメントOral presentation
- 日本金融学会2022年度春季大会(於:成城大学), May 2022, Japanese, 日本金融学会, 成城大学, Japan, Domestic conference「金融機関の準備需要動機は変化したのか?」に対するコメントOral presentation
- 日本金融学会2021年度秋季大会(於:大阪経済大学), Oct. 2021, English, 日本金融学会, 大阪経済大学, Japan, Domestic conferenceComments on "Spillovers of the Bank of Japan's Exchange Traded Fund and Corporate Bond Purchases"Oral presentation
- 日本金融学会2021年度春季大会(於:麗澤大学), May 2021, English, 日本金融学会, 麗澤大学, Japan, Domestic conferenceComments on "Fiscal Policy in a Liquidity Trap"Oral presentation
- 日本金融学会2019年度秋季大会(於:甲南大学), Oct. 2019, JapaneseComments on “The role of money and optimal monetary policy in a two-country economy”Others
- 関西7大学フェスティバル2019 in 東京(於:駿台予備校お茶の水校), Jul. 2019, Japanese政府や中央銀行の経済予測とマクロ経済モデル[Invited]Public discourse
- 日本経済学会2019年度春季大会(於:武蔵大学), Jun. 2019, EnglishComments on “Price Stickiness and Wage Stickiness in Generalized New Keynesian Model”Others
- 日本金融学会2019年度春季大会(於:学習院大学), May 2019, EnglishComments on “Fiscal determinacy of the price level: An empirical study”Others
- University of Cologne, Faculty of Management, Economics and Social Science Seminar, Dec. 2018, English, University of Cologne, International conferenceThe Time-Varying Volatility of FinancialShocks in Macroeconomic FluctuationsPublic discourse
- 第20回マクロコンファレンス(於:一橋大学), Nov. 2018, Japanese, 一橋大学, Domestic conference"Downward Nominal Wage Rigidity and Inflation Dynamics during and after the Great Recession"に対するコメントOthers
- 東京六甲クラブ講演会, Oct. 2018, Japanese, 東京六甲クラブ, Domestic conferenceゼロ金利制約下における 伝統的金融政策と非伝統的金融政策:1990年代から2010年代までの日本銀行の金融政策Public discourse
- 日本金融学会秋季大会(於:名古屋市立大学), Oct. 2018, Japanese, 名古屋市立大学, Domestic conferenceThe Time-Varying Volatility of FinancialShocks in Macroeconomic FluctuationsOral presentation
- Hangyang, Kobe, Nangyang Science University Joint Workshop at Singapore, Sep. 2018, English, Nangyang Science University, International conferenceThe Time-Varying Volatility of Financial Shocks in Macroeconomic FluctuationOral presentation
- 4th International Conference on Applied Econometrics in Hawaii, Ala Moana Hotel, Honolulu, Sep. 2018, English, Alamoana Hotel, International conferenceThe Time-Varying Volatility of Financial Shocks in Macroeconomic FluctuationsOral presentation
- 日本ファイナンス学会(於:一橋大学一橋講堂), Jun. 2018, Japanese, 一橋大学, Domestic conference“Macroeconomic influences of counter-cyclical capital regulation rules in a DSGE model”に対するコメントOthers
- 日本金融学会関西部会(於:同志社大学), Jun. 2018, Japanese, 同志社大学, Domestic conferenceThe Time-Varying Volatility of FinancialShocks in Macroeconomic FluctuationsOral presentation
- 関西マクロ経済学研究会(於:大阪大学), Feb. 2018, Japanese, 大阪大学中之島センター, Domestic conferenceThe Time-Varying Volatility of FinancialShocks in Macroeconomic FluctuationsOral presentation
- World Bosai Forum / International Disaster Risk Conference 2017 in Sendai, Nov. 2017, EnglishEconomic Recovery and Industrial Revitalization from the Great East Japan Earthquake[Invited]Nominated symposium
- 東北経済連合会主催講演会(於:江陽グランドホテル), Jan. 2017, Japaneseゼロ金利制約下における伝統的金融政策と非伝統的金融政策[Invited]Public discourse
