Workshops

June 30, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Damiano Sandri (International Monetary Fund)

Dealing with Systemic Sovereign Debt Crises: Fiscal Consolidation, Bail-ins or Official Transfers? [PDF]

The paper presents a tractable model to understand how international financial institutions (IFIs) should deal with the sovereign debt crisis of a systemic country, in which case private creditors' bail-ins entail international spillovers. In particular, we solve for the optimal combination between fiscal consolidation, bail-ins, and official transfers to restore debt sustainability. For non-systemic countries, only fiscal consolidation and bail-ins should be used, based on an ex-post assessment of their relative costs. Systemic crises raise significant new challenges. First, to limit bail-ins without requiring excessive fiscal consolidation, IFIs should provide highly systemic countries with official transfers. Second, to contain the moral hazard consequences of systemic bail-ins and official transfers, IFIs should operate under commitment by following a predetermined crisis-resolution framework that considers also the ex-ante costs of each nancing tool.

July 7, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

北野重人 (Shigeto Kitano) (Kobe University)

Capital Controls and Financial Frictions in a Small Open Economy

We develop a small open economy model with financial frictions between domestic banks and foreign investors, and examine the welfare-improving effect of capital controls under different degrees of financial frictions. We show that as the degree of financial frictions is higher, the welfare-improving effect of capital controls is larger. The monotonic relationship between the degree of financial frictions and the welfare-improving effect of capital controls is robust for varying degrees of country premium, home bias in goods, and trade elasticity. Comparing a "liability dollarization" economy to one without "liability dollarization," we also find that the welfare-improving effect of capital controls is larger in the presence of "liability dollarization."

July 21, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Jan J. J. Groen (Federal Reserve Bank of New York )

Oil Market Shocks and Economic Activity: Redux

If oil price changes reflect demand shocks, then an oil price decline, say, would suggest a slowdown in global economic activity. Alternatively, if the oil prices are driven by supply shocks, then the drop in prices might indicate a forthcoming boost in spending as firms and households benefit from lower energy costs. In this paper, I use correlations of weekly oil price changes with a broad array of financial variables to decompose oil price changes in components due to global demand and those due to global oil supply. Quarterly aggregates of these two weekly oil price shocks are then used as proxy variables to identify the impact of latent oil market shocks in a quarterly macro-economic VAR model of the U.S. economy. This analysis shows that supply-driven oil market shocks can potentially impact U.S. economic activity in a more significant manner than demand-driven oil market shocks.

August 4, 2016 （木　Thursday） 14:55-16:40

※時間・場所に注意、 みずほフィナンシャルグループ寄付講座と共催

東京大学大学院経済学研究科 学術交流棟 （小島ホール）２階 小島コンファレンスルーム
in Kojima Conference Room on the 2nd floor of the Economics Research Annex (Kojima Hall) [Map]

清滝信宏 (Nobuhiro Kiyotaki) (Princeton University)

Monetary and Financial Policies in Emerging Markets

Please note that the schedule might be changed. Presentations in English.

The submission deadline is (please be punctual):

July 14 (Thursday)… by 9:00am, July 14 (Thursday)
July 28 (Thursday)…by 9:00am, July 28 (Thursday)

Make sure that

• Submission behind the deadline is not accepted for any reason.
• The file/hardcopy submitted to CIRJE should be the final version.
• You need to send your emergency contact information such as cell phone number together with your thesis file, so that CIRJE can immediately reach you in case the file cannot be opened/is broken
• Please put a file of your presentation slides only in your USB memory when you come to the seminar venue since it is sometimes not recognized when other files are inculded in the USB memory.

Those who missed the deadline or those who would like to revise the thesis paper after the submission, are required to make 15 hardcopies of it and bring them to the seminar venue on the presentation day.

You MUST attend an official oral examination in addition to this master thesis presentation:  for details, please see the schedule to be distributed by the Graduate Office when you submit your thesis.

Presenters can use equipment such as a computer and a pointer in a locker in the seminar venue during their presentations:  make sure they should be back into place after use.

