Global COE Hi-Stat Newsletter

No. 9 (March 2013)

Contents
Hitotsubashi University Policy Forum/Global COE Open Forum “What’s the Use of Economics?”
Yukinobu Kitamura… 1
GAMES 2012: A Report on the 4th World Congress of the Game Theory Society
Takeshi Nishimura… 3
Report on Research Visit: Technological Change and Productivity During the Early Twentieth Century
Pieter Woltjer... 5
Discussion Papers ...6
Seminars and Conferences ...9Awards …14
Ph.D. Conferments …14

Hitotsubashi University Policy Forum/Global COE Open Forum“What’s the Use of Economics?”
Yukinobu Kitamura
Program Sub-Leader / Leader, Micro Analysis (Households/Corporations) Group
Professor, Institute of Economic Research, Hitotsubashi University
On December 14, 2012, the Hitotsubashi University

The first presentation at the forum was given by Prof.

Global COE Program held an open forum at the Star

Kotaro Suzumura (Hitotsubashi University emeritus

Hall of the Josui Kaikan on the topic “What’s the Use of

professor, member of the Japan Academy) andEconomics?” The forum was well attended, with more

focused on the topic “Design of Economic Institutions

than 120 participants. The choice of topic reflects theand Social Choice.” Prof. Suzumura talked about

sense among economists around the world that

historical, philosophical, and theoretical aspects of theeconomics has not been able to respond well to thedifficulties

underlying

thedemocratic

successive economic and financial crises that haveeconomic

institutions

andimprovements

plagued the world economy since the 1990s, giving

economic tools for overcoming such difficulties.

rise to various debates under similar headings. In thisFurthermore, from specific issues regarding the design

sense, the criticisms that have been leveled againstof economic institutions at the micro level hethe economics profession are not confined to Japan.

compellingly expanded his argument to wider issues

1choiceinoftheregarding the choice of economic systems andemployment placement business reformbill. In

discussed the role that economics has come to play

addition to highlighting the important part played byand the role it is expected to play in the future.

Fukuda during his lifetime, Prof. Nishizawa argued that

Next, focusing on “Development Economics andFukuda’s conviction that what mattered was improving

Natural Disasters,” Prof. Yasuyuki Sawada (University

people’s quality of life rather than simply increasingof Tokyo) discussed how in the field of development

wealth subsequently has had a large influence on theeconomics, various insurance mechanisms have been

economics profession.

devised and applied to prepare for uncertainties such

Next, looking at the role of training in economics at

as natural disasters. He highlighted how such

Hitotsubashi

University’s

mechanisms have been devised based on trials

Commerce

following scientific experimental methods and are

Commerce and Management,

subjected to policy evaluations.

(Hitotsubashi University) talked about the current stateandGraduate

Management

andSchoolof

FacultyofProf. Hideshi Ito

Prof. Daiji Kawaguchi (Hitotsubashi University)of, and issues in, “Business School Economics.”

focused on the “Discovery of Causal Relationships in

According to Prof. Ito, economics, similar to sociology

Empirical Economics.” Focusing on research thatand psychology, is a basic discipline for analyzing

treated the revision of the minimum wage law in 2007

behavioral choices of humans. He argued that one

as a natural experiment and investigated the effect of

aspect of studying economics is that rather than

the increase in the minimum wage on employment of

examining issues in business organizations in a

the young, he suggested that the higher the increase

vertical fashion it involves dissecting them in a

in the minimum wage in a particular region, the larger

horizontal fashion. He further explained that when

was the decrease in the employment rate amongorganizations do not necessarily function as a group of

teenagers. He illustrated how, because the increase inindividuals making rational decisions, taking an

the minimum wage rate differed by region, it became

economics

possible to analyze the effect on employment of theunderstand various issues related to organizations.

young as though it were an experiment. He closed his

Finally,approach
Prof.

can

Yukinobu

makeit

Kitamura

possibleto(Hitotsubashi

presentation by arguing that the accumulation of

University) argued that during the recent financial crisis,

straightforward empirical research such as this helps

historical experience provided important lessons. As

to consolidate our understanding of economic issues.

anexample,

he

cited

the

quantitativeeasing

The topic chosen by Prof. Tamotsu Nishizawa

conducted by western central banks based on the(Hitotsubashi University) was “Economists in thelessons of financial crises in the United Kingdom

History of Economic Thought.” He concentrated induring the 19 century and the Great Depression. In

particular on Tokuzo Fukuda, who was active in the

Lombard Street, which provides a prescription for

prewar period. Following the Great Kanto Earthquake

recovering from a major depression, Walter Bagehot(1923), Fukuda conducted a detailed unemployment

argued that the central bank should act as a lender ofsurvey and wrote The Principles of Economic

last resort and provide unlimited amounts of liquidity to

Reconstruction and Some Issues, in which he argued

troubled financial institutions, but should do so atthat the first principle of reconstruction must be thepunitively high interest rates. In fact, today we are areconstruction of people’s livelihoods, that is, theirlong way from punitive interest rates and have in fact

daily

as

entered a world of zero interest rates. Although it isemployment opportunities. Fukuda, moreover, played

important to pay attention to historical experience, it

a role in the decision to revise housing legislation asneeds to be interpreted taking current circumstances

well as measures to prevent unemployment and theinto account, as history does not repeat itself in exactly

life

and

business

activities,

as

well

th

2

the same fashion. Thus, it is important to understandprovided the audience with an opportunity to ask

particular patterns while at the same time being aware

questions, to which the panelist responded as much asof circumstances and constraints that are peculiar totime would allow. The consensus that emerged wastheir specific setting and time.

that economics has no choice but to steadily
accumulate more research and work diligently so as tobe useful to people’s lives.
Handouts and video clips (in Japanese) of the open
forum can be found on the following website:
http://www.hit-u.ac.jp/kenkyu/project/forum.html
http://www.hit-u.ac.jp/function/outside/news/2013/0128.html

This article originally appeared in Hitotsubashi University's
Hi-Stat Vox Series as Hi-Stat Vox No. 26.

