Chihiro SHIMIZU  清水千弘 本文へジャンプ
Hitotsubashi-RIETI International Workshop on Real Estate Market and the Macro Economy
December 15, 2014
Research Institute of Economy, Trade and Industry
1-3-1 Kasumigaseki Chiyoda-ku Tokyo, JAPAN

Real estate markets have been the epicenter of a number of disastrous financial crises around the world, including Japan, the United States, and Europe. Their relevance for economic growth and business cycles has been underlined by numerous studies. Against this background, Hitotsubashi Project on Real Estate Market, Financial Crisis, and Economic Dynamics (HIT-REFINED) and the Study Group on Corporate Finance and Firm Dynamics of Research Institute of Economy, Trade and Industry (RIETI) focus on the real estate market in Japan, which has stagnated for the past twenty years, and jointly examine its association with financial crises and economic growth.

The project now invites professionals from abroad and holds a one-day workshop in order to present and discuss its research output on the following two issues: (1) construction of real estate price indices that may detect emergence and collapse of the bubble and (2) interactions between real estate market and economic activities, including firms’ investment behavior and portfolio allocation of households. There is a keynote speech by Professor David Geltner of MIT followed by four research presentations, each of which will be discussed in detail. All of these are expected to be published in the special issue of Keizai Kenkyu (The Economic Review), a refereed journal issued by the Institute of Economic Research, Hitotsubashi University.

Monday, December 15: invited members only

9:30 Registration
9:50 Opening Remarks by Masahisa Fujita (President and CRO, RIETI) and Iichiro Uesugi (Project Leader, Hitotsubashi University and RIETI)

Chair: Daisuke Miyakawa (Nihon University)

Keynote Speech:
10:00 - 11:00 David Geltner (MIT)
Frontier of Commercial Real Estate Price Index (tentative)

11:15 - 11:45 Chihiro Shimizu (Reitaku University and University of British Columbia)
Sticky Rent and Real Estate Prices

Discussant: Yongheng Deng (National University of Singapore)

12:15 - 13:30 Lunch

Chair: Tokuo Iwaisako (Hitotsubashi University)

13:30 - 14:30 Hirofumi Uchida (Kobe University)
Impact of Natural Disasters on Real Estate Market and Firms’ Behavior: Evidence from the Tohoku Earthquake (tentative)

Discussant: Wako Watanabe (Keio University)

14:30 - 14:50 Coffee Break

Chair: Kaoru Hosono (Gakushuin University)

14:50 – 15:50 Arito Ono (Mizuho Research Institute)
Housing and Household Portfolio Choice (tentative)

Discussant: Naohisa Hirakata (Bank of Japan)

16:00 – 17:00 Iichiro Uesugi (Hitotsubashi University and RIETI)
Bank Lending Channel versus Collateral Channel

Discussant: Peng Xu (Hosei University)

17:00 Closing Remarks by Iichiro Uesugi (Hitotsubashi University and RIETI)

17:30- Dinner (invited members only)