Language：Japanese   Publisher：日本統計協会  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：RIETI  

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Wiley  

This paper quantitatively studies the influence of a rapidly aging population on the financing of a public universal health insurance system and the corresponding fiscal policies. We construct a general equilibrium life-cycle model to investigate the effects of aging and evaluate various policy alternatives designed to lessen the negative influence of aging. In particular, we analyze the reforms of insurance benefits and tax financing tools that were the recent focus of a great amount of attention and debate in Japan because of the tense financial situation. We show that although the potential reforms significantly improve the welfare of future generations, political implementation of such reforms is difficult because of the large welfare costs for the current population. Our analysis suggests that a gradual reform with an intergenerational redistribution will be more implementable politically than a sudden reform.

DOI： 10.1111/sjoe.12280

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1111/ecin.12439

Web of Science

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Language：English   Publishing type：Research paper (scientific journal)   Publisher：Bank for International Settlements  

Impacts of monetary easing on inequality have recently attracted increasing attention. In this paper, we use the micro-level data of Japanese households to study the distributional effects of monetary policy. We construct quarterly series of income and consumption inequality measures from 1981 to 2008, and estimate their response to a monetary policy shock. We do find that monetary policy shocks do not have statistically significant impacts on inequalities across Japanese households in a stable manner. We find evidence, when considering inequality across households whose head is employed, an expansionary monetary policy shock increased income inequality through a rise in earnings inequality, in the period before the 2000s. Such procyclical responses are, however, scarcely observed when the current data is included in the sample period, or when earnings inequality across all households is considered. We also find that, transmission of income inequality to consumption inequality is minor even during the period when procyclicality of income inequality was pronounced. Using a two-sector dynamic general equilibrium model with attached labor inputs, we show that labor market flexibility is the central to the dynamics of income inequality after monetary policy shocks. We also use the micro-level data of households' balance sheet and show that distributions of households' financial assets and liabilities do not play a significant role in the distributional effects of monetary policy.

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Language：Japanese   Publisher：日本評論社  

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1111/iere.12150

Web of Science

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Language：Japanese   Publisher：日本評論社  

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1016/j.red.2014.01.001

Web of Science

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Language：Japanese  

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Language：English  

In this study, using Japanese household panel data, we analyze how well idiosyncratic income risks are shared by regions. We find that geographic mobility influences individual consumption growth rates, suggesting that complete asset markets fail to exist. We reject the full insurance hypothesis for both urban and rural areas and find that the extent of risk sharing differs significantly by region.

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Language：Japanese  

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Language：English  

We investigate economic inequalities of Japanese economy from 2004 to 2012 using the Keio household panel survey. We present cross-sectional dispersion earnings, consumption expenditure, and wealth inequalities from time-series and life cycle dimensions. Wage and hours inequalities, which are calculated from the earnings of male and female, full-time and part-time workers and correlations are provided. We also show that the residual inequalities, which are usually interpreted as idiosyncratic income risks that households face, rise over the life cycle.

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Language：Japanese  

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Language：English  

This paper explores the development of inequalities in income, consumption, and wealth among Japanese households from the 1980s to the 2000s, a period that spans the bursting of Japan's bubble economy (1991Q1) and the banking crisis (1997Q4). We find that inequality of income and consumption widened during those three decades, and inequality of wealth increased, except for during the period after the bubble burst. Income inequality grew noticeably during the bubble era and periods after the banking crisis and the growth rate was particularly high during the former period. The two crises affected income inequality differently. The bubble burst led to a slow income growth for all households without greatly affecting the distribution of income, whereas the banking crisis dampened income growth exclusively among low-quantile households, exacerbating income inequality. Although the distributional effect of government policy was important, the general pattern of income inequality carried over into inequality in consumption. The dimensions of that carryover, however, diminished after the bubble burst, suggesting compositional changes in income shocks. The inequalities over life cycle are also discussed.

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Language：Japanese  

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1016/j.jedc.2011.07.001

Web of Science

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Language：Japanese   Publishing type：Research paper (scientific journal)  

CiNii Research

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Other Link： http://hdl.handle.net/10086/22328

Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1016/j.jjie.2011.07.002

Web of Science

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Language：English   Publishing type：Research paper (scientific journal)  

In this paper, we explore whether markets can create endogenously good collateral in a crisis by analyzing a simple exchange economy where a country-specific catastrophic shock is shared between two countries. To see this possibility, we examine whether the equilibrium achieved by the time-0 complete markets with solvency constraints can be recovered in the dynamically complete markets with collateral constraints. This paper demonstrates that it is possible to recover the time-0 equilibrium outcome in a sequential manner when pricing errors occur randomly in evaluating Lucas trees at a catastrophic event. Such stochastic components may be interpreted as a policy initiative to create good collateral and yield constrained efficient outcomes at crisis periods.

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Language：Japanese   Publishing type：Research paper (scientific journal)  

CiNii Research

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1017/S1365100509090014

Web of Science

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Language：English   Publishing type：Research paper (scientific journal)  

The present study investigate the relationship between the persistence of uninsurable income shocks and consumption inequality over a household's life cycle in Japan. Using a life cycle model with incomplete asset markets and calibrated parameters for the Japanese economy, we quantitatively show that moderate persistence of shocks generate a nonlinear consumption inequality profile over the life cycle. The moderate persistence of shocks well replicates the pattern of consumption inequality in Japan.