The panel discussion that followed the presentations

GAMES 2012: A Report on the 4th World Congress of the Game Theory Society
Takeshi Nishimura
JSPS Research Fellow
Department of Economics, Hitotsubashi Universityth1994 Nobel prize in economics, and Eric Maskin andWorld Congress of the Game Theory Society held at

Roger Myerson, joint winners of the 2007 Nobel prize,

Bilgi University in Istanbul, Turkey, from July 22 to 26,

as well as many other eminent scholars from around2012, and to present a paper on my research there.

the world.

Last summer, I had the opportunity to attend the 4

The World Congress is a large global conference
sponsored by the Game Theory Society, which is held
every four years. The first such conference was held in
Bilbao, Spain, in 2000, followed by the second
conference in 2004 in Marseille, France, and the third
conference held at the Kellogg School of Managementin Evanston, USA, in 2008. The conference in Istanbul
thus was the fourth in this series, which truly deserves
its reputation as the leading global venue for gametheorists, including, as it did, a panel discussion with
Galata Bridge on the Golden Horn in Istanbul (taken by theJohn Nash and Reinhard Selten, joint winners of the3expected revenue. In standard mechanism design

author)The conference had about 170 sessions, at whichmodels, it is assumed that only agents have private

about 560 papers were presented, covering more or

information and that the principal has no private

less all areas in the field of game theory. To give an

information whatsoever. In practice, however, it isillustration: areas covered include bargaining theory,

natural to assume that the seller (principal) has private

repeated game, evolutionary game, auction theory,

information on the value and quality of an asset, andmatching,

theory,analyzing this kind of problem where the principal hasbounded rationality, etc. My own specialization isprivate information is what “informed principal theory”

auction theory, and there were ten sessions alone that

deals with. Both Roger Myerson and Eric Maskin are

included the word “auction” in the title. Auction theory

conducting

goes back to a seminal paper published by William

principal theory and participated in that session. Being

Vickrey in 1961, and subsequent studies in the fieldable to present my own research in front of these twohave produced many important results, such as thescholars was a great privilege.

mechanism

design,contract

leading edge

research on informed

revenue equivalence theorem, which shows that

The title of the paper I presented was “Scoring

different auction rules bring about the same expected

Auction by an Informed Principal,” which considers arevenue for sellers, and rules for optimal auction

situation

design to maximize the expected revenue for sellers. At

procurements for public infrastructure projects such as

this conference, too, there were many interesting

highways and bridges (the “principal”), has private

papers presenting novel results. Shmuel Zamir of theinformation on the parameters that affect both the

Hebrew

example,consumer surplus of such public infrastructure projects

presented a paper in which, by relaxing assumptions

and their construction costs. Moreover, regarding theimposed in preceding studies, he showed that there

mechanism that the procurement authority uses, theexist multiple Bayesian-Nash equilibria in asymmetricanalysis focuses on a type of auction rule calledfirst-price auctions. The large number of sessions on

scoring auction. This is a bidding method widely usedauction theory at the conference made me appreciate

in public procurements and in Japan is called thethat although auction theory is a field with a venerable“comprehensive evaluation method for bidding.” As

tradition, it still holds great interest for a large number ofthis name suggests, potential contractors participating

researchers.

in the bid need to present their proposals not only in

UniversityofJerusalem,

for

in

which

an

authority

inchargeof

I presented my own paper at the “Informed Principal”

terms of the price, but, at the same time, also in terms

session, which was held on the second day of theof the delivery schedule and safety considerations, andconference. Informed principal theory is an area in thethe contract for construction is awarded to thefield of mechanism design (or contract theory).

contractor that attains the highest score based on a

Mechanism design, in turn, essentially refers to

pre-announced scoring rule. A key finding of thetheories for analyzing how to design mechanisms in theanalysis is that when comparing the case in which thepresence of information asymmetry. Typically, theabove-mentioned parameters are private information

mechanism designer is called the “principal,” andof the principal and the case where those parameters

players participating in the mechanism are called

are common knowledge among the players, given“agents.” For example, in optimal auction design, thesufficient conditions, the social surplus in the case of

seller (principal), because he does not know buyers’

the former exceeds that in the case of the latter.

