Global COE Hi-Stat NewsletterNo. 1 (March 2009)

Contents
Foreword Kyoji Fukao...1
Forum on the Financial Crisis Yukinobu Kitamura...3
Report on the International Conference “High-Frequency Data Analysis in Financial Markets”
Toshiaki Watanabe...4
Global COE Hi-Stat Discussion Papers...6
Seminars and Conferences...8
Release of Long-Term Economic Statistics of Taiwan...11

Foreword
Kyoji Fukao
Program Leader
Professor, Institute of Economic Research, Hitotsubashi University
Eight months have passed since the Global Centers of

into account.

Excellence (COE) program* of the Research Unit for

The program has achieved a better start than

Statistical and Empirical Analysis in Social Sciences

expected. As the only G-COE program in the field of(G-COE Hi-Stat) was put into full operation. The

economics, our program received an especially high

G-COE Hi-Stat program, centering on a data archive

evaluation and was selected for a special grant inopen to a worldwide community of researchers, aims

fiscal 2008. In addition, we in the program publishedto establish a global education and research base forthe first volume in the Asian Historical Statistics

thethrough(ASHSTAT) series, namely the Long-Term Economic

on-the-job training, and for empirical research using

Statistics of Taiwan, written and edited by Toshiyuki

the archive as well as statistical methods andMizoguchi.

development

of

young

academics

economic theories directly linked with data. IncludingThis program contributes to further expanding

the time it took to organize its education and researchdatabases that are already widely used both inside

framework since the end of 2007, the program is now

and outside Japan and are increasingly taking on amore than one year old if the preparation periodrole similar to Japan's official statistics. The Japan

involving the screening process at the university andIndustrial Productivity (JIP) Database provides basic

document screening and interviews on the part of thematerial for analyzing Japan’s industrial structure andJapan Society for the Promotion of Science are taken

productivity and is now used as part of the1

fundamental data for the Structural Analysis (STAN)

programs were ranked at the top level in the ex post

Database built by the Organisation for Economic

evaluation.

Co-operation and Development (OECD) for studying

These two programs, in turn, were preceded by thethe economies of its member states. The estimates ofAsian Historical Statistics (AHSTAT) project datingintangible assets in Japan and the results of new

back to 1995 when COE programs were launched on

growthinternationala trial basis. Under the title “Construction of acomparative research conducted by the U.S. Bureau

Pan-Asian Historical Economic Statistics Database,”of Economic Analysis (BEA) – research that featured

this program, led by Konosuke Odaka, professor

in the January 2009 issue of Survey of Current

emeritus at Hitotsubashi University, was the first COE

Business.

program in the area of social sciences.

accounting

were

used

for

Education and research activities have made a

The Institute of Economic Research (IER) of

vigorous start and in the eight months since the start

Hitotsubashi University has been engaged in theof the program, 35 seminars and 11 international

collation of long-term economic statistics on Japan

conferences have been held and 39 discussion

and other Asian countries since it first represented

papers published.

Japan in a project launched by Simon Kuznets, an

Our goal of establishing an education and researchauthorityoneconomic

history,foreconometricbase open to the world is gradually being achieved. A

analysis of economic growth around the world in the

total of 66 outside researchers have now joined the1960s. The construction of databases at the IER

program—including

therefore has history that spans a period of 50 years.

25

from

outsideJapan—asvisiting fellows, visiting scholars and visiting young

The year 2009 is an important year before thescholars, along with 37 postgraduate students andinterim assessment in 2010. Thus, building on theyoung researchers as COE young researchers, COE

Institute's achievements of the past, we will work on

researchers and research assistants.

further strengthening it as a major research and

The program has a unique system for COE Visiting

education center through a range of activities.

Young Researchers that from a pool of applicants

As the new Statistics Act takes effect, we will

selects postgraduate students and young researchers

strengthen support for the use of government

from Japanese and overseas institutions to come for astatistical microdata on a public submission basis in

short or a longer period and provides them withcollaboration with the Ministry of Internal Affairs andassistance in using the data archive. The system has

Communications. We will also be holding a generalalready accepted seven people, including four frommeeting in order to continue to bolstering cooperation

overseas graduate schools.

within the entire program.

