As part of the Top Global University Project, the Center for Positive/Empirical Analysis of Political Economy offers our doctoral students an overseas research program at leading overseas institutions in collaboration with the Center for Experimental Financial Market (CEFM). This program deepens exchanges with researchers overseas and provides doctoral students with international research opportunities. In addition, the program is expected to bring us even more exchanges between researchers, the start of joint research, and strong collaboration in graduate school education. We’d like to share a report by Yuki Murakami, who returned to Japan after completing two months of research activities at École Polytechnique (France) this fall.
MURAKAMI, Yuki
D1, Graduate School of Economics
Thanks to the support of the Top Global University Project and the Center for Experimental Financial Market (CEFM), I have had the opportunity to stay at École Polytechnique in France from September 22nd to December 15th.
Motivation
Professor Masashige Hamano, my supervisor at Waseda University, is currently on sabbatical and staying in Paris. To receive research guidance and to accelerate our joint research, I was exploring opportunities to stay in Paris when I learned about the CEFM program. As I have had little experience abroad and limited interaction with researchers from other countries, I considered this a valuable opportunity and decided to participate.
Preparation
I was assigned a shared office at the Center for Research in Economics and Statistics (CREST). On weekdays, I conducted research on campus. To experience the atmosphere of the university and interact with students, I avoided confining myself to the office and instead worked in the library and shared spaces. During weekends, I worked at libraries in the city of Paris such as Bibliothèque Sainte-Geneviève and the Richelieu Library.
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- Office
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- Bibliothèque Sainte-Geneviève
Throughout my stay, I received research guidance from Professor Hamano and progressed with the analysis of our co-authored paper titled “Optimal Government Spending in a Collateral-Constrained Small Open Economy.” This paper discusses the role of government spending in a small open economy facing collateral constraints. I completed the necessary analysis during my stay and wrote about 50% of the manuscript. In writing the paper, I had the opportunity to discuss with Professor Jean-Baptiste Michau and Professor Olivier Loisel from École Polytechnique.
Professor Michau provided valuable advice, not only on the details of the model, such as the formulation of collateral constraints and government spending but also on presenting figures during presentations and additional analyses for publication in academic journals. I intend to keep his general advice as I continue my research that emphasizes the importance of balancing simplicity and generality, cautioning against overly specific discussions that depend too much on a particular environment.
With Professor Loisel, our discussions focused particularly on the robustness of the results. He pointed out the possibility of results becoming invalid or different in certain cases and advised performing robustness checks in those areas. The discussions with both professors greatly enhanced the quality of the paper.
In addition to progressing my research, I attended weekly seminars where I had the opportunity to learn from leading scholars, gaining insights into research before its
publication in academic journals.
Daily life
I arranged accommodation through Airbnb near Palaiseau-Villebon station on the RER B line. I stayed in a ‘chambre‘, a bedroom with a bed and a desk on the second floor of the host’s house. The kitchen, washroom, and shower facilities were shared. Living with the hosts and other Airbnb guests provided me with the opportunity to glimpse into the lives of people from diverse cultures, which was enriching. The campus was about a 30-minute walk each way, providing good exercise. During weekends, I explored the city of Paris. The cityscape was refreshing, and just walking around was enjoyable. Dining at restaurants
incurred significant expenses, so I could not do it frequently. However, gyro sandwiches were relatively affordable and offered ample portions, so I often ate them.
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- Roasted chicken
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- Gyro sandwich
Afterword
It was my first long-term stay abroad, and I experienced the days without getting stressed, finding them both fresh and stimulating. I had the opportunity to interact with local researchers and graduate students, learning not only academically but also about various aspects of life. I am deeply grateful to Professor Yukio Koriyama, who accepted my visit; Professor Yukihiko Funaki, the coordinator of CEFM; Professor Ryuichiro Ishikawa, who was staying at CREST during the same period; and my supervisor, Professor Masashige Hamano, for their tremendous support and guidance.
Next
I am going to present the paper “Optimal Government Spending in a Collateral-Constrained Small Open Economy,” which I worked on during my stay, at academic conferences. Also, I have initiated another joint research project with Professor Hamano. To further accelerate our research, I am considering returning to Paris once again.
