2017年度
日時: 2017年4月22日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 村田安寧氏 (日本大学)
題目: Distorted Monopolistic Competition
概要: We characterize the equilibrium and optimal resource allocations in a general equilibrium model of monopolistic competition with multiple asymmetric sectors and heterogeneous firms. We first derive general results for additively separable preferences and general productivity distributions, and then analyze specific examples that allow for closed-form solutions and a simple quantification procedure. Using data for France and the United Kingdom, we find that the aggregate welfare distortion --- due to inefficient labor allocation and firm entry between sectors and inefficient selection and output within sectors --- is equivalent to the contribution of 6-8% of the total labor input.
16:10-18:00
講演者: 馬奈木俊介氏 (九州大学)
題目: Inclusive Wealth of Nations
日時: 2017年5月27日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 岩田真一郎氏 (富山大学)
題目: Housing Assets and Consumption among the Japanese Elderly
概要: A large proportion of the Japanese elderly have accumulated assets in the form of housing wealth. The elderly expect to fund consumption during their retirement by releasing housing equity. This paper estimates a fixed effect model to examine the causal effect of housing assets on consumption, using panel data of Japanese elderly households from 2004 to 2015. The results suggest that changes in housing wealth do not significantly increase elderly consumption. The reason behind this result appears to be that the elderly homeowners cannot release part of their housing wealth as cash through the financial sector. Instead, elderly homeowners leave their housing assets to their children, and in exchange, receiving cash to fund consumption. The impact on consumption, however, is rather small. Moreover, this mechanism tends to operate only in urban areas where the land values are relatively high. These results imply that housing wealth is available to only a limited proportion of Japanese elderly homeowners.
16:10-18:00
講演者: 松木佑介氏 (長崎大学)
題目: Auctions and Information Rent: An Example from the Kesennuma Swordfish Market
概要: This paper studies the transactions of swordfish from the offshore long line fisheries at the Kesennuma fish market. Each individual fish is sold through a first-price sealed bid auction. We analyze determinants of fish prices in the market. The ordinary least squares estimates show the effects of the fish characteristics, market conditions, date and weather. Furthermore, we apply a structural estimation approach to analyze bid data. We follow a nonparametric approach developed by Guerre, Perrigne and Vuong (2000) to recover the valuation of the bidder and use this to analyze their information rent. Our structural estimates show that winners enjoy considerably high information rents from market transactions.
日時: 2017年7月8日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 齊藤有希子氏 (経済産業研究所)
題目: Supply Chain Disruptions: Evidence from the Great East Japan Earthquake
概要: Exploiting the exogenous and regional nature of the Great East Japan Earthquake of 2011, this paper provides a systematic quantification of the role of input-output linkages as a mechanism for the propagation and amplification of shocks. We document that the disruption caused by the earthquake and its aftermaths propagated upstream and downstream supply chains, affecting the direct and indirect suppliers and customers of disaster-stricken firms. We then use our empirical findings to obtain an estimate for the overall macroeconomic impact of the shock by taking these propagation effects into account. We find that the propagation of the shock over input-output linkages can account for a 1.2 percentage point decline in Japan's gross output in the year following the earthquake. We interpret these findings in the context of a general equilibrium model that takes the firm-to-firm linkages into account explicitly.
16:10-18:00
講演者: 齋藤久光氏 (北海道大学)
題目: 集積の経済・生産性と品質改善
概要: Analysis of the urban agglomeration of economic activity has focused on its benefits for firm productivity. But the marginal-cost savings which agglomeration brings about also free up inputs that can be used to produce higher-quality goods, with their own profitability potential. We use plant-product-level data from Japanese manufacturing to examine agglomeration's influences on product quality. Results confirm that quality does grow with region size, suggesting polices aimed at encouraging urban agglomeration improve competitiveness by raising product quality as well as productivity. Total factor productivity alone, therefore, underestimates agglomeration benefits by ignoring the quality incentives that accompany it.