(agents’) valuation of an asset, aims at designingOn the evening of the second day of the conference,

auction rules that allow him to smoothly extract private

the conference dinner was held on the campus of Bilgi

information from buyers and maximize his own

University, where I was able to talk with Filippo

4Balestrieri, who participated in the “Informed Principal”

opportunity to present my own research, but also tosession. While I had had the opportunity to correspondstay abreast of the latest research on game theory andwith him by email about our research before the

network with overseas and Japanese scholars. I would

conference, this was the first time I actually met him in

like to take this opportunity to express my sincere

person. And on the evening of the fourth day of thegratitudeconference, after going on a cruise of the Bosporus, I

consistently provided guidance to me. Moreover, I

joined the conference dinner at a venue on the shore.

would like to express my heartfelt thanks to the

In the transfer bus, I made the acquaintance ofHitotsubashi Global COE Program for financial support

Professor Theo Driessen of the University of Twente infor participating in this conference.

to

Professor

Akira

Okada,

whohas

the Netherlands and was able to talk with him, among
other things, about his experience when he visited

The program of the 4th World Congress of the GameJapan. One of the important outcomes of the

Theory Society can be found online at:conference thus was that it also allowed me to network

http://games2012.bilgi.edu.tr/Program-Participants.html

with overseas researchers.
All in all, the conference was an extremely valuable
experience that not only provided me with theReport on Research Visit: Technological Change and Productivity During the Early Twentieth Century
Pieter Woltjer
COE Visiting Young Researcher
Faculty of Economics and Business, University of Groningen

Traditionally, economic historians have been more

the first place. This way, we strengthened the view that“numbers shy” than economists. However, as the work

the 1930s were actually a period of great technologicalof the late Angus Maddison has shown, collecting andprogress in the United States, as highlighted by the

combining data can also lead to important new insights

development of products such as nylon and theinto economic history. This is also a guiding principle

television for instance.

behind the work being done at the Groningen Growth

My research focuses on Britain’s inability to keep up

and Development Centre (GGDC), as well as thewith U.S. labor-productivity growth during the 1920s

economic history group at my department led by

and 1930s. Explaining the dichotomy between theProfessor Herman de Jong.

AmericanandEuropean

growthexperience,

By going back to old statistical material, our grouptraditionally referred to as the “transatlantic productivity

has been able to show that despite the Greatgap,” calls for an answer to the million-dollar question

Depression, the United States managed to improve its

why some countries are richer than others. Althoughproductivity lead over most European countries.

the aim of my research is a bit more modest, I still

Similarly, we have been able to disprove claims thatendeavor to see whether there are lessons from thisdeclines in productivity led to the Great Depression inperiod that hold for our current situation. In many ways,

5

the financial and economic crises that plague us today

Economic Development Workshop organized by theare similar to the Great Depression of the 1930s, so

Institute of Economic Research myself. Here, I

understanding economic development in that period

discussed the productivity dynamics in British andmay well hold valuable lessons for our current

American manufacturing focusing primarily on thesituation.

transfer of technology between both countries. On the

So far we have not ventured beyond the boundaries

basis of a novel analytical framework, borrowed fromof the Western world. Still, it has always been ourdevelopment economics, I showed that Britain started

intent to link our study with research being done

to adopt modern techniques of mass-production andelsewhere. The work by Professors Fukao, Wu, andmanagerial control from the 1920s onwards. This

Yuan,

process

in

which

they

comparedtheeconomicofmodernization

allowedBritishperformance of and productivity differentials between

manufacturers to escape from the labor-intensive path

Japan, Korea, China, and the United States, stands out

which had held the British manufacturing sector in its

in this respect. Combining theiron thegrasp throughout the nineteenth century, challenging“transpacific productivity gap” – which they publishedthe traditional technological lock-in hypothesis that has

in several top-tiered economic history journals – with

commonly been invoked in the literature.

work

the work of our group will get us one step closer to a

On a personal note, as a first-time visitor to this city

truly global analysis of economic development in the(or country for that matter) I took the opportunity to

early twentieth century.

soak up some of its culture and visit a number of the

When Professor Fukao invited me to visit the Global

main tourist attractions in the general vicinity of the

COE Research Unit for Statistical and Empiricaluniversity – an experience which I thoroughly enjoyedAnalysis in Social Sciences I accepted without

andhesitation. Such opportunities do not come along often.

wholeheartedly advise visiting scholars to enjoy the

My stay at the Hitotsubashi University allowed me toinviting and cosmopolitan atmosphere here in Tokyo.

directly access the pre-war Japanese and Korean

Lastly, I would like to take this opportunity to express

statistics as well as browse the impressive collection of

my gratitude to Professor Fukao for hosting my stay

the IER Library. First and foremost, however, my visit

here at Hitotsubashi University and thank all those who

enabled me to directly speak to the leading experts inhelped make my visit so enlightening and enjoyable.

will

not

easilyforget.

I

cantherefore

the field. These discussions gave me a general
overview of the current debates in Asian economic*

PRIMCED is a research project on “Poverty Reduction,
Institutions, Markets and Policies in Developing Countries:
Toward a Theory of Comparative Economic Development” at
the Institute of Economic Research financed by a Ministry of
Education, Culture, Sports, Science and Technology
Grant-in-Aid for Scientific Research (S).

history, introduced me to the primary statistics, andhelped me in framing a broad question for further
research.
In addition, my visit coincided with a PRIMCED*

International Research Workshop, giving me a taste ofcurrent research right off the bat. Halfway through mystay I also had the opportunity to present at the

Global COE Hi-Stat Discussion Papers (September 2012－March 2013)6No. 240 (September 2012) Eiji Satoh, “Consolidation

No. 252 (November 2012) Hui-min Lai, “The Economic

and Scale Economies in the Japanese Sewerage

Significance of the Imperial Household Department

Industry.”in the Qianlong Period.”
No. 253 (November 2012) Myung Soo Cha, “WageNo. 241 (September 2012) Asuka Takeuchi-Nogimori,“An Empirical Analysis of the Nikkei 225 Put Options

Convergence

Using Realized GARCH Models.”

