Perspective

The project will seek to design more realistic macroeconomic theory and macroeconometric models that take into account globalization of the economy, structural changes, large-scale shocks such as financial crises and major disasters and the COVID-19 pandemic, and long-term economic downturns. It will develop methodology for delivering equilibria and estimating parameters in such models. The project will further develop econometric methods for estimating these models using big data, including survey data of inflation forecasts and high frequency data on asset prices. These will be applied to analysis of various macroeconomic issues; and based on the results, policy proposals will be made regarding desirable macroeconomic policies.

Project Leader
Etsuro Shioji
Professor at Graduate School of Economics, Hitotsubashi University

Project Members

Prof. Toshiaki Watanabe Institute of Economic Research, Hitotsubashi University
Prof. Naohito Abe Institute of Economic Research, Hitotsubashi University
Prof. Takashi Kano Graduate School of Economics, Hitotsubashi University
Prof. Jouchi Nakajima Institute of Economic Research, Hitotsubashi University
Prof. Eiji Kurozumi Graduate School of Economics, Hitotsubashi University
Prof. Yohei Yamamoto Graduate School of Economics, Hitotsubashi University
Prof. Toshitaka Sekine Graduate School of Economics, Hitotsubashi University
University Prof. Kyoji Fukao Institute of Economic Research, Hitotsubashi University
Associate Prof. Ryo Jinnai Institute of Economic Research, Hitotsubashi University
Associate Prof. Takeki Sunakawa Graduate School of Economics, Hitotsubashi University
Assistant Prof. Yuta Takahashi Institute of Economic Research, Hitotsubashi University
Assistant Prof. Naoki Takayama Institute of Economic Research, Hitotsubashi University
Assistant Prof. Kazuhiro Teramoto Graduate School of Economics, Hitotsubashi University
Adjunct Prof. Jota Ishikawa Hitotsubashi Institute for Advanced Study, Hitotsubashi University

Research Collaborators

Prof. Atsushi Inoue Department of Economics, Vanderbilt University
Prof. Mototsugu Shintani Graduate School of Economics, The University of Tokyo
Prof. Kyu Ho Kang Department of Economics, Korea University
Associate Prof. Tatsuyoshi Okimoto Crawford School of Public Policy, Australian National University
Prof. Yunjong Eo Department of Economics, Korea University
Associate Prof. Hiroshi Morita Department of Economics, Hosei University
Director/Senior Research Fellow Sungbae An Korea Institute for International Economic Policy

Recently Published Papers

Makoto Takahashi, Toshiaki Watanabe and Yasuhiro Omori, “Forecasting Daily Volatility of Stock Price Index Using Daily Returns and Realized Volatility”, Econometrics and Statistics (2021).