July 14, 2016 （木　Thursday）16:50-18:50

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Master Thesis Presentations

16:50-17:30 JI Jin （Readers: Hirano, Fabinger, Kucheryavyy)

17:30-18:10 REN Zihang (Readers: Nakabayashi, Fabinger, Sasaki)

18:10-18:50 WANG Huan (Readers: Fabinger, Kucheryavyy, Wakamori, Aoki)

July 28, 2016 （木　Thursday）16:50-18:50

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Master Thesis Presentations

16:50-17:30 Zhu Jun (Readers: Kazuo Ueda, Hirano, Kucheryavyy)

17:30-18:10 Liu Pengdi (Readers: Kazuo Ueda, Hirano, Kucheryavyy)

18:10-18:50 Yi Fangyuan (Readers: Aoki, Hiraho, Watanabe)

September 8, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Julian di Giovanni (Universitat Pompeu Fabra)

International Spillovers and Local Credit Cycles

We show that capital inflows lead to a decrease in the cost of borrowing and an associated domestic credit expansion in an emerging economy, Turkey, during 2003--2013. Instrumenting capital inflows by changes in global volatility implied by VIX and using a firm-bank-loan level dataset, we isolate a capital-inflow-driven expansion in credit supply. During episodes of low global risk, the cost of bank intermediated credit for corporates declines and such credit expands as a result. Our estimates explain roughly 30% of the observed change in aggregate credit growth. Although foreign currency loans are cheaper on average, during the periods of capital inflows, domestic currency loans become relatively cheaper. Furthermore, we identify the impact of heterogeneous financial constraints on the borrowing costs and credit expansion at the firm level. Small firms with higher financial constraints take greater advantage of cheap finance during episodes of low global risk.

September 15, 2016 （木　Thursday）14:55-16:40

※　Time Changed/　時間変更いたしましたのでご注意ください。

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Chris Edmond (University of Melbourne)

Industry dynamics with variable markups

Do larger barriers-to-entry significantly reduce aggregate productivity? We study the losses from reduced competition in an industry dynamics model with endogenously variable markups. In the model, increased barriers to entry reduce produce turnover and put incumbent producers under less competitive pressure leading to larger markups and larger profits for incumbents, larger cross-sectional markup dispersion, and a reduction in aggregate productivity. For our benchmark parameters, we find that a 1% increase in barriers-to-entry is associated with a 0.3% fall in the number of producers, 0.4% fall in aggregate productivity, and 0.3% increase in the aggregate profit share. This decrease in aggregate productivity and increase in profits is driven by a reallocation of production towards large dominant producers who face relatively inelastic demand.

September 29, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Sebastian Zelzner (University of Regensburg)

The Allocation of Talent to Financial Trading versus Production: Welfare and Employment Effects in General Equilibrium [paper]

We incorporate occupational choice between finance and entrepreneurship into the Grossman-Stiglitz (1980) noisy rational expectations equilibrium model. Sophisticated agents produce output and create jobs as entrepreneurs or contribute to informational efficiency in financial markets as informed traders. Finance possibly attracts too much talent, for instance if the amount of noise in the economy is small, so that the asset price at a rational expectations equilibrium is highly informative anyway. The main beneficiaries of the allocation of talent to entrepreneurial activity are workers, whose wage and employment prospects improve when more sophisticated agents choose to become entrepreneurs.

October 6, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

齊藤誠 (Makoto Saito) (Hitotsubashi University)

On large-scale money finance in statistics and practice: A case of the Japanese economy during and after World War II1

This paper explores how the Bank-of-Japan’s direct underwriting of public debts funded a huge financial need for not only war expenditure, but also industrial finance during and after World War II, and examines how such large-scale money finance was recorded in not only monetary statistics, but also national accounts. Here, a central bank’s direct underwriting of public bonds is considered as not any monetary instrument backed by private saving as in standard monetary models, but a fiscal tool to cover a financial shortage in excess of a macroeconomic financial surplus. This paper demonstrates that the direct underwriting worked to compensate for a severe financial shortage resulting from income evasion to black markets under strict price control during and after the War.

October 13, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

高橋耕史 (Koji Takahashi) (University of California, San Diego)

Unconventional Monetary Policy and Bank Lending (joint with Kiyotaka Nakashima and Masahiko Shibamoto)

We investigate the effects of unconventional monetary policy on bank lending using bank-firm matched dataset in Japan from 1999 to 2015 by disentangling different type of monetary policy measure shocks, which the Bank of Japan (BOJ) has employed over the past 15 years. We find that a rise in the share of the unconventional assets held by the BOJ boosts lending to firms with a lower distant-to-default ratio from banks with lower capital and a lower ratio of government bond holdings, which implies that the unconventional asset purchases by the central bank stimulate lending through the bank risk-taking channel. This is contrast with the finding of the effect of the conventional monetary policy; interest rate cuts stimulate lending to risky firms from bank with higher capital and larger holdings of government bonds, which implies that it mainly works through the bank balance sheet channel. On the other hand, the quantitative easing of increasing the monetary base has less significant heterogeneous effects on bank lending across banks with different risk profile.