This fine start of the program resulted not only from

In addition, we invited various overseas researchers

the teamwork and efforts of the participants but also

to two major workshops we held: one on choice,from the legacy that we have inherited.

games, and welfare, and another with a focus on

This program has two predecessors. One is thestrengthening cooperation between theoretical and21st Century COE Program “Research Unit for

empirical researchers on trade issues. Further, thisStatistical Analysis in Social Sciences” led by Osamu

October, we will host the first Comparative Analysis of

Saito, professor at Hitotsubashi University. The other

Enterprise Data (CAED) conference to be held in Asia.

is the 21st Century COE Program “Normative

The CAED is an international network aimed at

Evaluation and Social Choice of Contemporary

encouraging use of and research on governmental

Economic

Suzumura,

statistical and other enterprise microdata. Moreover, inprofessor emeritus at Hitotsubashi University. Bothcollaboration with the University of Warwick and

Systems”

led

byKotaro2Chinese research institutions, we are aiming to build

cooperation.

an organization for holding an annual conference on
the subject of long-term economic statistics and*Global COE programs are funded by Japan's

international comparison focusing primarily on Asia.

Ministry of Education, Culture, Sports, Science andAnd as part of the continuing work on the ASHSTATTechnology (MEXT) to support Japanese universities'

project, we will be making preparations for theefforts to establish education and research centerspublication of the volumes on Vietnam, China,that perform at the apex of global excellence. For

Indonesia, South Korea, and other countries.

FY2008, 14 programs were selected in the social

2009 is shaping up to be a productive year and we

sciences.

are looking forward to your continued input andForum on the Financial Crisis
Yukinobu Kitamura
Program Sub-Leader / Leader, Micro Analysis (Households/Corporations) Group
Professor, Institute of Economic Research, Hitotsubashi University
On November 19, 2008, from 2:30 p.m. to 5:00 p.m., a

The forum was divided into two parts. In the first

Forum on the Financial Crisis was held at Hitotsubashi

part, Kitamura posed questions to the panelists, who

University's Kanematsu Auditorium. We had good

gave their views and contributed to the discussion.

weather and although held on a weekday afternoon,

The second part featured free discussion among thethe forum attracted 462 participants who took part inpanelists, chiefly on questions from the audience.

lively discussions.

In addressing the question on the nature of the

At this forum organized by the G-COE Hi-Statprogram,financial

University

thinking about the causes of the crisis and thegathered to comment on the financial crisis, whichmechanism of transmission, and explained that thesince last year has sent the world economy into

crisis resulted from various flaws in financial markets

serious turmoil. These comments approached therather than from any single factor. Focusing on the

topic from various perspectives, including the naturecrisis from a macroeconomic perspective, Shioji

of the crisis, its macroeconomic implications, theexamined to what extent Japan’s experience in the

responseof

1990s holds any lessons for dealing with the financial

financial engineering and its limitations, and relations

crisis. He pointed out that while the macroeconomic

with Asian economies. The panel consisted of threeeffects of fiscal and monetary policies were limited,

professorsoffiscal policies do provide some stimulus and policies

Economics—Makoto Saito, Etsuro Shioji and Yasuhiro

to narrow regional and income gaps may increase

Maehara—as well as Toshiaki Watanabe, professor atdemand to a certain degree.

ofpolicyexpertsfromauthorities,

from

the

the

financial crisis, Saito pointed out the importance ofeffectivenessDepartment

the Institute of Economic Research, and Eiji Ogawa,

Concerning the response of policy authorities,

professor at the Graduate School of Commerce andMaehara argued that central banks' behavior isManagement. Yukinobu Kitamura, professor at the

governed by the extent to which a financial crisis isInstitute

perceived as posing a systemic risk and that theof

EconomicResearch,

servedascoordinator.

nature of countermeasures undertaken by central

3

banks and finance ministries differs depending on theeconomies, Ogawa proposed a possible scenario ofassessment of the extent of such risk. During the

how to redress global current account imbalances.

course of this crisis, however, central banks andOnefinance ministry of different countries locked step andarrangements regarding Asian currencies should be

took

that

put in place in order to minimize the impact of theauthorities were prepared to purchase bad assets,financial crisis on Asian economies. He argued that at

guarantee deposits and inject capital, but also

least within Asia, an Asian currency should be usedsuggested that questions regarding the effectivenessinstead of the U.S. dollar for settlement purposes.

coordinatedaction.

