The Japanese Economy

Jung, Sung-Chun

Course Outline• This course aims at understanding the Japanese economy. The

course starts with an introduction of Japanese economy from historical perspective.

• We will see what happened to Japanese economy since in particular 1985. We will deal with contemporary issues in financial and fiscal policy, labor market, structural reform, and trade policy.

• All students are required to actively participate in the class through presentation, discussion and Q/A on the relevant theme during the course.

• You may choose the paper you want in reference or you can suggest some topics you want to make a presentation. So contents of this course are opened to you.

• I hope you actively bring good issues to the class. We will talk about what issues we should deal with in the class.

My personal career• Educational and professional background

– Graduating from department of economics, Seoul National University

– Speaking on Japanese economy in English is heavy burden for me.

– I went over to Tokyo in March 1995 and studied economics at Hitotsubashi University until Feb. 2002 for 7 years.

– And then I moved to Tottori Prefecture where I found a job, a local university where I taught environmental economics for 1 and a half year.

– In Oct. 2003 I came back to Korea and working on Japan study and environmental study at KIEP.

• Student’s brief self-introduction

ScheduleDate Topics Presentation/ Lecture

1. March 8. Introduction of the course and the assignment of the topics

Presenter: Prof. Jung

2. March 14. An overview of Japan’s political and economic situation

Presenter: Prof. Jung

3. March 21. Financial issues Presenter: Discussant:

4. March 28. Financial issues Presenter: Discussant:

5. April 4. Fiscal issues Presenter: Discussant:

6. April 11. Fiscal issues Presenter: Discussant:

7. April 18. Labor market issues Presenter: Discussant:

8. April 25. Mid-term Examination

9. May 2. Labor market issues Presenter: Discussant:

10. May 9 Energy, environmental issues Presenter: Discussant:

11. May 16 Energy, environmental issues

12. May 23. Trade issues Presenter: Discussant:

13. May 30. Trade issues Presenter: Discussant:

14. June 6. Holiday (Buddha’s Birthday) Presenter: Discussant:

15. June 13. Final test

How to operate?

• Students are main player at this class– I will just give you two or three lectures

• Students must make at least one presentation– Next week, we will assign topics to you. Think

about what topic do you want.

Exam and scoring• If you actively participate in presentation and

discussion, you will get more score. – Presentation will account for 50% of the total score. – Role of discussant will account for 10% of the total score.

• We will have final test– final test 30%.

Presentation 50%

Discussant 10%

Mid-term test 10%

Final test 30%

Total 100%

번호 제목 저자 출처 연도

1 On the Real Effects of Bank Bailouts: Micro Evidence from Japan Mariassunta Giannetti and Andrei SimonovAmerican Economic Journal: Macroeconomics 5(1)

2013

2Macroeconomic impact of population aging in Japan A perspective from an overlapping generations model

Ichiro Muto, Takemasa Oda and Nao SudoBank of Japan Working Paper Series No. 12-E-09

2012

3Productivity Change and Mine Dynamics: The Coal Industry in Japan during and after World War II

Tetsuji OkazakiCenter for International Research on the Japanese Economy Discussion Paper F series No. 851

2012

4Analysis of Industrial Agglomeration Patterns : An application to manufacturing industries in Japan

Mori Tomoya and Tony E. Smith RIETI Discussion Paper Series No.12-E-006 2012

5 Japan's Post-Triple-Disaster Growth Strategy Masahiro Kawai and Peter J. Morgan ADBI Working Paper No. 376 2012

6The Construction and Analysis of Industry-specific Effective Exchange Rates in Japan

Sato Kiyotaka, Shimizu Junko, Nagendra Shrestha and Shajuan Zhang

RIETI Discussion Paper Series No.12-E-043 2012

7Bank of Japan’s Quantitative and Credit Easing : Are They Now More Effective?

S. Pelin Berkmen IMF Working Paper No. 12/2 2012

8 Central Bank Balance Sheets Expansion : Japan’s Experience Kazumasa Iwata and Shinji Takenaka JCER Discussion Paper No. 134 20129 Strategy switching in the Japanese stock market Ryuichi Yamamoto and Hideaki Hirata JCER Discussion Paper No. 135 2012

10The Effects of Demographic Changes on the Real Interest Rate in Japan

Daisuke Ikeda and Masashi SaitoBank of Japan Working Paper Series No. 12-E-03

2012

11Stock Options and Productivity : An empirical analysis of Japanese firms

Morikawa Masayuki RIETI Discussion Paper Series No.12-E-011 2012

12Should the Japanese Tax System Be More Progressive? An Evaluation Using Simulated SMCFs Based on the Discrete Choice Model of Labor Supply

Shun-ichiro Bessho and Masayoshi HayashiCenter for International Research on the Japanese Economy Discussion Paper F series No. 848

2012

13 Pension Reforms in JapanKenichiro Kashiwase, Masahiro Nozaki, and Kiichi Tokuoka

IMF Working Paper No. 11/285 2012

14When did firms become more different? Time-varying firm-specific volatility in Japan

Emmanuel De Veirman and Andrew T. Levin

Journal of the Japanese and International Economies 26(4)

2012

15Income risk, macroeconomic and demographic change, and economic inequality in Japan

Tomoaki YamadaJournal of Economic Dynamics and Control 36(1)

2012

16Japanese foreign exchange intervention: A tale of pattern, size, or frequency

Marwa Hassan Japan and the World Economy 24(3) 2012

17Understanding the decline in Japan's saving rate in the new millennium

Tokuo Iwaisako and Keiko Okada Japan and the World Economy 24(3) 2012

18 The Quarterly Japanese Economic Model (Q-JEM) : 2011 Version Ichiro Fukunaga, Naoko Hara, Satoko Kojima, Yoichi Ueno and Shunichi Yoneyama