October 20, 2016 （木　Thursday）15:00-16:30*Seminar Added

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Miguel Leon-Ledesma (University of Kent)

The rise of the service economy and the real return on capital [paper]

We use a two-sector model of structural transformation and balanced growth to show that the real interest rate, measured as the return on capital in units of GDP or in units of aggregate consumption, declines as income grows. This is due to the dierential TFP growth in the goods producing sector relative to the services sector. This dierential drives a relative price change that triggers a steady decline in the rate of return on capital along the growth path. We calibrate the model to U.S. data to reproduce the behavior of GDP, the share of services in consumption, the relative price goods/services and the investment/output ratio in the period 1950-2015. We nd that the calibrated model displays a decline of the real interest rate of 36% in terms of units of GDP and of 43% in terms of units of aggregate consumption during the period considered.

October 20, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Toan Phan (The University of North Carolina at Chapel Hill)

Asset Pledgeability and Endogenously Leveraged Bubbles

October 21, 2016 （金　Friday） 14:55-16:40 *日時・場所に注意。

主催 (Organizer)：金融センター特別セミナー(Carf Special Seminar)

事前登録が必要となります。 詳細は上記ウェブサイトをご参照ください。

(Registration is required. For details, please see the website above.）

東京大学情報学環・ダイワユビキタス学術研究館 3階 「ダイワハウス石橋信夫記念ホール」

Daiwa Ubiquitous Ishibashi Nobuo Memorial Hall, University of Tokyo　[Map]　(No. 123 on the map)

Andrew Levin (Dartmouth College)

Robust Design Principles for Monetary Policy Committees　

While a huge literature has examined the formulation of monetary policy strategies, there has been relatively little research on the design of monetary policy committees (MPCs). In this paper, we identify a number of key pitfalls in central bank governance and then proceed to formulate basic design principles for mitigating those risks. To protect against short-term political interference, monetary policy decisions should be made by a committee whose members have staggered terms of office that exceed the length of the political cycle. To help ensure the robustness of those decisions in the face of pervasive uncertainty about the economy and the monetary transmission mechanism, the MPC should have sufficient size, its members should be selected through a transparent process aimed at providing diverse perspectives and forms of expertise, and all members should be individually accountable for their views. To mitigate the risk of excessive insularity and group-think, the MPC should be subject to regular external reviews of all aspects of the policymaking process. Of course, the specific implementation of these principles will necessarily and appropriately depend on the institutional context of any particular central bank.

October 27, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Hélène Rey (London Business School)

Financial Cycles with heterogeneous intermediaries (joint with Nuno Coimbra from Paris School of Economics)

November 8, 2016 （火　Tuesday）16:50-18:35

※曜日に注意。

主催：ミクロ経済学ワークショップ　 ※CARF　『バブル、金融危機と政策対応研究会』と共催

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Gadi Barlevy (Federal Reserve Bank of Chicago)

On Interest Rate Policy and Asset Bubbles (joint with Franklin Allen and Douglas Gale)

November 10, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

木村遥介 (Yosuke Kimura) (The University of Tokyo)

Heterogeneous Investors, Trading Volume and Bull-Bear Markets

We empirically investigate the relationship between bull-bear market cycles of stock price and trading volume by using the data of Japanese stock market. The result shows that bull markets are associated with high volumes while bear markets with low volumes. Because bull and bear markets are characterized by investors' optimistic and pessimistic expectations, we construct the differences of opinion model where investors disagree about the interpretation of public information and we investigate the effect of disagreement and precision of interpretation on asset price and trading volume. The model shows that large disagreement among investors generates large trading volume and high precision of investors also generates large trading volume for a given disagreement level. The environment with lower precision makes belief revisions smaller and it leads lower volumes. The interaction between investors' differential interpretations and their precision can generate the relation of volumes with bull-bear markets.

※This seminar has been cancelled.

