2012年　Macroeconomics and Econophysics研究会　開催報告

オーガナイザー
　稲葉大　（関西大学・キヤノングローバル戦略研究所）
　大西立顕　（東京大学・キヤノングローバル戦略研究所）
　奴田原健悟　（専修大学・キヤノングローバル戦略研究所）
　水野貴之　（国立情報学研究所・キヤノングローバル戦略研究所）
　白井大地　（キヤノングローバル戦略研究所）

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第27回
●日　時： 2012年11月9日（金）　17:00-
●発表者： 祝迫達郎（IWAISAKO, Tatsuro) 大阪大学
●タイトル： Intellectual Property Rights and Foreign Direct Investment: A Welfare Analysis
(coauthored with Hitoshi Tanaka)
●Abstract： This paper examines how intellectual property rights (IPR) protection affects innovation and foreign direct investment (FDI) using a North--South quality-ladder model incorporating the exogenous imitation of technology and subsidy policies for both R\&D and FDI. We show that for the interior steady state to be stable, either of the R&D or FDI subsidy rates must be positive. Our findings also indicate that strengthening IPR protection promotes both innovation and FDI. After analytically conducting welfare analysis, we find that strengthening IPR protection has welfare effects both through promoting innovation and by changing the number of competitive imitated goods sectors. We then show that the positive welfare effect tends to outweigh the negative welfare effect and, therefore, strengthening IPR protection can improve welfare if initial IPR protection in the South is weak.

第26回
●日　時： 2012年10月20日（土）　15:30-17:30
●発表者： 新居理有（ARAI, Real) 広島大学
●タイトル: "Is Public Debt Growth-Enhancing or Growth-Reducing?"
（國枝卓真[香港城市大学]および西田圭吾[京都大学大学院]との共同研究）

第25回
●日　時： 2012年7月25日（水）　16:00-18:00
●発表者： 新谷元嗣　（SHINTANI, Mototsugu) Vanderbilt University
●タイトル： Measuring International Business Cycles by Saving for a Rainy Day (with Mario J. Crucini).
●Abstract： We examine the business cycles of the member countries of the G-7 and Australia based on the cyclical measure considered by Cochrane (1994). The measure is motivated by the prediction that the representative consumer changes savings in response to temporary deviations of income from its stochastic trend, while satisfying a long-run budget constraint. We also compare Cochrane's original cyclical measure and an alternative simple saving-based measure and show that they track each other. Our analysis reveals that the extent of international business cycle comovement and the Great Moderation are significantly altered when the saving-based measures are employed in place of commonly used univariate business cycle filters.

第24回（DSGE Workshopと共催）
●日　時： 2012年6月2日（土）　15:30-
●発表者： 松岡多利思　（MATSUOKA, Tarishi) 首都大学東京
●タイトル： Asset Bubbles and Financial Frictions

第23回（DSGE Workshopと共催）
●日　時： 2012年4月21日（土）　15:30-
●発表者： 平田英明 （HIRATA, Hideaki）, 法政大学
●タイトル： Regionalization vs. Globalization (joint with M. Ayhan Kose and Christopher Otrok)
●Abstract： Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these changes for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the global, regional, and country specific factors in explaining business cycles in a large sample of countries and regions over the period 1960-2010. We find that, since the mid-1980s, the importance of regional factors has increased markedly in explaining business cycles especially in regions that witnessed a sharp growth in intra-regional trade and financial flows. By contrast, the relative importance of the global factor has declined over the same period. In short, the recent era of globalization has witnessed the emergence of regional cycles.

第22回（DSGE Workshopと共催）
●日　時： 2012年3月10日（土）　15:30-
●発表者： 山田知明 （YAMADA, Tomoaki）, 明治大学
●タイトル： Risk Sharing Between and Within Regions
●Abstract： We study risk sharing between and within regions in Japanese economy. First, using a household level panel data in Japan, we investigate the extent of economic inequality in urban and rural area. We find that the earnings and wage inequality measured by the variance of logarithm in rural area is higher than that in urban area, although the average earnings in rural area are much lower than those in urban area. On the other hand, consumption inequality between regions is less dispersed compared to the earnings inequality. To investigate whether this empirical finding is consistent with consumption risk sharing, we extend a workhorse Bewley-Huggett-Aiyagari model to include multi-regions. Because one region face higher idiosyncratic risks, precautionary saving motive differs between regions. The difference in precautionary motives make easier to share risks through transfers between regions. We show that the risk sharing between regions in Japan is consistent with the consumption risk sharing.

第21回
●日　時： 2012年1月7日（土）　15:30-
●発表者： 山本竜市 (YAMAMOTO, Ryuichi), 台湾政治大学
●タイトル： エージェントベースモデルと株式市場に見られる経済現象
●Abstract： This presentation surveys recent research on agent-based models that are used in finance. Agent-based modeling is a useful computational tool for the process of crafting economic models on understanding stylized facts in stock markets. After charactering the technique and introducing stylized facts in stock markets, I will survey the recent development of the literature, and then briefly introduce two papers, Yamamoto (2011, JEDC) and Yamamoto and Hirata (2011), which are the works in line with the recent development of the literature. Yamamoto (2011, JEDC) provide theoretical insights on understanding long memory of volume, volatility, and order signs in an informationally efficient market in an order-driven market, while Yamamoto and Hirata (2011) empirically validate a theoretical finding in Brock and Hommes (1998, JEDC).

●発表者： 荒戸寛樹 （ARATO, Hiroki）, 信州大学
●タイトル： Monetary Stabilization Policy, Growth, and Welfare（仮題）
●Abstract： Empirical evidence shows that output and inflation volatility has a negative effect on mean growth. The negative growth effect generates large welfare cost. Does monetary stabilization policy alleviate the negative growth and welfare effect? We construct a simple New Keynesian model with endogenous growth and analyze the effects of monetary policy on growth and welfare. We show that the model successfully generates negative growth effects of real (markup) shock and inflation volatility. The markup shock has a larger growth effect than inflation volatility; hence, on zero-inflation equilibrium, welfare cost of business cycle is much larger than exogenous growth New Keynesian models. We also show that monetary policy can stabilize cost shock by a small inflation volatility, hence central bank can increase mean output growth and eliminate almost all the welfare cost from the growth effect.

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2018年　Macroeconomics and Econophysics研究会　開催報告
2017年　Macroeconomics and Econophysics研究会　開催報告
2016年　Macroeconomics and Econophysics研究会　開催報告
2015年　Macroeconomics and Econophysics研究会　開催報告
2014年　Macroeconomics and Econophysics研究会　開催報告
2013年　Macroeconomics and Econophysics研究会　開催報告
2011年　Macroeconomics and Econophysics研究会　開催報告
2010年　Macroeconomics and Econophysics研究会　開催報告

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問い合わせ先
報告・参加希望は、
キヤノングローバル戦略研究所・研究主任 稲葉大
inaba.masaru at canon-igs.orgまで。（"at"の部分を@に変更してください。）

関連する研究会リンク
Macroeconomics and Econophysics Workshop
DSGE Workshop
経済理論・政策ワークショップ （Economic Theory and Policy Workshop）
明星大学　理論・計量経済学研究会 （Meisei University Economic Theory and Econometrics Institute）