※報告者の所属は全て当時のものです．
第9回 CUESTセミナー（対面開催）
日時: 2023年7月14日（金）16:10-17:40
場所: 千葉大学西千葉キャンパス人文社会科学系総合研究棟（共通演習室4）
報告者: Masami Imai 氏（Wesleyan University）
論題: Does a Financial Crisis Impair Corporate Innovation? (with Michiru Sawada)
要旨: We examine whether a financial crisis impairs corporate innovation in the context of the 1997-1998 crisis in Japan, which features a sharp decline in bank credit, the collapse of multiple major banks, and the economy’s failure to revert back the pre-crisis growth trend. In order to explore causal mechanisms, we link together three separate pieces of firm-level longitudinal data sets: (1) patent counts from 1994-2003 as well as the number of future patent citations up until 2018 to measure the quantity and quality of innovation output, (2) dependence on intermediated funds, and (3) financing relationships with the failed banks. We show that innovative outputs of firms that rely more heavily on bank finance fell more, and that bank dependence matters more for small firms. In addition, compared to otherwise similar firms, a group of small firms which had long-term relationships with the failed banks exhibited a large decline in innovative outputs. Taken together, the results are consistent with the view that crisis-induced disruptions in the provision of intermediated funds reduced innovative capacity of the opaque, bank dependent firms.
Published as: Imai, M., & Sawada, M. (2024). Does a Financial Crisis Impair Corporate Innovation? Journal of Money, Credit and Banking.
第8回 CUESTセミナー（対面開催）
日時: 2023年6月23日（金）16:10-17:40
場所: 千葉大学西千葉キャンパス人文社会科学系総合研究棟（共通演習室4）
報告者: 田中 頌宇将 氏（金沢星稜大学）
論題: Firm Selection and Worker Segregation in a Search Model
要旨: This study considers Melitz-style firm heterogeneity with labor market frictions such that worker segregation by skill occurs. I address comparative statics for product market deregulation, worker bargaining power, the skilled worker population ratio, and skill-biased technological change to understand economic responses and the extent of worker segregation in the model. The results imply that interfirm competition for skill utilization magnifies the rising inequality in employment and wages, while the unskilled possibly benefit from a not insubstantial spillover effect through increased aggregate income.
第7回 CUESTセミナー（対面開催）
日時: 2023年6月5日（月）16:10-17:40
場所: 千葉大学西千葉キャンパス法政経学部2号棟（演習室16）
報告者: 佐野 晋平 氏（神戸大学）
論題: Does Competition among Schools Benefit Students? : Evidence from Japan's Public High School Attendance Zone Reform (with Ryoh Ogawa and Ryosuke Okazawa)
要旨: We estimate the impact of school competition on the college enrollment rate of students, exploiting a reform of the education system in Japan, the elimination of school zones in public high schools. The timing of the elimination of school zones varied across prefectures, allowing us to estimate causal effects of the reform. Using administrative data, we examine how the elimination of restrictions on school zones has affected the school's university enrollment and dropout rates. We find that the elimination of school zones significantly increases university enrollment rates by about 1% on average. Moreover, our estimation results indicate that the expansion of school choice due to the elimination of school districts has affected school performance not only through the channel of changes in student selection but also through the effect of competition among schools.
第6回 CUESTセミナー（対面開催）
日時: 2023年5月8日（月）16:10-17:40
場所: 千葉大学西千葉キャンパス人文社会科学系総合研究棟（共通演習室4）
報告者: 御子柴 みなも 氏（名古屋大学）
論題: Universal Insurance with In-Kind Transfers: The Welfare Effects of Long-Term Care Insurance in Japan
要旨: This study examines how long-term care risks on individuals’ behavior over the life-cycle and analyzes the role of the long-term care insurance (LTCI) system in Japan. The study utilizes a structural overlapping generations model with two-sided altruism and introduces a two-stage care arrangement between an older parent generation and an adult child generation. This study quantifies the economic and welfare effects of the LTCI system and evaluates the universal LTCI system, which provides benefits-in-kind, in relation to alternative long-term care policies. Firstly, the study shows that the universal LTCI system protects families well against long-term care risks in old age. In the absence of a universal LTCI system, families resort to informal care or means-tested welfare programs, resulting in negative welfare effects, even with government-provided lump-sum subsidies. Secondly, the study finds that the universal LTCI with benefits-in-kind is more expensive than one with cash benefits, despite the fact that one with benefits-in-kind positively impacts caregivers’ labor supply. However, the welfare effects of the universal LTCI with cash benefits depend on the productivity of caregivers and the generosity of the cash benefits.