下記のセミナーは中止となりました。

November 17, 2016 （木　Thursday）16:50-18:35

Luis Serven (World Bank)

Assessing the degree of international consumption risk sharing (joint with Constantino Hevia) [paper]

November 21, 2016 （月　Monday）16:50-18:35 ※曜日に注意

※ミクロ実証分析ワークショップと共催

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Rasmus Lentz（University of Wisconsin-Madison）

On Worker and Firm Heterogeneity in Wages and Employment Mobility: Evidence from Danish Register Data (joint with Suphanit Piyapromdee and Jean-Marc Robin)

In this paper, we propose an estimation method that allows for unrestricted interactions between worker and firm unobserved characteristics in both wages and the mobility patterns. Related to Bonhomme, Lamadon and Manresa (2014) (BLM), our method identifies double sided unobserved heterogeneity through an application of the EM-algorithm where the firm classification is repeatedly updated so as to improve on the likelihood function. In Monte Carlo simulations we demonstrate that the cyclic updating of the firm classification provides a significant performance improvement. Firm classification is a result of both wage and mobility patterns in the data. We estimate the model on Danish matched employer-employee data for the period 1985-2011. The estimation includes gender, education, age and time controls. We find an increased sorting pattern over time, although overall sorting is modest. The wage gap between genders is decreasing over time. The contribution to the wage gap from mobility differences between the genders is also decreasing over time.

November 30, 2016 （水　Wednesday）16:50-18:35 ※曜日に注意

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Tamim Bayoumi (International Monetary Fund)

Aftershocks of Monetary Unification: Hysteresis with a Financial Twist (joint with Barry Eichengreen) [paper]

We investigate how far European Monetary Unification created a better currency union for its participants by updating our results 25 years ago on the correlation of underlying aggregate demand and supply shocks. We find the unintuitive result that since 1994 the periphery—Ireland, Italy, Spain, Portugal, and (arguably) Greece—appear to experience more correlated shocks than German’s more immediate neighbors. We conclude that the results reflect “hysteresis with a financial twist” in that these correlations appear to reflect a mixing of aggregate demand and supply shocks coming from an exceptionally pro-cyclical banking system. We conclude that banking integration is a more important factor in defining optimum currency areas than has been acknowledged in the past.

December 1, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Ponpoje Porapakkarm (National Graduate Institute for Policy Studies (GRIPS))

The Lifetime Costs of Bad Health

How costly is it to be unhealthy? And what makes good health valuable? In this paper, we investigate the pathways through which health aects lifecycle outcomes. We focus on the high school males group to remove the educational eect. Our studies distinguish between instantaneous and accumulated eects of bad health: the latter eect depends on the length of sickness which can be substantial when unhealthy status is highly persistent. To capture the long duration-dependence of unhealthy status we start by estimating a health shock process that allows for state-dependence and xed heterogeneity. Our estimated process can well capture various dynamic moments of health status as in the data (PSID/HRS). Next, we feed this health shock process into a rich structural life-cycle model. The estimated model is consistent with two important sets of empirical facts: i) the quantitative impact of bad health on earnings, medical spending, labor supply and life expectancy; ii) the large disparity in accumulated wealth over lifecycle between the healthy and the unhealthy. We show that the monetary cost of bad health steeply increases with the number of years individuals spend being unhealthy over their working life. The largest component of these costs is due to the productivity loss while the contribution of out-of-pocket medical spending is relatively small. To account for non-monetary eects of health, we evaluate the willingness to pay for one percentage point increase in probability to be healthy. Our decomposition exercise shows that the most valuable aspect of being healthy is the longer life expectancy.

December 15, 2016 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Heiwai Tang (Johns Hopkins University)

Global Sourcing and Domestic Production Networks (joint with Taiji Furusawa, Tomohiko Inui and Keiko Ito)

This paper studies how firms' global sourcing reshapes their domestic production networks. To guide empirical analysis, we develop a variant of the global sourcing model by Antrs, Fort, and Tintelnot (2016) to consider multiple input sectors that differ in relationship specicity to buyers' production and costly domestic and foreign trade of inputs between buyers and suppliers. Buyers need to invest in face-to-face communication with suppliers to enhance input quality. The returns to such investment are higher for relationship specic inputs, making variable trade costs to increase more steeply with distance. As such, when a firm starts offshoring, lower marginal costs of production due to using the more efficient foreign suppliers induces the rm to replace existing generic input suppliers with the more distant domestic and foreign suppliers on the one hand, and add closer domestic suppliers that produce relationship-specic inputs on the other. Using data that cover 4.5 million buyer-seller links in Japan and a firm-level instrument for offshoring, we find that firms that started importing intermediates increase sales and the number of domestic source regions, sectors, and suppliers. The average distance between importing firms and their domestic suppliers declines after offshoring, suggesting that global sourcing can be a cause of industry agglomeration.

