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Professor Specialization:
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My earliest research concentrated on constructing a theoretical model on the public provision of social overhead capital and economic development. Subsequently, for my doctoral dissertation at Yale University, I analyzed the international propagation mechanism of tax policy using a two-country dynamic macro-model. Since I joined Hitotsubashi University, rather than constructing theoretical models, I have concentrated more on empirical research. Specifically, I have focused in particular on (1) the determinants of executive pay at Japanese firms and the validity of intra-firm tournament models; (2) the empirical analysis of multi-sector business cycle models; (3) empirical research on top executive turnover at Japanese firms and the composition of boards of directors; and (4) the structural estimation of dynamic models of household consumption and savings. In addition, I conducted research on the composition of the board of directors and employment adjustment using firm-level data for various Asian countries and Russia.
At present, the three major research projects I am engaged in are the following: (1) the dynamic structural estimation of a life-cycle model using household panel data; (2) the relationship between corporate governance on the one hand and firms' employment adjustment and information disclosure on the other; and (3) the estimation of price stickiness and price level determination using point-of-sale data. The research on topic (1) uses micro data from the National Survey of Family Income and Expenditure (NSFIE) and various other household panel data sources and conducts a parameter estimation of a dynamic model assuming imperfect capital markets; in this context, I have recently been working on constructing a model that in particular also considers the determination of labor supply. In addition, I am conducting research using data for China and various other countries. Topic (3) forms part of the "JSPS Grant-in-Aid for Creative Scientific Research" project under the leadership of Professor Tsutomu Watanabe and seeks to estimate the dynamic processes underlying the various price components.
◎Keywords
macroeconomics, dynamic models, structural estimation, consumption, prices, business cycles, employment