1900-39.”

andDivergence

in

East

Asia,

Takahashi,

No. 254 (November 2012) Kaixiang Peng, “Rationality,

Yasuhiro Omori, and Toshiaki Watanabe, “NewsMarket and Rural Credit: Case of Fude Association.”

No.

242

(September

2012)

MakotoImpact Curve for Stochastic Volatility Models.”No. 255 (November 2012) Eiji Ogawa and Zhiqian
Wang, “The AMU Deviation Indicators Based on theNo. 243 (September 2012) Ken Yamada and Daiji
Kawaguchi,“Changing

Unchanged

Inequality:

Purchasing Power Parity and Adjusted by theBalassa-Samuelson Effect.”Higher Education, Youth Population, and theJapanese Seniority Wage System.”

No. 256 (November 2012) Eiji Kurozumi, Daisuke

No. 244 (October 2012) Hiroshi Sato and Sai Ding,

Yamazaki, and Kaddour Hadri, “Covariate Unit Root

“Ethnicity and Income in China: The Case of

Test for Cross-Sectionally Dependent Panel Data.”

Ningxia.”No. 257 (November 2012) Yuko Mori, “Voter Turnout

No. 245 (October 2012) Kazuko Kano, Takashi Kano,

and the Principle of “One Person, One Vote”:

and Kazutaka Takechi, “Exaggerated Death of

Empirical Evidence from the Constituency Freeze inDistance: Revisiting Distance Effects on Regional

India.”

Price Dispersions.”

No. 258 (November 2012) Pierre Perron and Yohei
Yamamoto, “On the Usefulness or Lack Thereof of

No. 246 (October 2012) Kazuko Kano, Takashi Kano,and Kazutaka Takechi, “The Price of Distance:

Optimality Criteria for Structural Change Tests.”

Producer Heterogeneity, Pricing to Market, andNo. 259 (November 2012) Kasahara Hiroyuki and

Geographic Barriers.”

Shimotsu

Katsumi,“TestingtheNumberofComponents in Finite Mixture Models.”No. 247 (October 2012) Kasahara Hiroyuki and
Shimotsu Katsumi, “Nonparametric Identification

No. 260 (November 2012) Hiroyuki Okamuro andand Estimation of the Number of Components in

Kenta Ikeuchi, “Work-life Balance and Gender

Multivariate Mixtures.”

Differences in Self-employment Income during the

No.

248

(October

2012)

Hiroaki

ChigiraStart-up Stage in Japan.”andTsunemasa Shiba, “Dirichlet Prior for Estimating

No. 261 (November 2012) Hiroyuki Okamuro andUnknown Regression Error Heteroscedasticity.”

Kenta Ikeuchi, “Who Is Willing to Continue BusinessNo. 249 (October 2012) Yohei Yamamoto, “Bootstrap

Start-up? An Empirical Analysis on the Founders’Inference for Impulse Response Functions in

Willingness Based on Anonymous Micro Data of the

Factor-Augmented Vector Autoregressions.”‘Employment Status Survey’” (in Japanese).

No. 250 (October 2012) Yohei Yamamoto and PierreNo. 262 (November 2012) Takashi Kurosaki andPerron, “Estimating and Testing Multiple Structural

Kyosuke Kurita, “Consumption Inequality and theChanges in Linear Models Using Band Spectral

Age of Household Heads in Developing Countries: A

Regressions.”

Comparative Study of Thailand, India, and Pakistan”

No. 251 (November 2012) Max Meulemann, Martin(in Japanese).

Uebele, and Bernd Wilfling, “The Restoration of theNo. 263 (December 2012) Kazuko Kano, “Menu Costs
and Dynamic Duopoly.”Gold Standard after the US Civil War: A Volatility
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No. 264 (December 2012) Andras Fulop, Junye Li, and7

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Learning Approach.”

Growth Pattern: Observations from the Longitudinal
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Consequences” (in Japanese).

No. 279 (February 2013) Dukpa Kim and Yohei

No. 266 (December 2012) Torben G. Andersen, Nicola

Yamamoto, “Time Instability of the U.S. Monetary

Fusari, and Viktor Todorov, “Parametric Inference

System: Multiple Break Tests and Reduced Rank

and Dynamic State Recovery from Option Panels.”

TVP VAR.”No. 267 (December 2012) Kyoji Fukao and Tangjun

No.

280

(February

2013)

Yohei

Yamamoto,

Yuan, “China's Economic Growth, Structural Change“Forecasting with Non-spurious Factors in U.S.

and the Lewisian Turning Point.”

Macroeconomic Time Series.”

No. 268 (December 2012) Jean Jacod and MarkNo. 281 (February 2013) Kei Nanamiya, “Modelling for

Podolskij, “A Test for the Rank of the Volatility

the Wavelet Coefficients of ARFIMA Processes.”

Process: The Random Perturbation Approach.”

No. 282 (March 2013) Yuko Mori, “Empirical Analysis

No. 269 (December 2012) Peter Reinhard Hansen,of Elections and Voting Behavior in India” (inAsger Lunde, and Valeri Voev, “Realized Beta

Japanese).

GARCH: A Multivariate GARCH Model with Realized

No. 283 (March 2013) Dmitry Didenko, Péter Földvári,

Measures of Volatility and Covolatility.”

and Bas van Leeuwen, “Inspiration and Perspiration

No. 270 (January 2013) Jun-Hyung Ko and Hiroshi

Factors in Economic Growth: The Former Soviet

Morita, “Regime Switches in Japanese Fiscal Policy:

Union Area versus China (ca. 1920-2010).”