He

pointed

out

of

the

aspectshediscussed

is

what

of the Financial Stability Forum remained, given thatIn the second part, the panel discussed questions

this was supposed to play a leading role in providing a

posed by the audience concerning future businessframework for the regulation and supervision ofmodels for the financial sector, what macroeconomic

financial institutions. Next, Watanabe, talking about

policies can achieve, the feasibility of an Asianfinancial engineering and the financial crisis, firstcurrency system, and whether this was indeed a “onceprovidedin a century” crisis. It also examined future challenges,

anassessment

of

the

role

financialengineering has come to play in recent years and thenincluding

discussed some of the problems related to financial

economies and Japan’s contribution to the world

derivatives. Issues he raised include the role of rating

economic order.

Japan’sfutureattitudetowardAsianfirms and securitization, the difficulties involved in

The forum generated a lot of positive feedback and I

valuing credit derivatives, and the need to establish ahope we can continue to organize forums like thissettlement

institution.

within the framework of the G-COE program.

relationship

of

the

Finally,financialaddressing
crisis

with

the
Asian

Report on the International Conference “High-Frequency Data Analysis in Financial Markets”
Toshiaki WatanabeGroup Leader, Statistical Theory
Professor, Institute of Economic Research, Hitotsubashi University
The international conference “High-Frequency Data

overseas presenters and eight Japanese researchers

Analysis in Financial Markets” took place at theand the event welcomed 60 participants. All papers

Mercury Tower of Hitotsubashi University on Octoberpresented recent research of the highest caliber and

25 and 26, 2008. It received financial support from thewere followed by lively discussions. Participants

Ministry of Education, Culture, Sports, Science andcommented

Technology of the Japanese Government through theinformative conference. Given that it was the first

Hitotsubashi University G-COE Hi-Stat program andinternational conference on high-frequency data held

the Grant-in-Aid for Scientific Research (A) project on

in Japan, some presenters invited from outside Japanthe “Econometric Analysis of Securities Markets in

described this conference as an historic event.

that

it

was

an

enlightening

andJapan Using High-Frequency Data,” of which I serve

High-frequency data on securities prices refers toas the leader. Reports were delivered by seven invitedtick-by-tick or minute-by-minute price data in individual4transactions during the day. Many research projects

Many of the papers presented by the Japaneseare currently underway on this, mainly in Europe andspeakers matched those of the invited overseas

the United States. High-frequency data is being foundspeakers in their excellence. Although there are still

particularly useful for financial risk management. In

only a few researchers on high-frequency data inJapan, there are few such studies as there are a

Japan, I believe that the Japanese scholars were also

limited number of universities and research institutions

able to provide new insights into high-frequency dataowning such data. At Hitotsubashi University, myat the conference. Invited overseas speakers offered

Grant-in-Aid for Scientific Research project and themany helpful comments on the papers delivered by

G-COE program are currently working to create andJapanese presenters. I also presented a paper, on

analyze high-frequency data.

“Bayesian Analysis of Structural Changes in ARFIMA
Models with an Application to Realized Volatility,” while
Dr. Daisuke Nagakura and Dr. Isao Ishida presented
two further papers we co-authored. At the moment,these three papers are being revised based on thecomments received from the overseas presenters.
The draft versions presented at the conference areavailable at the website of the G-COE program(http://gcoe.ier.hit-u.ac.jp/english/information/schedule

Realized volatility attracts the greatest attention in/conference/conference1.html) and those interested

the studies using high-frequency data. In this case,are invited to take a look.

volatility refers to the variance, or standard deviation,of securities returns. It is an important variable fortheories and practical operations in the financial sector,
including the derivation of the theoretical prices of
options and the calculation of value-at-risk. Realized
volatility is the total of squared high-frequency returns
during a day. This has attracted attention as a highly
precise estimate of true daily volatility. The firstresearch on realized volatility was conducted by

When Andersen embarked on his research on

Professor Torben Andersen of Northwestern University,

realized volatility more than 10 years ago, I met him at

who was invited to the conference as a speaker. His

an academic conference in Boston. His explanations

paper proved very intriguing as it focused on theon realized volatility inspired me but I was unable toestimation of volatility using the time until the intraday

study the topic because at that time no high-frequency

return exceeds a certain threshold. Andersen studied

data was available. Today, at Hitotsubashi University,

at Yale University earlier than I did and was a teaching

high-frequency data for Japan on individual stocks,

assistant in a course in microeconomics that I

stock price indices, stock index futures and options,attended. We remain friends and he gave me someyen-dollar exchange rates and yen-euro exchange

advice on the selection of speakers for this conference.

