The 14th Macroeconomics Conference
December 8 (Sat.) and 9 (Sun.), 2012
Venue: Hotel Hankyu Expo Park
1-5, Senri-Banpaku-Koen, Suita, Osaka 565-0826, Japan(phone) +81-6-6878-5151
http://www.htl-expopark.jp/
Organizers (Representatives)
Charles Yuji Horioka (Osaka University)
Tsutomu Watanabe (University of Tokyo)
Naohito Abe (Hitotsubashi University)
Program Committee
Kazuo Ogawa (Osaka University)
Kosuke Aoki (University of Tokyo)
Etsuro Shioji (Hitotsubashi University)
Main Sponsor
Global COE Program “Human behavior and socioeconomic dynamics”,
Graduate School of Economics and Institute of Social and Economic Researchof Osaka University, in cooperation with other institutions.
Co-sponsors“Understanding persistent deflation in Japan” Project, Graduate School ofEconomics, University of Tokyo
Research Center for Price Dynamics, Institute of Economic Research,Hitotsubashi University
Tokyo Center for Economic Research (TCER)
Session format: paper presentation (20 minutes), discussant’s comments (20 minutes)
and general discussion (20 minutes)
Language: Unless otherwise noted, paper presenters and discussants have agreed toswitch to English if at least one person in the audience is a non-Japanese speaker.
Registration: Deadline is November 30 (Friday), subject to capacity limit. Please sendan e-mail to Azusa Oishi (Osaka University) “ohishi [at] iser.osaka-u.ac.jp”. In youre-mail, please indicate if you plan to attend (1) reception on the 8th and/or (2) lunch
meeting on the 9th. Priority will be given to those with an academic interest ineconomics (professors, graduate students, economists, etc.).
1

Program
Saturday, December 8(Please note that lunch will not be provided.)

12:30

Registration

Session 1: Financing and macroeconomics
Chair: Charles Yuji Horioka (Osaka University)
13:00-14:00
Wako Watanabe (Keio University)“Public capital, the deposit insurance and the risk-shifting incentives: evidence
from the regulatory responses to the financial crisis in Japan” (joint withBrahim Guizani)
Discussant: Arito Ono (Mizuho Research Institute)
14:00-15:00
Hideaki Hirata (Hosei University)“Global house price fluctuations: synchronization and determinants”(joint with M. Ayhan Kose, Christopher Otrok, and Marco E. Terrones)
Discussant: Masahiko Shibamoto (Kobe University)
15:00-15:30

BreakSession 2: Long-term yields
Chair: Naohito Abe (Hitotsubashi University)
15:30-16:30
Hibiki Ichiue and Yuhei Shimizu (Bank of Japan)“Determinants of long-term yields: a panel data analysis of major countries anddecomposition of yields of Japan and the US” (presentation in Japanese)
Discussant: Junko Koeda (University of Tokyo)

2

Invited Lecture
Chair: Naohito Abe (Hitotsubashi University)
16:30-17:30
Tomoyuki Nakajima (Kyoto University)“Default and debt restructuring: a model of persistent debt overhang”(joint with Keiichiro Kobayashi)
18:00-20:30

Reception

Sunday, December 9
Session 3: New developments in macroeconomic theory
Chair: Etsuro Shioji (Hitotsubashi University)
9:00-10:00
Mitsuru Katagiri (Bank of Japan)“Managing financial crises: lean or clean?” (joint with Ryo Kato and TakayukiTsuruga)
Discussant: Hajime Tomura (Hokkaido University)
10:00-10:30

Break

10:30-11:30
Nao Sudo (Bank of Japan)“Productivity slowdown in Japan’s lost decade: how much of it is attributed tofinancial factors?” (joint with Ichiro Muto and Shunichi Yoneyama)
Discussant: Takashi Kano (Hitotsubashi University)
11:30-12:30
Daichi Shirai (Canon Institute for Global Studies (CIGS))“The impacts of firms’ technology choice on the gender differences in wage
and time allocation: a cross-country analysis (joint with Kohei Nagamachi andNaotaka Eguchi)
Discussant: Daishin Yasui (Kobe University)3

12:30-13:30

Lunch Meeting

Session 4: Capital accumulation and the macroeconomy
Chair: Kosuke Aoki (University of Tokyo)
13:30-14:30
Makoto Nirei (Hitotsubashi University)“A microfoundation of investment demand shocks”
Discussant: Hiroki Arato (Shinshu University)
14:30-15:30
Gu Tao (Graduate student, Hitotsubashi University)“Monopoly power of employers, imperfect corporate governance and excess
capital accumulation: the case of the Chinese economy” (presentation inJapanese)
Discussant: Ryoji Odoi (Tokyo Institute of Technology)
15:30

Adjourn4