Markov-Switching VAR Approach.”

No. 284 (March 2013) Tuan-Hwee Sng and Chiaki

No. 271 (January 2013) Daiji Kawaguchi, “Fewer

Moriguchi, “Taxation and Public Goods Provision in

School Days, More Inequality.”

China and Japan before 1850.”

No. 272 (January 2013) Hiroshi Kato, Haruka Usuki,

No. 285 (March 2013) Seungjin Han and Shintaro

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Report of the Amman Household Survey 2008” (inStable Job Matching Equilibrium.”No. 286 (March 2013) Yuko Mori, “More Political

Japanese).
No. 273 (January 2013) Masato Ubukata and Toshiaki

Parties, More Redistribution? Empirical Evidence

Watanabe, “Pricing Nikkei 225 Options Usingfrom State Governments in India.”

Realized Volatility.”

No. 287 (March 2013) Mieko Fujisawa, “Using Volume

No. 274 (January 2013) Yukinobu Kitamura, “Value
Added

Tax

Revisited:Towarda

Measurement for Measuring Health Care in the

Reasonable

SNA” (in Japanese).

Consumption Tax Reform in Japan” (in Japanese).
No.

275

(January

2013)

Shintaro

No. 288 (March 2013) Takuya Yamamoto and Takeshi
Sakurai, “FDI Spillover Effects in the Food Industry

Yamaguchi,“Changes in Returns to Task-Specific Skills andin Asian Countries” (in Japanese).

Gender Wage Gap.”

No. 289 (March 2013) Yosuke Okada and Takahito

No. 276 (January 2013) Yuta Koike, “Limit Theorems

Kushi,“Government-Sponsored

Cooperative

for the Pre-averaged Hayashi-Yoshida Estimator

Research in Japan: Case Study of the Organization

with Random Sampling.”

for Pharmaceutical Safety and Research (OPSR)

No. 277 (January 2013) Hiroshi Morita, “External

Program” (in Japanese).
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Shocks and Japanese Business Cycles: Evidence

8Realizability of Social Preferences in Three-Party

Uchino, “The Effects of a Megabank Merger on

Parliamentary Democracies.”

Firm-Bank Relationships and Borrowing Costs” (inNo. 291 (March 2013) Norifumi Yukutake, “The Effects

Japanese).

of the Property Tax Break for Newly-Built Houses on
Housing Investments in Tokyo” (in Japanese).

Global COE Hi-Stat Discussion Paper SeriesNo. 292 (March 2013) Iichiro Uesugi and Taisuke

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

Seminars and Conferences (August 2012－March 2013)st

301 (August 8, 2012)
SummerPolicies in Developing Countries: Toward a Theory

Workshopon

EconomicofTheoryComparative(International Economics)(PRIMCED);

theheld at Otaru University of Commerce

Foundation;

and

302

nd

(August 24, 2012)

Economic

Development”

Kambayashi

ScholarshiptheHistorical

PatternsofDevelopment and Underdevelopment: Origins and

Hitotsubashi GCOE Conference on Choice, Games,

Persistence of the Great Divergence (HI-POD)thand Welfare: Frontiers in Microeconomic Theory

305 (September 18, 2012)

co-organized with the Center for Research on

Economic Statistics Workshop

Contemporary Economic Systems

Ruijunrd

303 (August 30-September 2, 2012)

Bu

(The

SemiparametricofLiverpool),

“A

Model

Based

on

University
Diffusion

The 2nd Summer School on Analytical Political

Reducible Stochastic Differential Equations andEconomy: Equality and Welfare

Pseudo Maximum Likelihood Estimation”
thco-organized with the Center for Research on

306 (October 2, 2012)

Contemporary Economic Systems

Global COE Seminar

Reiko Goto (Ritsumeikan University), Takao Sasaki

co-organized with the Workshop on International(Hokusei Gakuen University), Naoki Yoshihara

Trade and FDI, the Center for Research on(Hitotsubashi University), Toru Maruyama (KeioContemporary Economic Systems, the Industrial

University), Hiroyuki Yoshida (Nihon University),

Organization and Labor Economics Workshop, theYoshiyasu Ono (Osaka University), Takashi Ono

Macroeconomics and Finance Workshop, and the(Ritsumeikan University), and Hiroaki Sasaki (Kyoto

International Exchange Seminar

University)

Avinash Dixit (Princeton University), “ReciprocalthInsurance among Kenyan Pastoralists”

304 (September 13-15, 2012)
2012

Asian

Historical

Economics

thConference

307 (October 4, 2012)th(AHEC)46 Global COE Research Workshop

co-organized with the Economic History Society;

Yuki Onozuka (Hitotsubashi University), “Illusive

CentreImprovement: Gender Wage Gap and Sample

for

GlobalEconomic

History,

Utrecht

University; Center for Economic Institutions, InstituteSelection in Japan”

of Economic Research, Hitotsubashi University;

308 (October 5, 2012)thGrant-in-Aid for Scientific Research (S) project

Economic Statistics Workshop“Poverty

co-organized with the Grant-in-Aid for Scientific

Reduction,

Institutions,Markets

and

9

th

Research (A) project on “Econometric Analysis of314 (November 6, 2012)

Macroeconomic Policy under the Financial Crisis”

Industrial

and the International Exchange SeminarWorkshop

Chang-Jin Kim (University of Washington, Korea

co-organized with the Contract Theory Workshop

University), “A Markov-Switching Dynamic Factor

East (CTWE)