Bank of Japan Working Paper Series ; No. 11-E-11

2011

19Japans Economic Slowdown and its Global Implications : A Review of the Economic Modelling

Rod Tyers and Jenny CorbettDepartment of Economics, The University of Western Australia, Discussion Paper No. 11-19

2011

20Examining the University Industry Collaboration Policy in Japan : Patent analysis

Motohashi Kazuyuki and Uramatsu Shingo RIETI Discussion Paper Series No.11-E-008 2011

21 Spatial Analysis of the Japanese Gas Industry Akio Kusakabe and Jinhwan OhIUJ Economics & Management Series No. EMS-2011-01

2011

22Assessing the Risks to the Japanese Government Bond (JGB) Market

Waikei Raphael Lam and Kiichi Tokuoka IMF Working Paper No. 11/292 2011

23 Bankruptcy dynamics in Japan Nobuyuki Harada and Noriyuki Kageyama Japan and the World Economy 23(2) 2011

24Accounting for the Decline in the Velocity of Money in the Japanese Economy

Nao Sudo IMES Discussion Paper No. 2011-E-16 2011

25 A Reassessment of Japan's Big Bang Financial Regulatory Reform Bruce E. Aronson IMES Discussion Paper No. 2011-E-19 2011

26 Will a Growth Miracle Reduce Debt in Japan? Selahattin Imrohoroglu and Nao Sudo IMES Discussion Paper No. 2011-E-1 2011

27Empirical modeling of Japan’s markup and inflation, 1976–2000

Takamitsu Kurita Journal of Asian Economics 21(6) 2010

28Measuring Potential Growth with an Estimated DSGE Model of Japan’s Economy

Takuji Fueki, Ichiro Fukunagam, Hibiki Ichiue and Toyoichiro Shirota

Bank of Japan Working Paper Series No. 10-E-13

2010

29Direction of Japan's strategy for economic growth towards 2030

Atsushi Okamura, Kentaro Onuma and Katsutoshi Takehana

NRI Paper No.159 2010

30Efficiency versus Economy of Time in Multi-Unit Descending Auction : The Role of “Mari” at Flower Markets in Japan

Minoru Kitahara and Ryo Ogawa ISER Discussion Papers No.774 2010

31Trade, Environmental Regulations and Industrial Mobility : An Industry-Level Study of Japan

Matthew A. Cole, Robert J. R. Elliott and Toshihiro Okubo

RIEB Kobe University Discussion Paper Series No. 2010-22

2010

32Productivity and Fiscal Policy in Japan: Short Term Forecasts from the Standard Growth Model

Selahattin Imrohoroglu and Nao Sudo IMES Discussion Paper No. 2010-E-23 2010

33 Japan’s Lost decade: Does money have a role? Fabio Canova and Tobias MenzJournal of the Japanese and International Economies 24(2)

2010

34Credit spreads on corporate bonds and the macroeconomyin Japan

Kiyotaka Nakashima and Makoto SaitoJournal of the Japanese and International Economies 24(3)

2009

35Monetary and international factors behind Japan's lost decade

Koichi Hamada and Yasushi OkadaJournal of the Japanese and International Economies 23(2)

2009

36 The effectiveness of bank recapitalization policies in Japan Heather Montgomery and Satoshi Shimizutani

Japan and the World Economy 21(1) 2009

37 Public investment and business cycles The case of Japan Tomomi Miyazaki Journal of Asian Economics 20(4) 2009

38The Dynamic Effects of Japanese Macroeconomic Policies : Were There Any Changes in the 1990s?

Yasuyuki Iida and Tatsuyoshi Matsumae

ESRI Discussion Paper Series No.209 2009

39Time of troubles : the yen and Japan's economy, 1985-2008

Maurice Obstfeld NBER Working Paper No.14816 2009

40 Insights from Japan's Lost Decade Michael HENG Siam-Heng EAI Working Paper No. 154 2009

41 Trade Liberalization of the Fishery Industry of Japan AFM Mohiuddin and Ryuta Ray KatoIUJ Economics & Management Series No. EMS-2009-10

2009

42Innovation and Change in the Process of Alliance Formation in the Japanese Electronics Industry

James R. Lincoln CEI Working Paper Series No. 2008-18 2009

43Accounting for Japanese Business Cycles: a Quest for Labor Wedges

Keisuke Otsu IMES Discussion Paper No. 2009-E-28 2009

44Economic Fluctuations in Japan during the Interwar Period -Re-estimation of the LTES Personal Consumption Expenditures-

Kiyohito Utsunomiya IMES Discussion Paper No. 2008-E-6 2008

45Institutions, Competition, and Capital Market Integration in Japan

Kris James Mitchener and Mari Ohnuki IMES Discussion Paper No. 2008-E-12 2008

46 Helicopter Drops and Japan's Liquidity Trap Heather Montgomery and Satoshi Shimizutani

IMES Discussion Paper No. 2008-E-4 2008

47The Costs and Benefits of Inflation Evaluation for Japan’s Economy

Hitoshi Fuchi, Nobuyuki Oda and Hiroshi Ugai

Bank of Japan Working Paper Series No. 07-E-10

2007

48From Peasant Economy to Urban Agglomeration : The Transformation of 'Labour-intensive Industrialization' in Modern Japan

Masayuki TanimotoCenter for International Research on the Japanese Economy Discussion Paper F series No. 516

2007