HSI2024 – the 10th Hitotsubashi Summer Institute: Macroeconomic Policies was held

On December 6, 2024, an international research conference, HSI2024 – 10th Hitotsubashi Summer Institute: Macroeconomic Policies, was held at the Sano Shoin Hall on Kunitachi Campus. It was organized by Etsuro Shioji, who is a Specially Appointed Professor of Hitotsubashi Institute for Advanced Studies (HIAS), Hitotsubashi University, as a part of the research project “Macroeconomic Policies at the Time of Heightened Uncertainty under Globalization” in which Prof. Shioji takes a lead.

The conference was held in the face-to-face format for the first time in four years. A total of 7 researchers presented their research and 32 participants engaged in lively discussions in research presentation sessions. Topics included (1) an innovative theory on why the US Dollars is chosen as the dominant international currency, (2) a new estimation of excess returns on the Japanese Government’s Balance Sheet, (3) estimation of term premia on US bonds which takes into account both the stochastic trend in the interest rate and the presence of the zero lower bound, (4) a study on the effects of Long-term Government Bond purchases by the Bank of Japan on bond yields, (5) a characterization of different patterns of recessions across states in the US, (6) a theoretical study that uncovers how a strong positive news on economic fundamentals gives rise to an asset price bubble, and (7) estimation of the productivity effect of public capital which utilizes a new method in time series analysis.

The conference started with an opening remark by Prof. Shioji, followed by presentations by Assistant Prof. Yuta Takahashi, Prof. Jouchi Nakajima, and Prof. Ryo Jinnai, all from the Institute of Economic Research (IER) of Hitotsubashi University. Prof. Kyu Ho Kang and Prof. Yunjong Eo, both from Korea University, as well as Assistant Prof. Kenji Wada from National Taiwan University and Associate Prof. Hiroshi Morita from Institute of Science Tokyo also presented their papers respectively.
The conference ended on a high note with closing remarks by Toshiaki Watanabe, Professor and Dean of the Graduate School of Social Data Science.

Please click here to refer to the program.