Model

ClaudeoftheBusiness

Cycle

with

Evolving

Regime-specific Mean Growth Rate”

MenardandLabor(Université

Economics

deParis,

Pantheon-Sorbonne), “Plural Forms of Organization:thWhere Do We Stand?”309 (October 16, 2012)
Industrial

Organization

Organization

and

Labor

th

Economics

315 (November 8, 2012)th

Workshop

47 Global COE Research Workshop
University),

Kazuhito Higa (Hitotsubashi University), “Estimating“Embeddedness as a Catalyst for Sub-optimized

Upward Bias in the Japanese CPI Using the Engel's

Resource Matching in Alliance Networks”

Law”

Hitoshi

Mitsuhashi

(Keio

th

th

310 (October 23, 2012)
Industrial

316 (November 13, 2012)

Organization

and

Labor

Economics

Industrial

Organization

and

Labor

Economics

National

University),WorkshopWorkshopco-organized with the Macroeconomics and Finance

Kozo

Workshop“Product and Labor Market Imperfections and Scale

Masaru Sasaki (Osaka University), “Measuring the

Economies: Micro-evidence on France, Japan andLong-Lasting Impact of the Natural Disasters: A

the Netherlands” (with Sabien Dobbelaere andCase of the 1995 Hanshin-Awaji Earthquake”

Jacques Mairesse)thKiyota(Yokohamath311 (October 23, 2012)

317 (November 15, 2012)th

Workshop on International Trade and FDI

48 Global COE Research Workshop

co-organized with the Center for Research on

Yawen

Contemporary Economic Systems

Relationshipbetween

SmokingJames Markusen (University of Colorado Boulder),Wages:

Analysis

Using“Per-Capita

Japanese)

Incomeasa

Determinant

of

Sun
An

(Hitotsubashi

th

The

Third

“High-Frequency

co-organized with the Center for Research on

Markets”

Contemporary

co-organized

theConiglio(University

of

and

Data”

(in

with

Data
the

Analysis

ConferenceinFinancial

Hitotsubashi

University

Research Project “Economic Analysis of Financial

International Exchange Seminar
NicolaPanel

International

Workshop on International Trade and FDI
andBehavior

318 (November 16-18, 2012)

312 (October 30, 2012)

Systems“The

thInternational Economic and Environmental Policies”

Economic

University),Bari),“Climate

Crisis,Disaster,andGlobalization

Using

Variability and International Migration: What Are theLarge-Scale and High-Frequency Data,” FY2012

Links?”

Joint Usage/Research Center Project “Econometricth313 (November 2, 2012)

Analysis of the Microstructure and Volatility in

Economic Statistics Workshop

Financial Markets Using High-Frequency Data,”

Roberto Leon-Gonzalez (National Graduate Institute

Hiroshima University of Economics Grant-in-Aid for

for

Gamma

Scientific Research (B) project on “Development of aAutoregressive Processes for Stochastic Volatility

Progress Model in Financial Time Series andwith Jumps”

Statistical Inference,” and Hiroshima University

PolicyStudies),“Fat-Tailed

10Social Choices in Three-Party Systems”

Torben Andersen (Northwestern University), PeterthHansen (European University Institute), Siem Jan
Koopman(VU

University

Amsterdam),325 (December 4, 2012)Mark

Workshop on International Trade and FDI

Podolskij (Heidelberg University), Almut Veraart

Tomohiko Inui (Nihon University), “Bank's Role as(Imperial College London), Jun Yu (Singapore

an Information Provider for Exports: Evidence fromManagement University), and others

Listed and Unlisted Firm Data” (with Keiko Ito andth319 (November 17-18, 2012)

Daisuke Miyakawa)thth

7 Applied Econometrics Conference

326 (December 8-9, 2012)

co-organized with the Osaka University Global COE

Hitotsubashi G-COE Conference on International

Program “Human Behavior and Socioeconomic

Trade and FDI 2012

Dynamics”

co-organized with the Center for Research onth

320 (November 20, 2012)

Contemporary Economic Systems

Workshop on International Trade and FDI

Richard Baldwin (Graduate Institute of International

co-organized with the Center for Research on

andContemporary Economic Systems(Dartmouth College), Thomas Chaney (Toulouse

Ayumu Tanaka (Research Institute of Economy,

School of Economics), Pao-Li Chang (Singapore

Trade and Industry), “The Effects of FDI on

Management

University),

Taiji

Furusawa

Domestic Employment and Workforce Composition”(Hitotsubashi

University),

Amit

Khandelwal

Development

Studies),Andrew

Bernardst(Columbia University), James Markusen (Universityth

49 Global COE Research WorkshopofGeert Schreurs (Hitotsubashi University), “Economic(Northwestern University), Thierry Mayer (Sciences

Growth in Early Modern Japan―Measurement andPo), Hiroshi Mukunoki (Gakushuin University), Peter

International Comparison”

Schott (Yale University), Yoichi Sugita (Stockholm

321 (November 22, 2012)

322

nd

(November 23-24, 2012)

Colorado

SchoolofWorkshop on Analytical Political Economy in Japan

University),

co-organized with the Center for Research on

University)