December 21, 2016 （水　Wednesday）16:50-18:35 ※曜日・会場に注意

※Tokyo Workshop on International Development, ミクロ経済学ワークショップとの共催

東京大学大学院経済学研究科棟３階 第４教室
in Lecture Hall No.4 on the 3rd floor of the Economics Research Building [Map]

能勢学 (Manabu Nose) (International Monetary Fund)

Roles of Guarantees and Fiscal Institution in Enforcing Public-Private Partnership Contract

Over the last 30 years, public-private partnerships (PPPs) have spread across emerging and developing countries. Recently, governments in developing countries have increased fiscal commitments in guarantees and direct subsidies to promote PPPs, while the frequency of contractual disputes remains to be high. This paper examines the effectiveness of the fiscal commitments in mitigating dispute risk of PPPs. Empirical analysis using about 6,000 PPP contract-level data shows that indebted governments tend to issue more guarantees to attract private capitals ex-ante especially when the fiscal transparency is low. Propensity score matching estimate shows that contracts with guarantees tend to face higher dispute risk due to the adverse selection of riskier projects. The result also highlights the importance of fiscal management in PPPs especially when guarantees are granted.

※This seminar has been cancelled.

下記のセミナーは中止となりました。

December 22, 2016 （木　Thursday）16:50-18:35

Pedro Pinto (Musashi University)

January 5, 2017 （木　Thursday）16:50-18:35

東京大学大学院経済学研究科 学術交流棟 （小島ホール）１階 第１セミナー室
in Seminar Room 1 on the 1st floor of the Economics Research Annex (Kojima Hall) [Map]

Yi Huang (The Graduate Institute, Geneva)

Public Debt and Private Firm Funding: Evidence from Chinese Cities (joint with Marco Pagano and Ugo Panizza) [paper]

In China, local public debt issuance between 2006 and 2013 crowded out investment by private manufacturing firms by tightening their funding constraints, while it did not affect state-owned and foreign firms. Using novel data for local public debt issuance, we establish this result in three ways. First, local public debt is inversely correlated with the city-level investment ratio of domestic private manufacturing firms. Instrumental variable regressions indicate that this link is causal. Second, local public debt has a larger negative effect on investment by private firms in industries more dependent on external funding. Finally, in cities with high government debt, firmlevel investment is more sensitive to internal funding, also when this sensitivity is estimated jointly with the firm's likelihood of being credit-constrained. Altogether, these results suggest that the massive public debt issuance associated with the post-2008 fiscal stimulus curtailed private investment thus weakening China's long-term growth prospects.

１．下記の予定は変更の可能性もありますのでご注意下さい

（Please note that the following schedule might be changed)。

２．発表は基本的に日本語で行われますが、希望により英語の発表も可能です。

（Presentations are basically in Japanese. You can choose English if you wish.)。

３．発表(30分/1発表）の順番は、当日会場で決められます。16:50までに会場へお集まりください。

(Please gather at the seminar venue by 4:50pm so that order of presentations (30minutes/1 presentation) will be decided there.)

発表論文についてはCIRJEにて印刷し、当日会場にて配布いたします。つきましては、下記の期日までに最終稿のファイルまたはハードコピーをご提出ください。

発表論文提出期限（厳守）：

1月 12日（木）発表者＝1月 12日（木）朝9:00（必着）まで

1月19日（木）発表者＝1月19日（木）朝9:00（必着）まで

1月26日（木）発表者＝1月26日（木）朝9:00（必着）まで

2月 2日（木）発表者＝ 2月 2日（木）朝9:00（必着）まで

2月 9日（木）発表者＝ 2月 9日（木）朝9:00（必着）まで

提出先：学術交流棟（小島ホール）６階 CIRJE（cirje [at mark]e.u-tokyo.ac.jp）

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4. 別途、正式な修士論文口述試験が行なわれるので、修士論文提出時に大学院係 から配付される審査日程を参照のうえ、必ずご出席下さい。
5. パソコン・ポインターはセミナー室ロッカー内の機器をご使用のうえ、設置・片づけは最初と最後の発表者が各自で行って下さい。（プロジェクターは会場に備え付けられています。）
6. 発表用のスライドファイルを入れるUSBには、（他のファイルを入れずに）スライドファイルのみを入れて会場へお持ち下さい。（スライド以外の情報がたくさん入ったUSBが認識されない、というトラブルが起きているためです。）

Your thesis paper is distributed at the seminar venue.  Please send an electronic file of it to CIRJE at cirje [at mark] e.u-tokyo.ac.jp, so that CIRJE can duplicate it.  You can also bring its hardcopy directly to the CIRJE office on the 6th floor of Economics Research Annex (Kojima Hall). 