- 短期留学生向け特別講義(東北大学文系サマープログラム), Jul. 2016, EnglishEconomic Recovery in the Tohoku Region after the Earthquake Disaster[Invited]Public discourse
- 経済学史学会第80回大会(於:東北大学), May 2016, Japanese原田泰氏特別公演「過去半世紀の金融政策思想」に対するコメント[Invited]Others
- 地域産業復興調査研究シンポジウム(於:東北大学), Mar. 2016, Japanese2015年度震災復興企業実態調査:被災地企業の復興状況[Invited]Nominated symposium
- ADB Seminar, Manila, Phillipine, Mar. 2016, EnglishSources of Great Recession: A Bayesian Approach of a Data Rich DSGE Model with Time-Varying-Volatility ShocksPublic discourse
- 日本金融学会秋季大会(於:東北大学), Oct. 2015, Japanese東日本大震災からの企業復興:『震災復興企業実態調査』から見えてくる被災地企業のヒト・モノ・カネに関する復興状況[Invited]Invited oral presentation
- 短期留学生向け特別講義(東北大学文系サマープログラム), Jul. 2015, EnglishEconomic Recovery in the Tohoku Region after the Earthquake Disaster[Invited]Public discourse
- The 3rd UN World Conference on Disaster Risk Reduction Public Forum, Sendai, Feb. 2015, EnglishEconomic Recovery in the Tohoku Region after the Great East-Japan Earthquake Disaster[Invited]Invited oral presentation
- 六甲フォーラム(於:神戸大学), Jan. 2015, Japanese東日本大震災以降の被災地企業の復興状況[Invited]Public discourse
- 地域産業復興調査研究シンポジウム(於:東北大学), Nov. 2014, Japanese2014年度震災復興企業実態調査:被災地企業の復興状況[Invited]Nominated symposium
- 短期留学生向け特別講義(東北大学文系サマープログラム), Jul. 2014, EnglishEconomic Recovery in the Tohoku Region after the Earthquake Disaster[Invited]Public discourse
- Canadian Economic Association Meeting, Simon Frasier University, Vancouver, May 2014, EnglishSources of Great Recession: A Bayesian Approach of a Data Rich DSGE Model with Time-Varying-Volatility ShocksOral presentation
- 神戸大学・東北大学震災共同シンポジウム(於:神戸大学統合研究拠点コンベンションホール), Nov. 2013, Japanese震災復興企業実態調査報告-福島県の復興状況を中心に-[Invited]Nominated symposium
- 地域産業復興調査研究シンポジウムin東京(於:大手町フィナンシャルセンター), Nov. 2013, Japanese『震災復興企業実態調査』から見えてくる被災地企業の復興状況[Invited]Nominated symposium
- 地域産業復興調査研究シンポジウムin仙台(於:東北大学), Nov. 2013, Japanese『震災復興企業実態調査』から見えてくる被災地企業の復興状況[Invited]Nominated symposium
- 日本金融学会秋季大会(於:名古屋大学), Sep. 2013, English東日本大震災と企業の二重債務問題[Invited]Invited oral presentation
- 短期留学生向け特別講義(東北大学文系サマースクール), Jul. 2013, EnglishEconomic Recovery in the Tohoku Region after the Earthquake Disaster[Invited]Public discourse
- 5th Annual ESRI-CEPREMAP Joint Workshop(於:内閣府), Feb. 2013, EnglishSources of Great Recession: A Bayesian Approach of a Data Rich DSGE Model with Time-Varying-Volatility Shocks[Invited]Nominated symposium
- みやぎ県民大学公開講座, Nov. 2012, Japanese被災地金融の現状と課題[Invited]Public discourse
- 地域産業復興調査研究シンポジウム(於:東北大学), Oct. 2012, Japanese『震災復興企業実態調査』の調査報告[Invited]Nominated symposium
- 日本金融学会秋季大会(於:北九州市立大学), Sep. 2012, Japanese被災地における中小企業金融の現状と課題――『震災復興企業実態調査』の調査結果を踏まえて[Invited]Invited oral presentation
- オープンキャンパス模擬講義(於:東北大学), Jul. 2012, Japanese経済学入門[Invited]Public discourse
- Canadian Economic Association Meeting, University of Alberta, Calgary, Jun. 2012, EnglishHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich EnvironmentOral presentation
- American Economic Association Annual Meeting, Chicago, Jan. 2012, EnglishHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich EnvironmentOral presentation
- モスクワ大学・東北大学共催 第一回「日露人文社会フォーラム」、モスクワ大学、モスクワ, Dec. 2011, EnglishHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich Environment[Invited]Nominated symposium