Contemporary

Economic

Systemsand

Boulder),

Economics),
andKiminori

Matsuyama

HeiwaiJonathan

Tang

Vogel

(Tufts(Columbiaththe327 (December 13, 2012)
st

International Exchange Seminar

51 Global COE Research Workshop

Kazuhiro Kurose (Tohoku University / Institute of

Masanori

Economic

Methods,“Rural Industry in the Late Tokugawa and Early Meiji

Università Cattolica del Sacro Cuore), Nanako Fujita

Japan: Analysis of Demographic and Production(Nagoya City University), and Shinya Fujita (Nagoya

Data”

TheoryandQuantitative(Hitotsubashi

University),th

University)

328 (December 14, 2012)rd323 (November 27, 2012)
Industrial

Takashima

Organization

Open Forum: What's the Use of Economics?
and

Labor

Economics

co-organized with Hitotsubashi University Policy

Workshop

Forum

Takashi Unayama (Hitotsubashi University), “TheYukinobu Kitamura (Hitotsubashi University), Kyoji

Tendency to Stay Single and Gender Wage Gap inFukao (Hitotsubashi University), Yasuyuki Sawada

Japan” (in Japanese)(University of Tokyo), Daiji Kawaguchi (Hitotsubashith

University),th

50 Global COE Research Workshop

University), Kotaro Suzumura (Waseda University /Kazuya Kikuchi (Hitotsubashi University), “Feasible

Hitotsubashi

324 (November 29, 2012)11

Tamotsu

Nishizawa

University),

and(Hitotsubashi
HideshiItoKazuki Onji (Australian National University), “Who(Hitotsubashi University)th329 (December 17-18, 2012)

Participates

IncomeTaxthEconomic GrowthwithCorporate

Consolidation? Evidence from Japan”

Workshop on Intangibles, Innovation Policy andco-organizedin

335 (January 29, 2013)
theResearch

InstituteofOne-day Trade Workshop

Economy, Trade and Industry (RIETI) and theco-organized with the Center for Research on

Gakushuin University Grant-in-Aid for ScientificContemporary

Research (S) project “Empirical Research on

International Exchange Seminar

Intangible Investment in Japan (ERII)

Tomohiro Ara (Fukushima University), Jay Pil Choi

Ahmed Bounfour (University of Paris-South), Kyoji(Michigan State University), Isao Kamata (University

Fukao (Hitotsubashi University), Keun Lee (Seoul

of

National University), Tsutomu Miyagawa (Gakushuin(University of Colorado Boulder)Wisconsin-Madison),

and

and

Keith

the

Maskus336 (February 5, 2013)th

Research Workshop “Econometric Analysis of the

330 (December 18, 2012)
Organization

Systemsth

University), and others
Industrial

Economic

and

Labor

Economics

Microstructure and Volatility in Financial Markets

Workshop

Using High-Frequency Data”

co-organized with the International Exchange

co-organizedSeminar

FY2012 Joint Usage/Research Center

Niclas Ruffer (University of Mannheim), “The“Econometric Analysis of the Microstructure andEnrolment in an R&D Subsidy Program for SMEs:

Volatility in Financial Markets Using High-Frequency

Evidence from South-West Germany”

Data” and the Hitotsubashi University Research

st

with

the

Hitotsubashi

University
Project

Project “Economic Analysis of Financial Crisis,

331 (December 19, 2012)
12th Panel Survey Conference

Disaster, and Globalization Using Large-Scale andco-organized with the Institute for Research on

High-Frequency Data”

Household Economics, the Global COE Programs of

337 (February 8, 2013)

Keio University and Osaka University, and the

Global COE Seminar

Institute of Social Science at the University of Tokyo

Manabu Nose (The World Bank), “Micro Responses

332

nd

th

(January 12-13, 2013)

to Disaster Relief Aid”
th

Hitotsubashi Conference on Econometrics 2013

338 (February 14, 2013)

co-organized with the Kansai Keiryo Keizaigaku

One-day Workshop on International Trade andKenkyukai [Kansai Econometric Society] and theIndustrial Organization

Quantitative

Kaz Miyagiwa (Florida International University),

Economics

andPolicyAnalysis“Size Matters: Who is Bashing Whom in Trade

Working Group, Science Council of Japanrd

333 (January 15, 2013)

Wars?”

Workshop on International Trade and FDI

Arghya Ghosh (University of New South Wales),Tran Lam Anh Duong (Hitotsubashi University), “An“Trade Liberalization and IPR Protection with

Analysis of Changes in Wealth Distribution, Credit

Endogenous Absorptive Capacity”

Transition and Development upon the Entrance of

Hodaka Morita (University of New South Wales),Foreign Direct Investment Firms”“Choice of Product Architecture, Product Quality,thand Intra-Firm Coordination: Theory and Evidence”

334 (January 15, 2013)
Industrial

Organization

and

Labor

th

Economics

339 (February 21, 2013)

WorkshopGlobal COE Hi-Stat Seminar12

co-organized with the Workshop on Economic

Technology Transfer during the Early Twentieth

Theory and the Global Leaders Seminar

Century”th345 (March 19, 2013)

Danielle Catambay (University of Pennsylvania),“Choice in the Context of Reference Points”
th
340 (March 1-3, 2013)
International

Conference

International“The

WorkshopPossibilities

andLimitations of Social Surveys in Study on Arab

“FrontiersinSocieties: Perspectives on the Arab Spring”

Macroeconometrics”

Ikhlas Al Aranki (Department of Statistics, The

co-organized with the Grant-in-Aid for ScientificHashemite Kingdom of Jordan) and others

Research project on “Econometric Analysis ofth346 (March 19, 20, 2013)