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Language：English   Publishing type：Research paper (scientific journal)  

DOI： 10.1016/j.jjie.2009.04.001

Web of Science

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Language：Japanese  

CiNii Research

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Other Link： http://hdl.handle.net/11266/5819

Language：English  

This paper presents an empirical analysis of a life cycle model. We incorporate labor supply and family structure into the standard precautionary saving model and estimate structural parameters based on the moment conditions for the life cycle profiles of consumption, labor hours, and wealth accumulation. Our empirical analyses with Japanese household data reveal that consideration of family structure is crucial in fitting several different profiles simultaneously. Although the model fits well in terms of average profiles, we also show that the model has some problems in explaining the covariance structure. The data show too little correlation between labor and income to be consistent with the model.

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Language：Japanese  

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Language：Japanese   Publishing type：Research paper (scientific journal)  

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Language：English  

We consider issues concerning unemployment insurance under establishment dynamics. Extending the framework developed by Alvarez and Veracierto (1998), we investigate the welfare consequences of unemployment insurance for the aggregate economy and different groups of households. Although the aggregate implications of our quantitative results are similar to those of previous research, we show that unemployment insurance has different effects for agents with high and low asset holdings. In particular, increasing the replacement rate benefits agents with nearly zero assets and holders of very high levels of assets. Furthermore, we demonstrate that a different construction of the disutility of search effort has significant implications for unemployment insurance. If the search effort is inelastic over assets, the effect of the insurance declines compared with the case of flexible search.

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Language：Japanese   Publishing type：Research paper (scientific journal)  

CiNii Research

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Other Link： http://hdl.handle.net/10086/19929

Language：Japanese   Publishing type：Research paper (scientific journal)  

DOI： 10.15057/15317

CiNii Research

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Other Link： http://hdl.handle.net/10086/15317

Event date： 2022.7

Language：English   Presentation type：Oral presentation (general)  

Venue：ブリスベン   Country/Region：Australia  

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Event date： 2022.6

Language：English   Presentation type：Oral presentation (general)  

Venue：Shenzhen   Country/Region：China  

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Event date： 2021.6

Language：English   Presentation type：Oral presentation (general)  

Venue：Keio University   Country/Region：Japan  

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Event date： 2019.9

Language：Japanese   Presentation type：Oral presentation (general)  

Venue：東京大学   Country/Region：Japan  

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Event date： 2019.8

Language：English   Presentation type：Oral presentation (general)  

Venue：Singapore   Country/Region：Singapore  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

Venue：Milan  

The impacts of monetary easing on inequality have been attracting increasing attention recently. In this paper, we use the micro-level data on Japanese households to study the distributional effects of monetary policy. We construct quarterly series of income and consumption inequality measures from 1981 to 2008, and estimate their response to a monetary policy shock. We find that monetary policy shocks do not have a statistically significant impact on inequality across Japanese households in a stable manner. When considering inequality across households whose head is employed, we find evidence that, before the 2000s, an expansionary monetary policy shock increased income inequality through a rise in earnings inequality. Such procyclical responses are, however, scarcely observed when the current data are included in the sample period, or when earnings inequality across all households is considered. We also find that transmission of income inequality to consumption inequality is minor, including during the period when procyclicality of income inequality was pronounced. Using a two-sector dynamic general equilibrium model with attached labor inputs, we show that labor market flexibility is central to the dynamics of income inequality after monetary policy shocks. We also use the micro-level data on households' balance sheets and show that distributions of households' financial assets and liabilities do not play a significant role in the distributional effects of monetary policy.

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Language：English   Presentation type：Oral presentation (general)  

Venue：Hawaii   Country/Region：United States  

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Language：English   Presentation type：Oral presentation (general)  

Venue：Gerzensee  

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Language：English   Presentation type：Oral presentation (general)  

Venue：Kyoto (Doshisya University)  

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Language：Japanese   Presentation type：Oral presentation (general)  

Venue：Nagoya University  

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Language：English   Presentation type：Oral presentation (general)  

Venue：Tokyo  

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Language：English   Presentation type：Oral presentation (general)  

Venue：Paris  

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Language：English   Presentation type：Oral presentation (general)  

Venue：University of Cambridge  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

Japan's population is aging fast and the ratio of Japanese Government Bonds (JGBs) to GDP is highest among advanced economies. In addition, further government spending is expected, causing concerns about the potential for JGBs to become a significant global issue. In this paper we build a micro-data based, large-scale overlapping generations model for Japan in which individuals differ in age, gender, employment type, income, and asset holdings, and incorporate the Japanese pension rules in detail. We estimate age-consumption and age-earnings profiles from micro data, assume complete markets and use these to generate tax revenues and transfer payments for government accounts. We calibrate the model so that it replicates the main macroeconomic and fiscal indicators for 2010. Using existing pension law and fiscal parameters and the medium variants of fertility and survival probability projections, we produce future time paths for JGBs and the pension fund.

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Language：English   Presentation type：Oral presentation (general)  

Japan's population is aging fast and the ratio of Japanese Government Bonds (JGBs) to GDP is highest among advanced economies. In addition, further government spending is expected, causing concerns about the potential for JGBs to become a significant global issue. In this paper we build a micro-data based, large-scale overlapping generations model for Japan in which individuals differ in age, gender, employment type, income, and asset holdings, and incorporate the Japanese pension rules in detail. We estimate age-consumption and age-earnings profiles from micro data, assume complete markets and use these to generate tax revenues and transfer payments for government accounts. We calibrate the model so that it replicates the main macroeconomic and fiscal indicators for 2010. Using existing pension law and fiscal parameters and the medium variants of fertility and survival probability projections, we produce future time paths for JGBs and the pension fund.

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：English   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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Language：Japanese   Presentation type：Oral presentation (general)  

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