- 神戸大学経済経営研究所主催 第8回Modern Monetary Economics Summer Institute, Aug. 2011, JapaneseHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich Environment[Invited]Public discourse
- International Conference of the Society for Computing in Economics and Finance, FRB San Francisco, Jun. 2011, EnglishHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich EnvironmentOral presentation
- 第2回バブル・金融危機ワークショップ(於:神戸大学), Mar. 2011, JapaneseHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich Environment[Invited]Nominated symposium
- ESRI-CEPREMAP Joint Workshop 2011(於:東京国際フォーラム), Feb. 2011, EnglishHow Bad was Lehman Shock?: Estimating a DSGE model with Firm and Bank Balance Sheets in a Data-Rich Environment[Invited]Nominated symposium
- マクロ経済学研究会(於:大阪大学), Nov. 2010, JapaneseHow Important are Financial Shocks for the Canadian Business Cycle?[Invited]Invited oral presentation
- 日本金融学会秋季大会(於:神戸大学), Sep. 2010, JapaneseMonetary Policy Lag, Zero Lower Bound, and Inflation TargetingOral presentation
- 日本経済学会秋季大会(於:関西学院大学), Sep. 2010, JapaneseMonetary Policy Lag, Zero Lower Bound, and Inflation TargetingOral presentation
- Far Eastern and South Asian Meeting of the Econometric Society, University of Tokyo, Tokyo, Aug. 2009, EnglishHow Important are Financial Shocks for the Canadian Business Cycle?Oral presentation
- Canadian Economic Association Meeting, University of Toronto, Toronto, May 2009, EnglishHow Important are Financial Shocks for the Canadian Business Cycle?Oral presentation
- International Conference of the Society for Computing in Economics and Finance, University of Sorbonne, Paris, Jun. 2008, EnglishMonetary Policy Lag, Zero Lower Bound, and Inflation TargetingOral presentation
- Canadian Economic Association Meeting, University of British Columbia, Vancouver, Jun. 2008, EnglishMonetary Policy Lag, Zero Lower Bound, and Inflation TargetingOral presentation
- 内閣府経済社会総合研究所主催特別講義(於:内閣府), Feb. 2008, Japanese動学的一般均衡モデルの解法と推計方法[Invited]Public discourse
- International Conference of the Society for Computing Economics and Finance, HEC Montreal, Montreal, Jun. 2007, EnglishConsumption, Housing Collateral, and the Canadian Business CycleOral presentation
- 日本経済学会2004年度秋季大会(於:岡山大学), Sep. 2004, JapaneseThe Cross-Euler Equation Approach to Intertemporal Substitution in Food and Non-Food Expenditure in JapanOral presentation
- Far Eastern Meeting of the Econometric Society, Yonsei University, Seoul, Jun. 2004, EnglishInflation Target as a Buffer against Liquidity TrapOral presentation
- 日本経済学会2003年度秋季大会(於:明治大学), Oct. 2003, JapaneseInflation Target as a Buffer against Liquidity TrapOral presentation
- 関西マクロ経済学コンファレンス(於:京都大学), Feb. 2003, EnglishInflation Target as a Buffer against Liquidity Trap[Invited]Invited oral presentation
- International Conference of the Society for Computing in Economics and Finance, Aix en Provence, France, Jun. 2002, EnglishOptimal Monetary Policy When Interest Rates are Bounded at ZeroOral presentation
- Midwest Econometrics Group Annual Meeting, FRB Kansas City, Oct. 2001, EnglishThe Cross-Euler Equation Approach to Intertemporal Substitution in Import DemandOral presentation