rates are available. In the future, high-frequency data

The other invited speakers delivered highly insightful

on overseas stock markets will be made available. I

presentations on the estimation of volatility and thewill be using this data to expand my studies on

covariance of returns on two different securities using

high-frequency data. Since the data is accessible tohigh-frequency data.

any student and faculty member of Hitotsubashi

5University, I hope they will be used by an increasing

number of researchers and students.

Global COE Hi-Stat Discussion Papers (October 2008 – March 2009)
No. 1 (October 2008) Sanghoon Ahn, Kyoji Fukao,

No. 10 (October 2008) Yasuhiro Hara, “Examination ofand Keiko Ito, “The Impact of Outsourcing on the

Mining Production Data in Korea under JapaneseJapanese and South Korean Labor Markets:

Occupation” (in Japanese)

International Outsourcing of Intermediate Inputs andNo. 11 (November 2008) Shuang Li, Ming Lu, andAssembly in East Asia”

Hiroshi Sato, “The Value of Power in China: How Do

No. 2 (October 2008) Hyeog Ug Kwon, Kyoji Fukao,

Party Membership and Social Networks Affect Pay

and YoungGak Kim, “Innovation and Productivity

in Different Ownership Sectors?”

Growth: An Empirical Analysis Based on Micro Data

No. 12 (November 2008) Marie-Ann Betschinger,of the Basic Survey of Business Structure and“International Investment Agreements and FDI

Activity and the Japanese National Innovation

Heterogeneity: Industry Evidence from Japanese

Survey (in Japanese)

Multinational Companies”

No. 3 (October 2008) Hyeog Ug Kwon, Kyoji Fukao,

No. 13 (November 2008) Jota Ishikawa and Toshihiro

and YoungGak Kim, “R&D and Productivity Growth:

Okubo, “Greenhouse-gas Emission Controls and

An Empirical Analysis Based on Firm-Level Data”

International(in Japanese)

Liberalization”

No. 4 (October 2008) Jota Ishikawa, Hodaka Morita,

CarbonLeakagethroughTrade

No. 14 (November 2008) Kyoji Fukao and YoungGak

and Hiroshi Mukunoki, “FDI in Post-Production

Kim,

Services and Product Market Competition”

Economic Growth in Japan” (in Japanese)“Productivity,

Resource

Allocation,

andNo. 5 (October 2008) Jota Ishikawa, Yoichi Sugita,

No. 15 (December 2008) Kyoji Fukao, Tsutomu

and Laixun Zhao, “Commercial Policy and Foreign

Miyagawa, Kentaro Mukai, Yukio Shinoda, andOwnership”

Konomi Tonogi, “Intangible Investment in Japan:

No. 6 (October 2008) In Choi and Eiji Kurozumi,

New Estimates and Contribution to Economic“Model Selection Criteria for the Leads-and-Lags

Growth”

Cointegrating Regression”

No. 16 (December 2008) Kaddour Hadri and Eiji

No. 7 (October 2008) Hiroshi Sato and Li Shi, “Class
Origin,FamilyCulture,and

Kurozumi, “A Simple Panel Stationarity Test in theIntergenerational

Presence of Cross-Sectional Dependence”

Correlation of Education in Rural China”

No. 17 (December 2008) Eric Weese, “Political

No. 8 (October 2008) Zhao Chen, Shiqing Jiang, Ming

Mergers as Coalition Formation: Evidence from

Lu, and Hiroshi Sato, “How Do Heterogeneous

Japanese Municipal Amalgamations”

Social Interactions Affect the Peer Effect in

No. 18 (December 2008) Kyoji Fukao, Harry X. Wu,

Rural-Urban Migration?: Empirical Evidence fromand Tangjun Yuan, “Comparative Output andChina”

Labour Productivity in Manufacturing for China,

No. 9 (October 2008) Osamu Saito, “Forest History

Japan, Korea and the United States in Circa 1935

and the Great Divergence: China, Japan and theby a Production PPP Approach”

West”