日時: 2017年9月2日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 田島夏与氏 (立教大学)
題目: How do agricultural markets respond to radiation risk? Evidence from the 2011 disaster in Japan
概要: Since the explosion of the Fukushima Daiichi Nuclear Power Plant in March 2011, public anxiety surrounding the radioactive contamination of food and the environment has become widespread. This paper examines how vegetable prices in the Tokyo Metropolitan Central Wholesale Market were affected in the wake of the nuclear accident. This study exploits the quasi-experimental condition generated by this accident to test market price changes using monthly panel data on the price of six types of fresh vegetables from each of the 47 prefectures in Japan. Our estimation results show that the prices of vegetables grown in Fukushima Prefecture decreased by 10-36% after the disaster compared with the counter-factual estimates in the absence of a perceived radiation risk. This effect has persisted even after radioactive detection tests showed negative results in subsequent years. The consumer behavior of avoiding vegetables from Fukushima and instead buying vegetables grown in other areas may explain the price gap.
16:10-18:00
講演者: 太田充氏 (筑波大学)
題目: 測度上のポテンシャルゲームとそのダイナミクス
概要: 空間に分布するユニット群からなる複数の意思決定群を含む複雑なシステムを表現する一般的なフレームワークを提供する。その均衡解とポテンシャルの関係、制約の取り扱いを明らかにし、それらに基づいた動的モデルを提案する。都市構造モデルが提案フレームワークで表現可能なことを示し、その動的挙動のシミュレーション結果を紹介する。その際に、Ogawa-Fujitaモデルなどに代表される、理論的に都市構造の静的均衡を求め、そのマクロな挙動を明らかにする手法で求めた結果とこの新たな動的モデルの結果を比較することでの検証を試みる。
日時: 2017年12月2日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 堀井亮氏 (大阪大学)
題目: A Multi-factor Uzawa Growth Theorem and Endogenous Capital-Augmenting Technological Change (with Gregory Casey)
概要: On a balanced growth path in the standard neoclassical growth model, all technical change must be labor-augmenting, unless the production function is Cobb-Douglas. This result, known as the Uzawa steady state theorem, is at odds with two well-established facts in macroeconomics: (a) the relative price of investment has been falling over time, which implies the rate of capital-augmenting technological change is positive, and (b) the elasticity of substitution between capital and labor is significantly less than one, ruling out the Cobb-Douglas case. We show that this puzzle emerges because previous studies focus only on labor and capital, ignoring other non-accumulable factors, such as land. We develop an endogenous growth model with three factors of production. In the model, firms choose whether to direct technological change towards labor, capital, or land. We show that, even with a less than unitary elasticity of substitution between labor and capital, the endogenously determined rate of capital-augmenting technological change is strictly positive on the balanced growth path, consistent with the observed facts.
16:10-18:00
講演者: 西脇雅人氏 (大阪大学)
題目: A Study of Cartel Behavior under the Presence of Detection Possibility
概要: This paper empirically analyzes cartel behavior under the presence of detection possibility. Although there have been many convicted cartel cases, little has been known about how possible detection affects cartel behavior beyond anecdotal evidence. Using the case of a cartel in the Japanese cement industry, this paper explores how detection possibility restricted the cartel’s behavior. The estimate suggests that the cartel was worried about detection and the detection possibility restricted the cartel’s behavior.
日時: 2018年2月3日(土)
場所: 政策研究大学院大学 4階 会議室4B
14:00-15:50
講演者: 川田恵介氏 (東京大学)
題目: Measuring Occupational-level Mismatch in Japanese Labor Market: Matching Function Based Approach
概要: This paper estimates the degree of mismatch in recent Japanese Labor market. We here focus on the occupational-level mismatch as a gap between the real and optimal number of job seekers in each occupation. Following a flexible approach proposed by Sahin, et., al. (2014), our estimation results show the serious mismatch; the number of new employment is decreased 5～6 % on average. The paper additionally proposes a new method to evaluate the mismatch of each combination of occupations. Our estimators show the mismatch in a desk work is larger than in other occupations.
16:10-18:00
講演者: 杉田洋一氏 (一橋大学)
題目: Wage Markdowns and FDI Liberalization
概要: This paper examines how liberalization of inward foreign direct investment (FDI) affects firm's monopsonic power over the wage. We estimate firm-level “wage markdown,” the gap between the wage and the marginal revenue of labor (MRL), from firm-level production data of China. Our estimation framework assumes no specific micro-foundation or functional form about firm-level labor supply curves and jointly estimates firm's market power in the output market. We estimate the causal effect of FDI liberalization on wage markdowns, using variations in China’s regulation on FDI inflow upon its accession to the World Trade Organization in 2001. In contrast to the conventional wisdom, FDI liberalization widened the average wage markdown by 4.3%. We show the finding is consistent with a modern theory of labor monopsony based on search friction.