- Far Eastern Meeting of the Econometric Society, Kobe International Conference Center, Kobe, Jul. 2001, EnglishOptimal Monetary Policy When Interest Rates are Bounded at ZeroOral presentation
- Midwest Economics Association Annual Meeting, Cleveland, Ohio, Mar. 2001, EnglishThe Cross-Euler Equation Approach to Intertemporal Substitution in Import DemandOral presentation
- Annual Meetings of the Eastern Economic Association, New York City, NY, Feb. 2001, EnglishThe Cross-Euler Equation Approach to Intertemporal Substitution in Import DemandOral presentation
- Nippon Finance Association
- Japan Society of Monetary Economics
- Canadian Economic Association
- American Economic Association
- Japanese Economic Association
- Japan Center for Economic Research, JCER Research Grant, Feb. 2024 - Mar. 2026, Principal investigatorEmpirical Study of Transition of Japanese Trend Inflation based on a Regime-Switch DSGE Model
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C), Grant-in-Aid for Scientific Research (C), Kobe University, 01 Apr. 2018 - 31 Mar. 2023, Principal investigator新規の研究については、2018年8月に共同研究者であるMd. Shahidul Islam氏(ダッカ大学准教授)を招聘し、日本・中国・インドの3ヶ国における銀行の財務諸表につき整理を行い、データベース化した。このデータベースをもとに、3国における銀行の収益構造の違いを分析する予定である。2018年9月および2019年3月には、共同研究者である相澤朋子氏(日本大学)と日本大学商学部において共同研究を行い、『震災復興企業実態調査』のデータを基に、銀行の貸出金利の利鞘の決定要因についてデータベース構築および実証分析を行った。実証分析結果がまとまったので、今後は論文の取りまとめに入る予定である。 既存研究については、日本金融学会の他、ハワイ大学・神戸大学共同シンポジウム、神戸大学・南洋理工大学共同ワークショップにおいて研究報告を行った。この研究報告では、アメリカのデータを用いてリーマンショック以前と以後の金融ショックのボラティリティーの変化に着目して研究報告を行った。リーマンショック以前では、金融ショックのボラティリティーが低かったところ、リーマンショックを境として金融ショックのボラティリティーが著しく上昇しており、それが実体経済へと波及して、景気の落ち込みが長期化した可能性があることを報告した。オーディエンスからのコメントは好意的であったが、論文の改善点を指摘するコメントもあったため、適宜論文のリバイスを進め、学術誌へと投稿する予定である。Competitive research funding
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B), Grant-in-Aid for Scientific Research (B), Tohoku University, 01 Apr. 2016 - 31 Mar. 2021Evaluation of the Effectiveness of Policy Tools in Economic Recovery and Industrial Revitalization after the Great East Japan EarthquakeWe have been studying the formulation and revision of recovery plans after the Great East Japan Earthquake, and have verified the impact of support measures such as group subsidies and interest subsidies on the level of corporate activity, demonstrating the existence of recovery acceleration effects. In addition, a questionnaire survey was conducted again in FY2021 to understand the business conditions and management status of companies in the affected areas after the reconstruction and creation period. This survey shows the new trends in economic recovery in terms of firms' reopening, closure, relocation, and new construction. Lastly, since the focus of national reconstruction policy has shifted to areas affected by the accident of nuclear power plant, we also began analyzing the processes of reconstruction and regional revitalization and the actual conditions of harmful rumors on agricultural products, referring to the experiences in Europe and Russia after the Chernobyl accident.