No. 19 (January 2009) Ming Lu and Jianzhi Zhao,

6

“The Contribution of Social Networks to Income

Evidence Using New Micro Data”

Inequality in Rural China: A Regression-BasedNo. 32 (February 2009) Isao Ishida and Toshiaki

Decomposition and Cross-Regional Comparison”

Watanabe, “Modeling and Forecasting the Volatility

No. 20 (January 2009) Shiqing Jiang, Ming Lu, andof the Nikkei 225 Realized Volatility Using theHiroshi Sato, “Happiness in the Dual Society of

ARFIMA-GARCH Model”

Urban China: Hukou Identity, Horizontal Inequality

No. 33 (February 2009) Hiroki Masuda and Takayuki

and Heterogeneous Reference”

Morimoto, “An Optimal Weight for Realized Variance

No. 21 (January 2009) Deng Quheng and Li Shi,

Based on Intermittent High-Frequency Data”“What Lies behind Rising Earnings Inequality in

No. 34 (March 2009) Torben G. Andersen, Dobrislav

Urban China?: Regression-based Decompositions”

Dobrev, and Ernst Schaumburg, “Duration-BasedNo. 22 (January 2009) Li Shi and Ding Sai, “AnVolatility Estimation”

Empirical Analysis of Income Inequality between a

No. 35 (March 2009) Federico M. Bandi and Roberto

Minority and the Majority in Urban China: The CaseRenò, “Nonparametric Stochastic Volatility”

of Ningxia Hui Autonomous Region”

No. 36 (March 2009) Fulvio Corsi, Davide Pirino, andNo. 23 (January 2009) Hiroshi Sato, “Growth ofRoberto Renò, “Volatility Forecasting: The Jumps

Villages in China, 1990-2002”

Do Matter”
No. 37 (March 2009) Ole E. Bardorff-Nielsen, Peter

No. 24 (January 2009) Marc Fleurbaey and Koichi

Hansen,Tadenuma, “Universal Social Orderings”

Asger

Lunde,andNeil

Shephard,“Multivariate Realised Kernels: Consistent Positive
No. 25 (January 2009) Shintaro Yamaguchi, “CareerSemi-Definite Estimators of the Covariation of

Progression and Comparative Advantage”

Equity Prices with Noise and Non-Synchronous

No. 26 (January 2009) Shintaro Yamaguchi, “Job

Trading”

Search, Bargaining, and Wage Dynamics”

No. 38 (March 2009) Siem Jan Koopman, Drew Creal,No. 27 (January 2009) Taisuke Uchino, “Deposit

and André Lucas, “A General Framework for

Composition and Liquidity Demand of Commercial

Observation

Banks: An Empirical Analysis Using Japanese Panel
28(FebruaryTime-Varying

Parameter

Models”

Data” (in Japanese)
No.

DrivenNo. 39 (March 2009) Jun Yu and Peter Phillips,
2009)

Toshihiro

Tsuchihashi,“Information Loss in Volatility Measurement with Flat

“Sequential Internet Auctions with Different Ending

Price Trading”

Rules”
No. 29 (February 2009) Kazuya Kikuchi, “Downsian

Global COE Hi-Stat Discussion Paper Series

Model with Asymmetric Information: Possibility of

http://gcoe.ier.hit-u.ac.jp/english/research/discussion/i

Policy Divergence”

ndex.html

No. 30 (February 2009) Jin Feng, Lixin He, andHiroshi Sato, “Public Pension and Household
Saving: Evidence from Urban China”
No. 31 (February 2009) Hideaki Sakawa and Naoki
Watanabel, “Managerial Compensation, Corporate
Governance, and Business Performance in Japan:

7

Seminars and Conferences (July 2008 – March 2009)
1st (July 14 -15, 2008)

ShingoTakahashi(International

Universityof

4th Annual Meeting of the Asia Pacific Trade

Japan), “How do Multi-tasking Job Designs AffectSeminars (APTS)

Productivity? Evidence from Australian Open CutndCoal Mines”

Harvard-Hitotsubashi-Warwick Conferenceth

2 (July 22 -24, 2008)

9 (October 25-26, 2008)“Economic Change Around the Indian Ocean in theInternational Conference “High-Frequency Data

Very Long Run”

Analysis in Financial Markets”rdco-organized with the Ministry of Education, Culture,

Seminar co-organized with the Research Centre forSports, Science and Technology’s Grant-in-Aid forInformation

