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This notice is to inform you of the Seminar on November 28, Tuesday.<\/p>\n
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\u3010\u65e5\u3000\u6642\u301111\u670828\u65e5\uff08\u706b\uff0910:40~12:40<\/p>\n
\u3010TIME\u3011Tuesday,Nov.28th<\/sup> 10:40~12:40<\/p>\n \u3010\u5834\u3000\u6240\u3011\u65e9\u7a32\u7530\u5927\u5b66\u3000\u65e9\u7a32\u7530\u30ad\u30e3\u30f3\u30d1\u30b9\uff13\u53f7\u9928\uff11\uff10\u968e \u7b2c\u4e00\u4f1a\u8b70\u5ba4<\/p>\n \u3010Venue\u3011The meeting room (conference room) #1, BUILDING 3 – Floor 10.<\/p>\n \u3010\u62db\u8058\u6559\u54e1\u3011\u6238\u6751\u3000\u8087\u3010Organizer\u3011Prof. TOMURA Hajime<\/p>\n \u3010\u6982\u8981\uff0fthe guideline\u00a0\u3011<\/p>\n Young Economist Workshop on Macroeconomics (part II, empirical analysis)<\/span><\/p>\n \u00a0<\/span><\/p>\n Presenter 1:\u00a0Toshiaki Shoji\u00a0(University of Tokyo, Graduate School of Economics)<\/span><\/p>\n \u00a0<\/span><\/p>\n Title: Liquidity Constraints, Storage Costs, and Stockpiling<\/span><\/p>\n \u00a0<\/span><\/p>\n Abstract: Liquidity constrained consumers may be prevented from stockpiling goods, so that they may have difficulty in consumption smoothing. Using Japan’s consumption tax hike as a case study, this paper examines the role of liquidity constraints in stockpiling behavior. Prices of many consumer goods rose following the tax hike, providing an incentive for consumers to stockpile storable goods before the tax hike. The graphical analysis indicates that storage costs alone do not explain differences in consumers’ stockpiling. The regression analysis shows that more than half of consumers are liquidity constrained and that liquidity affects both storable and perishable goods purchases.<\/span><\/p>\n \u00a0<\/span><\/p>\n Presenter 2: Jaehyun YOON (Waseda University, Graduate School of Economics)<\/span><\/p>\n \u00a0<\/span><\/p>\n Title: Physical investment of Japanese firms during QE and non-QE periods: Did the transmission mechanism work? (with SaangJoon BAAK)<\/span><\/p>\n \u00a0<\/span><\/p>\n Abstract: This paper investigates whether the quantitative easing policy influenced physical investment decisions of Japanese publicly listed firms through neoclassical and non-neoclassical transmission channels using their financial statement data from 1991 to 2015. Empirical test results estimated by the system GMM indicate that, during the QE period, the neoclassical channel encouraged investment through Tobin\u2019s q and the non-neoclassical channel also worked through balance sheet effects. Operating income and ownership structures are also found as determinants of firm investment since 1991 in Japan. In addition, the effect of financial leverage is estimated to be negative in general. However, its impact turns out be somewhat different depending on the capital size of firms.<\/span><\/p>\n \u00a0<\/span><\/p>\n Language: English<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/span><\/p>\n Notes: Toshiaki Shoji\u00a0is currently a Ph.D. student at the University of Tokyo supervised by Professor Tsutomu Watanabe. Jaehyun YOON is a Ph.D. student at the GSE in Waseda University supervised by Professor\u00a0SaangJoon BAAK. Each presentation will last for one hour.<\/span><\/p>\n <\/p>\n \u73fe\u653f\u7814\u30bb\u30df\u30ca\u30fc\u306f\u5e83\u304f\u307f\u306a\u3055\u307e\u306b\u3072\u3089\u304b\u308c\u305f\u30bb\u30df\u30ca\u30fc\u3067\u3059\u3002<\/p>\n \u7686\u69d8\u306e\u5fa1\u53c2\u52a0\u3092\u304a\u5f85\u3061\u3057\u3066\u304a\u308a\u307e\u3059\u3002<\/p>\n We are looking forward to your participation.<\/p>\n Sincerely,<\/p>\n Waseda Institute of Political Economy<\/p>\n