- 神戸大学, 平成31年度震災復興支援・災害科学研究推進活動サポート経費, Apr. 2019 - Mar. 2020, Coinvestigator『震災復興企業実態調査』を活用した被災地企業の復興状況に関する実証研究
- Osaka University, Institute of Social and Economic Research, 2019年度大阪大学社会経済研究所・共同利用共同研究, Apr. 2019 - Mar. 2020, Principal investigatorMacroeconomics of Imperfect Information
- 神戸大学, 平成30年度震災復興支援・災害科学研究推進活動サポート経費, Apr. 2018 - Mar. 2019, Principal investigator『震災復興企業実態調査』を活用した被災地企業の復興状況に関する実証研究
- 神戸大学, 平成29年度震災復興支援災害科学研究推進活動サポート経費, Apr. 2017 - Mar. 2018, Coinvestigator『震災復興企業実態調査』を活用した被災地企業の復興状況に関する実証研究
- 経和会記念財団, 平成27年度経和会記念財団助成金, Apr. 2015 - Mar. 2016, Principal investigator日本金融学会2015年度秋季大会の開催
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Young Scientists (B), Grant-in-Aid for Young Scientists (B), Tohoku University, Apr. 2012 - Mar. 2015, Principal investigatorDeveloping DSGE macromodel with balance sheet conditions and zero lower band on nominal interest ratesThere are two parts in this research agenda. First, we have endogenised the balance sheet conditions of corporate sector and financial sector to the traditinal Dynamic Stochatic General Equilibrium model and have estimated the model based on Japanese macro-data. Our aim is to explain the financial crisis and prolonged recession which occurred in Japan during 1990s. According to our estimation result, the total factor productivity shock was less important in accounting for the prolonged recession, but it turned out that labor supply shock is relatively more important in accounting for the recession. Next, we have analyzed the characteristics of the optimal monetary policy reaction function when interest rates are bounded at zero. The feature of the model is that it allows the policy lag in interest rate channel. According to our analysis, it turned out that it is crucial to consider not only the present condition, but also the past economic conditions to conduct the policy.
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity start-up, Grant-in-Aid for Research Activity start-up, Tohoku University, 24 Aug. 2011 - 31 Mar. 2013日本経済の90年代以降の特徴を捉えたマクロ経済モデルの開発と政策分析研究課題「日本経済の90年代以降の特徴を捉えたマクロ経済モデルの開発と政策分析」においては、二つのプロジェクトがある。一つ目のプロジェクトは、従来の動学的一般均衡モデルに企業と金融部門のバランスシートを取り込むことによって、90年代の金融危機・長期不況の要因分析を動学的一般均衡モデルの枠組みで行うことを主眼としている(以下、研究プロジェクト(1)と呼称)。二つ目のプロジェクトは、ゼロ金利制約と金融政策ラグの存在を明示的に考慮に入れたもとでの最適な金融政策のあり方を分析することを主眼とする(以下、研究プロジェクト(2)と呼称)。平成23年度の研究実績については、研究プロジェクト(1)においては、企業部門のエージェンシーコストを明示的に分析し、企業の借り入れに際してそのバランスシートの健全性を強調したモデルを構築した。さらに金融部門のエージェンシーコストを明示的に分析し、金融部門の預金引き受けに際してそのバランスシートの健全性を強調したモデルを構築し、両方のエージェンシーコストの仕組みを従来のDSGEモデルに組み込むことに成功した。本プロジェクトの実証分析では、標準的なベイズ推定手法からさらに一歩すすめ、Data-Rich法を採択した。Data-Rich法の特長は、大量のマクロデータをパネルデータとして取り扱うことにより、時系列からの情報だけではなく横断面からの情報も活用することで、モデルの構造パラメータ、状態変数、ならびに構造ショックの推定精度を高めることができる点である。Data-Rich法を用いて、本プロジェクトにおいて開発した動学的一般均衡モデルを米国のマクロデータをもとに実証分析を行った結果、リーマンショックが実体経済(特に設備投資)に最大で10%程度の押し下げ効果があったことが分かった。研究プロジェクト(2)においては、数値解析手法のひとつであるCollocation法を用いて、金融政策ラグが存在するもとでの最適金融政策反応関数が、ラグが存在しないケースと比して、より拡張的(金利が相対的低い)かつ積極的(関数の傾斜が相対的に急)となることを数値解析的に示したが、この数値解析結果が現実の経済データと整合的かどうかについては、現在実証分析を進めているところである。