Scientific Research (A) on “Econometric Analysis of

3 (August 29, 2008)
andStatistics

ofSocialScience,

Hitotsubashi University

Securities Markets in Japan Using High-Frequency“Provisional Use of Micro-data of Government

Data”
10th (October 24, 27, 29, 2008)

Statistics by Academia”
4th (August 29 – 30, 2008)

IMES Seminar

2008 Japan-Korea Industrial Database Workshop

co-organized with the Institute for Monetary andco-organized

Korea

Economic Studies (IMES), Bank of Japan and theProductivity Center; Research Institute of Oriental

Ministry of Education, Culture, Sports, Science andCultures, Gakushuin University; and College ofTechnology’s Grant-in-Aid for Scientific Research

Economics, Nihon University(A) on “Econometric Analysis of Securities Markets

thin Japan Using High-Frequency Data”

withShinshu

University;

5 (September 26, 2008)st

11th (October 29, 2008)

1 General Meeting for G-COE Hi-Stat Program
6th (October 6, 2008)

The Applied Statistics Workshop 2008

Joint Seminar co-organized by the G-COE Regional

co-organized with the University of Tokyo and theStudies,

Ministry of Education, Culture, Sports, Science andMarketAnalysis

Group

and

the

Technology’s Grant-in-Aid for Scientific Research

Macroeconomics and Finance Workshop
Tomoyuki

Nakajima(KyotoUniversity),“Real(A) on “Econometric Analysis of Securities Markets

Business Cycles with Incomplete Markets”

in Japan Using High-Frequency Data”th

12th (November 4, 2008)

7 (October 10, 2008)
Regional Studies, Market Analysis Group Seminar

Industrial Organization and Labor Economics

for Young Researchers

Workshopco-organized with the Center for Research on

Mitsuru Sunada (Japan Fair Trade Commission),Contemporary Economic Systems“An Empirical Investigation of the Toho-Subaru

Eric Weese (Ph.D. Candidate, Massachusetts

Antitrust Case: A Merger in the Japanese Movie

Institute of Technology / COE Visiting Young

Theater Market”
13th (November 11, 2008)

Researcher), “Contractibility and Political Mergers:
Evidence from Japanese Municipalities”

IndustrialthWorkshop

8 (October 21, 2008)
Industrial

Organization

and

Labor

Organization

and

Labor

Economics

Eric Bartelsman (Vrije Universiteit), “Cross Country

Economics

Differences in Productivity: The Role of Allocative

Workshop8

20th (December 3, 2008)

Efficiency” (with John Haltiwanger and Stefano
Scarpetta)

G-COE Hi-Stat SeminarthShinichi Nishiyama (Georgia State University),

Forum on the Financial Crisis“Designing the Optimal Social Security Pension

14 (November 19, 2008)
Yukinobu

Kitamura(InstituteofResearch),

Eiji

Ogawa

CommerceandManagement),

MakotoSaito

Workshop and Special Lecture “Construction of(Departmentof

Economics),

EtsuroShioji

Longitudinal(Graduate

Economic
SchoolSystem”
21st (December 6, 2008)

ofNetwork

with

MiddleEastern(Department of Economics) Yasuhiro Maehara

Countries: Toward the Mutual Understanding and(School of International and Public Policy), Toshiaki

Development of Joint Researches”

Watanabe (Institute of Economic Research)co-organized with the Ministry of Education, Culture,thSports, Science and Technology’s “Need-Basedrd

Program for Area Studies: Middle East within Asia”

15 (November 22-23, 2008)
3 Applied Econometrics Conference

22nd (December 13-14, 2008)

co-organized with the Institute of Social andEconomic Research, Osaka University

Hitotsubashi COE Conference on InternationalthTrade and FDI 2008

G-COE Hi-Stat Seminarco-organized with the Center for Research on

co-organized with the Center for Research onContemporary Economic Systems

16 (November 25, 2008)

23rd (December 16, 2008)

Contemporary Economic Systems
ViaeneJean-Marie(ErasmusAsia

University),

Historical

Statistics

Project(AHSTAT)Workshop on Korea Volume“Anti-dumping, Intra-industry Trade and Quality

24th (December 22, 2008)