第5回 CUESTセミナー（対面開催）
日時: 2022年8月1日（月）16:10-17:40
場所: 千葉大学西千葉キャンパス法政経学部2号棟（演習室15）
報告者: 菅澤 武尊 氏（日本住宅総合センター）
論題: COVID-19感染拡大が賃貸住宅市場の外国人対応に与える影響（原野啓 氏との共著）
要旨: COVID-19感染拡大に伴う社会不安は、主に先進国において民族マイノリティへの忌避感情を増加させたことが、先行研究で明らかにされている。一方で、忌避感情の増大が市場においてどのような不利益を民族マイノリティに与えるかについては、十分な知見が得られていない。本研究では2019年12月から2022年3月までの間に東京都の賃貸住宅市場で行った3回の手紙実験データを結合し、COVID-19感染拡大が賃貸住宅市場における外国人対応に与えた影響を分析した。2,754通の問い合わせに対する事業者の対応を分析した結果、COVID-19感染者が多く確認された市区町村に立地するような物件において、COVID-19感染拡大後に事業者が外国人に好意的に対応する確率が低下したという結果が得られた。この結果は、COVID-19感染拡大に伴う社会不安を通じて、外国人が市場で受ける不利益が増大した可能性を示唆している。また、COVID-19感染拡大に伴う外国人への非好意的対応の増大は、感染拡大から2年程度が経過した時点で観測できなくなった。こうした傾向は、感染拡大以降の外国人が直面する不利益の増大が、人々の感染リスク忌避傾向を反映していた可能性を示唆している。
Published as: Sugasawa and Harano (2023). A field experiment on discrimination against foreigners in the rental housing market in Japan examining the 23 wards of Tokyo. Journal of the Japanese and International Economies, Vol. 69 , 101273.
第4回 CUESTセミナー（対面開催）
日時: 2022年7月11日（月）16:10-17:40
場所: 千葉大学西千葉キャンパス法政経学部2号棟（演習室15）
報告者: 粟屋 祐 氏（University of Rochester）
論題: Commonality of Information and Commonality of Beliefs (with Vijay Krishna)
要旨: A group of agents with a common prior receive informative signals about an unknown state repeatedly over time. If these signals were public, agents beliefs would be identical and commonly known. This suggests that if signals were private, then the more correlated these are, the greater the commonality of beliefs. We show that, in fact, the opposite is true. In the long run, conditionally independent signals achieve greater commonality of beliefs than correlated ones. We then apply this result to binary-action, supermodular games.
Published as: Awaya, Y., & Krishna, V. (2025). Commonality of Information and Commonality of Beliefs. Theoretical Economics.
第3回 CUESTセミナー（オンライン開催）
日時: 2021年9月24日（金）16:10-17:40
報告者: 三上 亮 氏（大阪大学）
論題: Passive or Active? Behavioral Changes in Different Designs of Search Experiments (with Yuta Kittaka and Natsumi Shimada)
要旨: Search experiments come in several different experimental designs, but some evidence on human behavior suggests that different experimental designs can lead to considerably different results. We compare several different experimental designs typically employed in search studies. The search experimental designs can be categorized as passive, quasi-active, and active searches. We found a significant difference in the outcomes across the designs despite the theoretical models behind them are identical. In the passive search design, subjects tend to be more reluctant to search. Particularly, risk-averse subjects terminated the search more early in the passive design, unlike the other two designs.
第2回 CUESTセミナー（オンライン開催）
日時: 2021年4月26日（月）16:10-17:40
報告者: 黒田 雄太 氏（大阪市立大学）
論題: The Effect of Pollen Exposure on Economic Activities: Evidence from Home Scanner Data
要旨: Although seasonal allergies caused by airborne pollen are detrimental to physical and mental health and impair daily activities, their social cost is rarely discussed in the economics literature. Large amounts of airborne pollen can increase healthcare costs and reduce worker productivity, and force people to stay at home, thereby stagnating economic activity. This study uses daily purchase records from scanner data to investigate the effect of pollen exposure on consumption behavior. Exploiting the daily variation in the pollen counts at 120 observation stations in Japan, I find that consumption expenditure decreases by about 2% on days when airborne pollen is unusually high. A reduction in consumption due to pollen exposure is also observed in estimates using weekly and monthly panel data. This finding suggests that exposure to pollen may reduce total expenditure as opposed to delay spending. It highlights the overlooked economic burden of pollen and seasonal allergies. Hence, urban planning to reduce airborne pollen and health policy to handle seasonal allergies are crucial.
Published as: Kuroda (2022). The effect of pollen exposure on consumption behaviors: Evidence from home scanner data. Resource and Energy Economics, Vol. 67, 101282.
第1回 CUESTセミナー（オンライン開催）
日時: 2021年3月18日（木）16:10-17:40
報告者: 清水 涼介 氏（青山学院大学）
論題: Monetary Policy and Asset Bubbles in a Small Open Economy
要旨: This paper examines the effects of monetary policies on fluctuations of bubbles in a small open economy. The paper's model incorporates a basic New Keynesian's setup to introduce monetary policy. In this model, a Taylor type rule reacts to bubbles (leaning against the wind policy). In this environment, there is a possibility that when the policy maker reacts strongly to bubbles, the changes of bubbles, which are caused by some unexpected foreign interest shock becomes small, and welfare is improved compared to a situation where the Taylor rule only reacts to the inflation rate.