Macroeconomic Policy under Financial Crisis” andtheHitotsubashi

University

Research

G-COE International Conference on Equality andProject“Economic Analysis of Financial Crisis, Disaster, andWelfare 2013

Globalization

co-organized with the Center for Research on

Using

Large-Scale

and

High-Frequency Data”

Contemporary

Gianni Amisano (ECB), Sungbae An (Singapore

International Exchange Seminar

Management University), Francesco Bianchi (DukeGeir B. Asheim (University of Oslo), Michele

University), Ippei Fujiwara (Australian National

Lombardi

University),

Matsushima (University of Tokyo), John E. Roemer

Kyuho

Kang

(KoreaUniversity),

Munechika Katayama (Louisiana State University),(Yale

Jae-Young Kim (Seoul National University), Jinill(University

University),

University),

Kim (Korea University), Soyoung Kim (Seoul

Economic

Shin

Systemsof

Glasgow),

Tatsuyoshi
Sato

and

Saijo

(FukuokatheHitoshi(OsakaUniversity),

Arunava Sen (Indian Statistical Institute), William

National University), James Morley (The Universityof New South Wales), Rodney Strachan (AustralianThomson (University of Rochester), Yongsheng Xu

National University), Woong Yong Park (University(Georgia State University), and Naoki Yoshihara

of Hong Kong), and Jun Yu (Singapore Management(Hitotsubashi University)th

University)st341 (March 5, 2013)

347 (March 18 and March 21, 2013)
G-COE Lectures on Social Choice and Welfare 2013th

5 Meeting for the Global COE Hi-Stat Program342

ndYongsheng(March 9, 2013)

Xu(Georgia

State

University),“Measuring Deprivation and Living Standards in a

Winter International Trade Seminar

Multi-dimensional

held at Otaru University of CommerceThomson (University of Rochester), “Axiomaticrd343 (March 14, 2013)
with

and

WilliamAnalysis of Resource Allocation Rules I: Time

Hitotsubashi One-day Trade Workshop
co-organized

Framework,”theInternational

Exchange

SeminarDivision,”“Axiomatic

Analysisof

Allocation

Rules

Division

Problems

II:

Resource
withSingle-Peaked Preferences”

Rodney Falvey (Bond University), Yan Ma (Kobe

348 (March 22, 2013)

University), and Morihiro Yomogida (Vanderbilt

Global COE Lecture

University)

Peter Hammond (University of Warwick), “Socialthth

344 (March 15, 2013)
Economic Development Workshop

Choice and Individual Well-being: What Data Might
Be Relevant?”

co-organized with the Center for Economicth349 (March 22, 2013)

Institutions, Institute of Economic Research

Pieter

Woltjer“Declinism

vs(UniversityofGroningen),

Americanism:

Transatlantic

International Workshop “Statistical System and theState of Statistics in Jordan”
Ikhlas Al Aranki (Department of Statistics, The

13

Hashemite Kingdom of Jordan), Yoshiyuki Kitazawa

Past Seminars(Kyoto Sangyo University), Erina Iwasaki (Kyoritsu

http://gcoe.ier.hit-u.ac.jp/english/events/past_seminars

Women's University), and Hiroshi Kato (Hitotsubashi/index.html

University)AwardsJapan Statistical Society Research Achievement

Realized Volatility” at the commendation ceremony on

Prize

September 10.

Prof. Toshiaki Watanabe, Program Member of theth

Global COE Hi-Stat Program, and Prof. Yasuhiro

55 Nikkei Economics Book Award

Omori (University of Tokyo), COE Visiting Scholar,

Prof. Kyoji Fukao, Leader of the Global COE Hi-Statthjointly received the 6th

Research Achievement Prize

Program, won the 55 (2012) Nikkei Economics Book

from the Japan Statistical Society. They delivered aAward for his book, The Structural Causes of Japan's

presentation titled “A Realized Stochastic Volatility“Two Lost Decades”: Forging a New Growth Strategy

Model: Simultaneous Modeling of the Daily Return and(in Japanese, Nikkei Publishing Inc., 2012).

Ph.D. Conferments (Economics, Hitotsubashi University, FY2012)
Underlined Chief Supervisors are G-COE Hi-Stat Program Members.

Jun-Hyung Ko
Dissertation

Title:”Essayson

Macroeconomic

Tomoko Iwasa

Fluctuations and Optimal Monetary Policy”

Dissertation Title: “Nihon kigyo ni yoru kaigai kenkyu

Date of Award: April 27, 2012

kaihatsu katsudo to gijutsu chishiki sohshingu” [TheChief Supervisor: Naohito Abe

Role of Overseas R&D Activities in Technological
Knowledge Sourcing: An Empirical Study of Japanese

Tetsushi

Murao(FY2008

Research

Firms]

Assistant,

FY2010-2011 COE Young Researcher)

Date of Award: May 31, 2012

Dissertation Title: ”Bumon-kan kigyo-kan no shigen

Chief Supervisor: Kyoji Fukao

sai-haibun to seisan-sei” [Resource Reallocation
among Firms and Divisions and Productivity]*The original title of the dissertation in Japanese is given italics. The

Date of Award: April 27, 2012

title in square brackets is a provisional translation by the editorial

Chief Supervisor: Takashi Kurosaki

team of the Global COE Hi-Stat Newsletter.

14

Global COE Hi-Stat Newsletter No. 9 (March 2013)
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: +81-42-580-8333
E-mail: GCOE-info@ier.hit-u.ac.jp
URL: http://gcoe.ier.hit-u.ac.jp/english/

15