Reversals”
17th (November 26-28, 2008)
Hitotsubashi

Joint Seminar for Young Researchers

Lectureson

Microeconometricco-organized by Regional Studies, Market Analysis

Methods and PracticeGroup and Data Archive / Supervisory Group

Shinichi Nishiyama (Georgia State University),

Tangjun Yuan (Foreign Postdoctoral Fellow, Japan“Two Period Optimization Problems with Inequality

Society for the Promotion of Science), “Comparative

Constraints”

Output and Labour Productivity for China, Japan,“Stochastic Growth (Real Business Cycle) Models”

Korea and the United States in Circa 1935 by a

“Representative Agent Complete Market Models in

Production PPP Approach”

aProduction

Economy,25th (December 24, 2008)

Heterogeneous-Agent

8th Panel Survey Conference

Incomplete Market Models”
18th (November 29-30, 2008)

co-organized with the COE Programs by Keio

Seminar on International Trade and FDI

University and Osaka University, and the Institute ofco-organized with the Center for Research on

Social Science at the University of Tokyo
26th (January 5, 2009)

Contemporary Economic Systems
19th (December 2, 2008)
Industrial

Organization

Data Archive / Supervisory Group Seminar
and

Labor

Economics

Harry Wu (the Hong Kong Polytechnic University),Workshop“The Productivity Race between India and China in

Masato Nishiwaki (Graduate School of Economics,

Manufacturing during the Reform Era”
27th (January 6, 2009)

Hitotubashi University), “Horizontal Mergers and2nd cfee Conference for Education of Financial

Investment Dynamics in a Sunset Industry”

9Engineering

Analysis for Copyright Infringement"

co-organized

with

the

Centerfor

34th (February 7, 2009)

FinancialEngineering Education at Hitotsubashi University

Public Economics Seminar for Young Researchers

and the Support Program for Improving Graduate

co-organized with the Center for Research on

School Education by the Ministry of Education,

Contemporary Economic Systems

Culture, Sports, Science and Technology

35th (February 10, 2009)

28th (January 10-12, 2009)

International Trade and FDI Workshop“Hitotsubashi Lecture and Workshop on Choice,co-organized with the Center for Research on

Games, and Welfare”

Contemporary Economic Systems

co-organized with the Center for Research on

Yasuhiro Sato (Osaka University), “Trade andContemporary Economic Systems

Mergers in the Presence of Firm Heterogeneity”th

36th (February 17, 2009)29 (January 13, 2009)
Industrial
Workshop

Organization
/

and

Labor

Macroeconomics

Economics

andWorkshop for Young Researchers

Financeco-organized with Graduate School of Economics,

Workshop

the University of Tokyo

Migiwa Tanaka (the Hong Kong University ofMarc Rysman (Boston University), “Dynamics ofScience and Technology), “Estimating Dynamic

Consumer Demand for New Durable Goods”

Demand for Housing and Resale Transactions, the37th (February 19, 2009)

Case of Japan”

G-COE Lecture for Young Researchers

th

Marc

30 (January 20, 2009)
Industrial
Workshop

Organization
/

and

Labor

Macroeconomics

Economics

andRysman(Boston

University),"Structural

Estimation in Industrial Organization"
38th (February 19, 2009)

Finance

Workshop

Asian Historical Statistics (ASHSTAT) West Asia

Shunsuke Managi (Yokohama National University),Group Seminar“Total Factor Productivity Growth and Convergence

39th (February 20, 2009)

in Petroleum Industry: Testing for Non-Convexity”

Global COE Workshop for Young Researchers:st“Patent Pools and Standards Workshop: Theory and

G-COE Seminar

Empirical Evidence”

co-organized with the Center for Research on

co-organized with the Law and Economics Group,

Contemporary Economic Systems

Hitotsubashi University

Hodaka Morita (University of New South Wales),40th (February 21, 2009)“FDI, Technology Spillover, and Vertical Product

Global COE Lecture for Young Researchers

Differentiation”

Jay Pil Choi (Michigan State University), “Topics inndAntitrust Economics”

31 (January 27, 2009)

32 (January 28-29, 2009)
Global COE Lecture for Young Researchers

41st (February 27-28, March 1, 2009)

John Panzar (University of Auckland / Northwestern

1st Winter Institute of Macroeconomics

University), "Networks and Competition"

co-organized by Shin-ichi Fukuda (the University ofrdTokyo), Koichi Futagami (Osaka University), Akihisa