The submission deadline is (please be punctual):

January 12 (Thursday)… by 9:00am, January 12 (Thursday)
January 19 (Thursday)…by 9:00am, January 19 (Thursday)

January 26 (Thursday)…by 9:00am, January 26 (Thursday)

February 2 (Thursday)…by 9:00am, February 2 (Thursday)

February 9 (Thursday)…by 9:00am, February 9 (Thursday)

Make sure that

• Submission behind the deadline is not accepted for any reason.
• The file/hardcopy submitted to CIRJE should be the final version.
• You need to send your emergency contact information such as cell phone number together with your thesis file, so that CIRJE can immediately reach you in case the file cannot be opened/is broken
• Please put a file of your presentation slides only in your USB memory when you come to the seminar venue since it is sometimes not recognized when other files are inculded in the USB memory.

Those who missed the deadline or those who would like to revise the thesis paper after the submission, are required to make 15 hardcopies of it and bring them to the seminar venue on the presentation day.

You MUST attend an official oral examination in addition to this master thesis presentation:  for details, please see the schedule to be distributed by the Graduate Office when you submit your thesis.

Presenters can use equipment such as a computer and a pointer in a locker in the seminar venue on the presentation day:  make sure they should be back into place after use.

2017年1月12日（木　Thursday） 16:50-
* 30minutes/1 presentation
*本発表のみ、以下の順番での開催となります。

根本寛之（Readers： 福田 宮尾 （植田(健)））

Credit Availability and Asset Price: Empirical Analysis of the Japanese Bubbles in 1980s

辻野　良（Readers： Fabinger Kucheryavyy （若森））

Analyzing the impact of spatial aggregation on border effects

藤原秀一郎（Readers： Fabinger Kucheryavyy （若森））

Impact of infrastructures on trade costs

2017年1月19日（木　Thursday）16:50-
* 30minutes/1 presentation
* Presentation order will be decided at the seminar venue.

大垣良太 （Readers： 青木 宮尾 （渡辺））

Optimal Monetary Policy under Risk of Sudden Stop

大豆生田　文弥 （Readers： 青木 植田(健) （渡辺））

Macroprudential Regulation, Bailout, and International Policy Coordination

スン　ジン （Readers： 青木 宮尾 （渡辺））

Monetary Policy and Oil Price Fluctuations

森戸泰正 （Readers： 青木 植田(健) （渡辺））

Financial Crises, Financial Shocks, and Unemployment

2017年1月26日（木　Thursday）16:50-
* 30minutes/1 presentation
* Presentation order will be decided at the seminar venue.

LIU Chang （Readers： 渡辺 青木 （植田（和）））

An Empirical Analysis on China's Trade Data Discrepancies

上田広宣 （Readers： 植田(和) 宮尾 （渡辺））

The Effect of Monetary Policy: VAR and VECM Analysis for the Implication of Exit Strategy

川邉美帆 （Readers： 渡辺 青木 （植田（和）））

企業規模と取引関係ネットワーク

2017年2月2日（木　Thursday）16:50-
* 30minutes/1 presentation

王　正 （Readers： 澤田 植田(健) （Kucheryavyy））

Counterfactual Analysis of Inequality and Intergenerational Mobility : Calibration Exercise

2017年2月9日（木　Thursday）16:50-
* 30minutes/1 presentation
* Presentation order will be decided at the seminar venue.

河村龍介（Readers： 平野 Kucheryavyy （植田（健）））

Inflation of Inside and Outside Money

相澤　なつみ （Readers： 植田(健) Kucheryavyy （平野））

Spillover effects of U.S. monetary policy to Emerging Market Economies

串田　有　（Readers：平野 Kucheryavyy （植田(健)））

Capital Requirement and Liquidity Regulation

新村太郎 （Readers： 植田(健) 若森 （平野））

Banking competition, lending and regional economic growth : An empirical analysis using Japan's data

※This seminar has been cancelled.

下記のセミナーは中止となりました。

February 28, 2017 (火　Tuesday）16:50-18:35

Kai Ding (University of Minnesota)

Cautious Hiring (joint with Enoch Hill)

※GSDMセミナーと共催