神戸大学金融研究会
(Monetary Economics Seminar of Kobe University)

日時:
(Date&Time)
12月8日(土) 14時から (Saturday, December 8, 2:00pm〜)
報告者:
(Speaker)
松林 洋一 氏 (MATSUBAYASHI Yoichi)
所属:
(Affiliation)
神戸大学
(Kobe University)
論題:
(Topic)
"Exchange Rate, Expected Profit and Capital Stock Adjustment: Japanese Experience"
概要:
(Abstract)

This paper empirically investigates the impact of exchange rate shocks on corporate investment. An intertemporal optimization model is developed, in which an individual corporation in an open economy adjusts its capital stock according to the Tobin’s q which represents the future stream of the profit rate and changes by the real exchange rate. By explicitly taking the marginal q into consideration, the transmission mechanism from real exchange rate shocks to investment dynamics via expected profitability is examined based on the Vector Autoregressive model (VAR). Empirical evidence suggests that the depreciation of the Japanese yen increases the expected profitability of the firm and stimulates corporate investment especially in the machinery sector. This characteristic basically corresponds to the structure of external exposure and offers an important finding from the viewpoint of Japanese macroeconomic fluctuations.

報告者:
(Speaker)
塩路 悦朗 氏 (SHIOJI Etsuro)
所属:
(Affiliation)
一橋大学
(Hitotsubashi University)
論題:
(Topic)
「新しい開放マクロ経済モデルにおける財政政策の効果」
(Effects of Fiscal Policy in New Open Economy Macroeconomic Models)
概要:
(Abstract)

This paper introduces three features into an otherwise standard model of "New Open Economy Macroeconomics" of a small open economy, and analyzes the effects of a fiscal expansion. Those three features are: (1) Presence of non-tradable goods, (2) Biases toward domestically produced goods, especially non-tradable goods, in government expenditure, and (3) an overlapping generations structure a la Blanchard (1985), Yaari (1965), and, more closely related, Ganelli (2005). We show that biases toward non-tradable goods in fiscal spending makes a particularly large differences in the effects of an increased public spending.

会場:
(Place)
神戸大学経済経営研究所 会議室(研究所新館2階)
RIEB Meeting Room (New Building 2nd floor)
対象:
(Intended Audience)
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考:
(Note)

論文のコピーは開催日当日に会場にご用意いたします。
Copies of the paper will be available on that day of the seminar at meeting place.
セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先(メ-ルアドレス)を事前に研究助成室までご連絡下さい。
If you would like to attend our workshop, please email us at Research Assistant Section your name, affiliation and email address beforehand.