神戸大学金融研究会

司会：柴本　昌彦（神戸大学経済経営研究所）

14:00 ～ 14:05 (2:00pm-2:05pm)　 神戸大学金融研究会「研究奨励賞」表彰式

贈呈者：家森　信善　神戸大学金融研究会代表幹事（神戸大学経済経営研究所）
受賞者：蓮井　康平（愛知大学経済学部）

14:05 ～ 14:10 (2:05pm-2:10pm)　 趣旨説明

柴本　昌彦（神戸大学経済経営研究所）

14:10 ～ 14:15 (2:10pm-2:15pm)　 開会の挨拶

家森　信善（神戸大学経済経営研究所）

14:15 ～ 15:10 (2:15pm-3:10pm)

論題
Topic

The Role of Local Currency Pricing in the International Transmission Effects of Corporate Tax Reduction in an Economy with Vertical Production Linkage and Foreign Direct Investment

報告者
Speaker

道和　孝治郎（京都先端科学大学経済経営学部）
Kohjiro DOHWA (Faculty of Economics and Business Administration, Kyoto University of Advanced Science)

討論者
Discussant

五百旗頭　真吾（同志社大学商学部）
Shingo IOKIBE (Faculty of Commerce, Doshisha University)

概要
Abstract

By constructing a two-country model with asymmetry in price-setting behavior between home and foreign intermediate goods firms, vertical production and trade, and endogenous entry of three types of final goods firms, we examine the effects of a reduction in the corporate tax rate of the home country. In particular, we focus on the role of asymmetry in price-setting behavior between home and foreign intermediate goods firms. We show that a reduction in home corporate tax rate yields the entry of foreign multinational firms, the exit of home multinational firms, the improvement in home welfare, and the deterioration in foreign welfare. In addition, when the ratio of home and/or foreign intermediate goods firms that set their export prices in the local currency rises, we show that the above effects are weakened.

15:20 ～ 16:10 (3:20pm-4:10pm)

論題
Topic

Welfare Effects of Health Insurance Reform: The Role of Elastic Medical Demand

報告者
Speaker

萩原　玲於奈（日本銀行金融研究所）
Reona HAGIWARA (Institute for Monetary and Economic Studies, Bank of Japan)

討論者
Discussant

宮崎　智視（神戸大学大学院経済学研究科）
Tomomi MIYAZAKI(Graduate School of Economics, Kobe University)

概要
Abstract

Some medical demand is inelastic to price changes but the other is not. This feature is critical in assessing the effects of public health insurance reform on welfare. I show it by developing a computational general equilibrium life-cycle model of the Japanese economy, which allows for individual heterogeneity in health, income, and wealth. If entire medical demand is inelastic, the reform of increasing copayments reduces welfare for all current generations. However, if some medical demand is elastic as empirically observed, the reform improves welfare for current young generations including those with poor health and low income. Future generations benefit from the reform and their welfare increases significantly. I discuss mechanisms underlying these results and study the effects of different reforms.

16:20 ～ 17:10 (4:20pm-5:10pm)

論題
Topic

Effective Lower Bound Risk and Habit Persistence under Optimal Monetary Policy

報告者
Speaker

蓮井　康平（愛知大学経済学部）
Kohei HASUI (Faculty of Economics, Aichi University)

討論者
Discussant

井田　大輔（桃山学院大学経済学部）
Daisuke IDA (Faculty of Econimics, St. Andrew's University)

概要
Abstract

Previous studies have shown that households’ habit formation has profound implications for economic dynamics and monetary policy. This paper shows that the habit persistence plays an important role in the uncertainty effects of the effective lower bound (ELB) on the steady state and social welfare under optimal discretionary policy. The difference between risky steady state and deterministic steady state becomes large, because the uncertainty effect of the ELB becomes stronger as the habit persistence increases. This uncertainty effect dominates the intrinsic effects of habit persistence, which decreases the welfare loss, and then worsens the social welfare. Moreover, we show that the setting the nominal interest rate at the ELB is optimal at the risky steady state under the parameter configuration for Japanese economy.

17：10 ～ 17:25 (5:10pm-5:25pm)　 閉会の挨拶

宮尾　龍蔵（神戸大学大学院経済学研究科）

17:30 ～ (5:30pm-)

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