33 (January 30, 2009)
WorkshopforIntellectual

Property:

Law

and

Shibata (Kyoto University), Etsuro Shioji and Makoto

Economics

Saito (Hitotsubashi University)

Yasuhiro Arai (Ph.D. Candidate, Department of

42nd (March 4, 2009)

Economics, Hitotsubashi University), "Economic

Hitotsubashi G-COE One-Day Trade Workshop

10

co-organized with the Center for Research on

45th (March 7, 2009)

Contemporary Economic Systems

3rd Hitotsubashi University-Kansai Academia

43rd (March 5-6, 2009)

Forum on Economic Outlook and Policy Responses:

Hitotsubashi G-COE Lectures on International Trade

From a Financial Crisis to an Economic Crisis

co-organized with the Center for Research on

co-organized with Osaka University COE Program

Contemporary Economic Systems“Human Behavior and Socioeconomic Dynamics”

Alan Woodland (University of New South Wales),46th (March 9, 2009) Contemporary Normative Theory“Duality

Seminarapproach

in

trade

theory”

Pascalis

Raimondos-Moller (Copenhagen BusinessShin-Wook Kang (Korea Institute for Health and

School), “Tax issues in international trade”

Social Affairs), “Income Inequality in Korea afterth

44 (March 5-7, 2009)

1997”

Hitotsubashi Game Theory Workshop 2009

Release of Long-Term Economic Statistics of Taiwan
Hitotsubashi University’s G-COE Hi-Stat Program isworking on the publication of the Asian Historical

Chapter 9 Foreign trade
Chapter 10 National accounts

Statistics (ASHSTAT) series. Written and edited byPart II Statistical Part

Toshiyuki Mizoguchi (editorial supervisors: Konosuke
Odaka, Osamu Saito and Kyoji Fukao), the first

Dedicated to statistics, Part II provides estimation

volume in this series, titled Long-Term Economic

results on a chapter-by-chapter basis. The tables have

Statistics of Taiwan, was published in December 2008

been produced by independently estimating andby Toyo Keizai, Inc. The contents of the book are asorganizing the statistical data for the Taiwanese

follows.

economy spanning a period of 100 years covering theentire 20th century. The book comes with a CD-ROM,

Part I Descriptive Part

which contains the statistical data and papers cited in

Chapter 1 Characteristics and development of

the descriptive part. The CD-ROM allows readers to

Taiwan’s statistical system

more

Chapter 2 Population"Long-Term Economic Statistics of Taiwan is not a

Chapter 3 Labor force

mere collection of existing statistics but provides new

Chapter 4 Production activity: Primaryestimates using a vast range of materials andindustry

compiles long-term historical statistics based on the

Chapter 5 Production activity: Secondary

System of National Account (SNA)," says Tokihikoindustry

Settsu, a COE researcher closely involved in the

Chapter 6 Production activity: Tertiary

preparation of the Taiwan volume since 2003.

closely

study

the

estimation

procedure.

The ASHSTAT series is expected to comprise a totalindustry
Chapter 7 Financial statistics andof 12 volumes. Following the Taiwan volume, the next

commodity prices

volume will be that on Vietnam, followed by those on

Chapter 8 Private consumption and

China, South Korea, Thailand, India, the Philippines,

capital formation

Indonesia, Turkey and Egypt, Russia, Central Asia,

11and finally Japan. “The Taiwan volume will act as aformatmodel for the rest of the series, not only in terms ofconsideration.” With the first volume published at longestimation methods, but also in terms of the style oflast after elaborate revisions over a long period of time,

the text and the statistical tables for the entire series,”

we will continue our efforts to publish the othersays Settsu looking back on the editing process. “Thevolumes of the ASHSTAT series.

has

been

determinedthrough

Global COE Hi-Stat Newsletter No. 1 (March 2009)
Issued by Hitotsubashi University Global COE Program
Research Unit for Statistical and Empirical Analysis in Social Sciences
c/o Institute of Economic Research, Hitotsubashi University
2-1 Naka, Kunitachi, Tokyo 186-8603 Japan
Tel: +81-42-580-8386
Fax: +81-42-580-8376
E-mail: GCOE-info@ier.hit-u.ac.jp
URL: http://gcoe.ier.hit-u.ac.jp/english

12

careful