Finance
* Empirics of consumption-based asset pricing model
* Portfolio choice of the Japanese households from the life-cycle point of view.
* Relations between Japanese stock market and macroeconomy.
Macroeconomics
* Household and corporate saving in Japan
* Consumption responses to asset market booms and financial crises.
Understanding the Decline in the Japanese Saving Rate in the New Millennium
(with Keiko Okada)
JSPS Grants-in-Aid for Creative Scientific Research
"Understanding Inflation Dynamics of the Japanese Economy"
Working Paper Series No.34, March 2009.
The Consumption-Wealth Ratio, Real Estate Wealth, and the Japanese Stock Market
(with Kohei Aono)
IER Discussion Paper, #A.504, July 2008.
This is the substantially revised version of the following paper and the related notes on data.
*The Consumption-Wealth Ratio and the Japanese Stock Market (with Kohei Aono, March 2007)
*Data set for Aono-Iwaisako (2007, Excel file) :
*Description of above data set for Aono-Iwaisako (2007)
Disagreement and Stock Prices in the JASDAQ
―An Empirical Investigation Using Market Survey Data
JSPS Grants-in-Aid for Creative Scientific Research
"Understanding Inflation Dynamics of the Japanese Economy"
Working Paper Series No.20, March 2008.
Presentation file (September 2008).
「投資家の「意見の不一致」と株価 ――サーベイデータによるJASDAQ市場の分析」
物価研究センターワーキングペーパーNo.19, 2008年3月
Strategic
Asset Allocation in Japan: An Empirical Evaluation
(with Olivia S. Mitchell and John Piggott)
Pension Research Council (Wharton School) WP 2005-1
(January 2005).
Corporate
Investment and Restructuring
IER Discussion Paper,
#A.460, December 2004.
Final version was published in REVIVING JAPAN'S ECONOMY: PROBLEMS AND PRESCRIPTIONS,
edited by Takatoshi Ito, Hugh Patrick and David E. Weinstein, MIT Press (August
2005).
Stock
Index Autocorrelation and Cross-autocorrelations of
Size-sorted Portfolios in the Japanese Market
IER Discussion Paper,
#A.448, January 2004.
This is English version of Gendai Finance, No.13, 2003, pp.29-45.
Earlier version appeared as Columbia Business School, Center on Japanese Economy and Business Working Paper Series #214.
Final version was published in Hitotsubashi Journal of Economics.
Internal Capital Markets of the Japanese Firms (with Gaku Kobayashi, May 2001)
Consumption
and Recessions: Japan in the 1990s (September 2000)
and
US during the Great Depression
Banking Crises and Monetary Policy: Japan in the 1990s and U.S. in the
1930s.
With Michael Bordo and Takatoshi Ito
Under revision. Temporary unavailable
Published Papers
On the Predictability of Japanese Stock Returns Using Dividend Yield
(with Kohei Aono), Asia-Pacific Financial Markets, forthcoming.
Japan and the World Economy, 21:4, December 2009, pp.373-382
＜特集＞アメリカ経済：序文 （伊藤隆敏と共著）
『フィナンシャル・レビュー』 平成21年（2009年）第3号（通巻第95号）
アメリカ発世界金融危機とヘッジファンド，影の金融システム（Shadow Banking System）
『フィナンシャル・レビュー』 平成21年（2009年）第3号（通巻第95号）
少子高齢化と家計のポートフォリオ選択
最終版：高山憲之・斎藤修
編『少子化の経済分析』東洋経済新報社（2006年），第10章．
Corporate
Investment and Restructuring
( IER Discussion Paper, #A.460, December 2004)
in REVIVING JAPAN'S ECONOMY: PROBLEMS AND PRESCRIPTIONS,
edited by Takatoshi
Ito, Hugh Patrick and David E. Weinstein, MIT Press, 2005.
リスク変数としての消費：
消費／金融資産比率を用いた条件付きCAPMのテスト
最終版：『経済研究』
第54巻 （2003年）， 第2号，pp.126-136.
ランダム・ウォーク仮説と規模別ポートフォリオの相互自己相関
(Revised
Version of Discussion Paper A.425)
最終版：『現代ファイナンス』
No.13
(2003年)，pp.29-45.
"Does International Diversification Really Diversify Risks?"
Journal of the Japanese and International Economies 16(1), pp.109-134, 2002.
資産価格が消費に与える影響について：
アメリカのケース (October 2001)
最終版：『経済研究』 第53巻， 第1号，pp.64-78．
「資産価格モデルの現状：消費と資産価格の間の関係を巡って」
最終版：『現代ファイナンス』 No.9, pp.3-39, 2001年3月．
(Nov 2001: 授業用の修正したバージョンをアップロード)
「経済成長の実証研究」 本文（31ページ）・
図表（9ページ） (Apr 1999)
最終版：『経済分析』第160号 「構造変化を伴なう東アジアの成長〜新古典派成長論 VS 雁行形態論〜
」
（経済企画庁，経済研究所） の第3章として出版．
Explaining
Asset Bubbles in Japan (With Takatoshi Ito)
Note (Aug.2004): This is the final version
appeared in Bank of Japan Monetary and
Economic Studies. Vol. 14, July, 1996, pp.143-193,
which has not been available in electronic form for a while. Earlier version
appeared as NBER working paper 1995, #5358.