- May 2024 - PresentIMF WEO Seminar Hosting Faculty
- Nov. 2021 - PresentKIMAP三部局合同WGメンバー
- Nov. 2020 - PresentBank of Japan FSR Seminar Hosting Faculty
- Apr. 2022 - Mar. 2023Director, Education Affairs Committee
- Apr. 2021 - Mar. 2022Sub-Director, Education Affairs Committee
- Apr. 2019 - Mar. 2022Director of Global Master Program in Economics
- Apr. 2019 - Mar. 2021Vice-Director of IFEEK Program
- Apr. 2011 - Mar. 2016Visiting Researcher
- Advisor, Jul. 2011 - Jun. 2015Advisor for Financial Administration
- Myself, ラジオ関西, 神戸大学☆夢ラボ, 17 Dec. 2023神大生に望むことMedia report
- Myself, ラジオ関西, 神戸大学☆夢ラボ, 13 Dec. 2023神戸大学研究者自己紹介Media report
- フジテレビ, 「世界の何だコレ!?ミステリー」, Feb. 2022アメリカの国債の基本的な仕組み(監修)Media report
- Myself, KHB東日本放送, 東北ビジネス最前線, 2014震災復興の3年を振り返るMedia report
- Executive Director, Japan Society of Monetary EconomicsExecutive Director, Japan Society of Monetary Economics18 May 2024 - PresentAcademic society etc
- Editor-in-ChiefEditor-in-ChiefMay 2022 - PresentPeer review etc
- Director, Japan Society of Monetary EconomicsDirector, Japan Society of Monetary EconomicsApr. 2022 - PresentAcademic society etc
- Organizer, Macro-model Research GroupOrganizer, Macro-model Research GroupSep. 2020 - PresentAcademic society etc
- 2024 JSME Fall Conference Program Committee Member2024 JSME Fall Conference Program Committee Member12 Oct. 2024 - 14 Oct. 2024
- 2024 JSME Spring Conference Program Committee Member2024 JSME Spring Conference Program Committee Member19 May 2024 - 19 May 2024Competition etc
- Program Committee MemberProgram Committee MemberMay 2022 - Oct. 2022, 神戸大学Competition etc
- Co-EditorCo-Editor2012 - Apr. 2022Peer review etc
- JSPS Referee (Grant-in-Aid C)JSPS Referee (Grant-in-Aid C)Nov. 2021 - Mar. 2022Review
- Program Committee MemberProgram Committee MemberMay 2021 - Oct. 2021, 大阪経済大学Competition etc
- Co-EditorCo-EditorMay 2020 - Oct. 2021Peer review etc
- Associate EditorAssociate EditorMay 2016 - May 2020Peer review etc
- Program Committee MemberProgram Committee MemberNov. 2019Academic society etc
- Program Committee MemberProgram Committee MemberNov. 2018Academic society etc
- Program Committee MemberProgram Committee MemberNov. 2017Academic society etc
- Program Committee MemberProgram Committee MemberMay 2017Academic society etc
- Program Committee MemberProgram Committee MemberNov. 2016Academic society etc
- Program Committee MemberProgram Committee MemberMay 2016Academic society etc
- Organizing Committee DirectorOrganizing Committee DirectorNov. 2015Academic society etc
- Program Committee MemberProgram Committee MemberMay 2015Academic society etc
- Program Committee MemberProgram Committee MemberNov. 2014Academic society etc