業績

1. 2025, "Impact of the 2011 earthquake on the real estate market in Tokyo," Japan and the World Economy, Vol72, 101298

要旨: After the 2011 Great East Japan Earthquake, seismic activity in Japan changed drastically, affecting people’s response to earthquakes even outside the affected area. This change may be heterogeneous depending on where they live, especially if the area is prone to seismic hazards. To measure seismic hazards, the nature of the ground on which a building stands was used as a source of people’s assessment of disaster. Using real estate transaction data and the hedonic approach, this study investigates the heterogeneous impact of the Great East Japan Earthquake on the real estate market in undamaged areas. The analysis of ground classification revealed that the Great East Japan Earthquake led to about 3 % reduction in both land prices and housing prices in the lowland areas in the Tokyo Special Zone, where ground was soft and experienced stronger shaking compared with other areas. The reduction lasted for 5 years before recovering to the pre-disaster level. However, the 2016 Kumamoto Earthquake did not impact land prices in the Tokyo Special Zone.

2. 2023, "Does inheritance taxation reform promote to build inexpensive rental housing?," Journal of the Japanese and International Economies, Vol. 68, 101255 (with Shohei Yasuda, and Norifumi Yukutake)
   Previously circulated as "Inheritance taxation distorts rental housing market: Evidence from Japan."

要旨: The inheritance taxation reform of 2015 in Japan substantially increased the amount of tax levied on large inheritances. This potentially served as a good incentive for people to build inexpensive low-rise apartments for tax savings, which increased the number of low-cost apartments. Therefore, this study investigates the effect of inheritance taxation reform on housing rents. Using the difference-in-differences method, we reveal that the inheritance taxation reform decreased the housing rents of wooden or light steel-framed apartments by 1.3%. Moreover, our results indicate that while the rental of slightly older housings belonging to the treatment group decreased, the rental of new housing belonging to the treatment group did not change. 

• COVID-19, teleworking, and the real estate market (with Michio Naoi, and Shohei Yasuda)  Revision requested 

要旨: The COVID-19 pandemic has drastically altered commuting patterns worldwide, primarily because of the rise in teleworking and the reduction in urban traffic congestion. These shifts may have decreased the demand for proximity to urban centers while increasing the demand for larger housing. Using large-scale rental transaction data, we test whether the bid-rent gradients to urban proximity and housing floor space changed during and after the pandemic. We find that both gradients flattened, suggesting that teleworking reduced the value of urban proximity and enhanced the preference for larger homes. Furthermore, we show that increased teleworking, as measured by a mobile location-based index, raised local housing rents and was closely associated with the flattening of the rent gradient with respect to urban proximity. Our findings underscore the roles of teleworking and evolving residential preferences in shaping urban structures. 

• Urban Agglomeration and Temperature: A Case Study of Tokyo (with M. Fujisawa and M. Kawabata)

• How Teleworking Reshapes Urban Structure: Evidence from Japan

その他論文

• 2024,「在宅勤務およびテレワークが生活時間へ与える影響の分析 ：令和3年社会生活基本調査結果による分析 」New ESRI Working Paper No.71 (with Toshihiro Okubo, and Yuya Taguchi)

• 2024,「相続税改正が賃貸住宅市場へ与えた影響の分析」季刊住宅土地経済、第131巻、pp.27-35. (with Shohei Yasuda, and Norifumi Yukutake)

書評

• 2020,「地震リスクと地価の関係」季刊住宅土地経済、第116巻、pp.32-35.

1. 第34回地理情報システム学会学術研究発表大会 (富山大学), 2025年11月1日

2. 住宅経済研究会, 2025年9月19日

3. 日本経済学会2025年度秋季大会(弘前大学), 2025年9月13日

4. Asian Economic Panel (IDE-JETRO), 2025年9月8日

5. 香川大学・慶應義塾大学 応用経済学若手研究会 (香川大学) ,  2025年8月21日

6. The 2025 AsRES International Real Estate Conference (メルボルン国立大学), 2025年7月11日

7. The 2024 AsRES-GCREC & AREUEA International Real Estate Joint Conference(国立清華大学), 2024年7月26日

8. 第2回応用地域経済学ワークショップ(京都産業大学), 2024年6月15日

9. 第16回東アジア6大学経済学部シンポジウム (慶應義塾大学), 2024年1月26日

10. 第37回応用地域学会研究発表大会(大阪大学), 2023年12月10日

11. 住宅経済研究会(オンライン), 2023年6月8日

12. 第15回東アジア6大学経済学部シンポジウム (国立政治大学), 2023年4月14日

13. IEFS Japan Annual Meeting 2021 (オンライン), 2022年3月28日

14. 第35回応用地域学会研究発表大会(オンライン), 2021年11月20日

15. 日本経済学会2021年度秋季大会(大阪大学), 2021年10月10日