Economics and Industry Field

The Economics and Industry field includes research areas such as 'Finance and Securities,' 'Insurance,' 'Transportation, Public Policy, and Industrial Organization,' 'Econometrics,' 'International Economics,' 'Industrial and Business History,' and 'Industrial Relations.' The common academic foundation for this field is applied microeconomics and applied macroeconomics. However, each area has developed a diverse and unique curriculum tailored to its specific research objectives and analytical methods. This curriculum is designed to facilitate multifaceted and flexible discussions on the various issues that characterize industrial and economic society, considering them within the context of changing times, from an international perspective, and from the viewpoints of various stakeholders. For example, through lectures, seminars, and participation in joint projects offered by this graduate school, students earnestly explore and practically apply topics such as financial and insurance systems and market mechanisms, cost-benefit analysis of policy management, methods of micro and macro econometric analysis, trade and investment issues in the global economy, historical analysis of industrial and economic development, and issues related to internal labor markets and labor management. These research opportunities in each field will cultivate the ability and insight to independently judge the essence of the various phenomena that permeate industrial and economic society.

Featured Courses

Finance and Securities: Faculty Introduction

Name	Specialization	Major Works
Professor Kenta Toyohuku	Finance Banking Monetary Theory	“Unit of account, sovereign debt and optimal currency area,” Journal of International Financial markets, Institutions and Money, 75, (2021). “Stability or restructuring? Macroeconomic dynamics under soft budget constraint problems,” Economic Systems, 37(4), (2013). “Soft budget constraints, bank capital, and the monetary transmission mechanism,” Japan and the World Economy, 20(2), (2008).
Professor Kenji Wada	Finance (Asset Pricing Theory)	“Unconventional monetary policy and the bond market in Japan: A new Keynesian perspective”, Japan & the World Economy, 67, 101207, 2023 (with P. Basu), “Uninsurable Risk and Financial Market Puzzles”, Journal of International Money and Finance 30, 1055-1089, 2011 (with P. Basu and A. Semenov), “Estimation of consumption-capital asset pricing mode (l C-CAPM) with two clusters of consumption expenditures”, Economics Bulletin 31, 1183-1187, 2011 (with A. Maki)
Associate Professor Shintaro Tomita	Finance (Corporate Finance)

Insurance: Faculty Introduction

Name	Specialization	Major Works
Professor Noriyoshi Yanase	Insurance Science Risk Management Finance (Corporate Finance)	“Pension Return Assumptions and Shareholder-Employee Risk-Shifting,” Journal of Corporate Finance 70, 2021 (with S. Goto), “Bank Equity Ownership and Corporate Hedging: Evidence from Japan,”, Journal of Corporate Finance 58, 765-783, 2019 (with P. Limpaphayom and D. Rodgers), “Learning from Extreme Catastrophes”, Journal of Risk and Uncertainty 59 (1), 85-124, 2019 (with S. Kamiya), “Organization Structure and Corporate Demand for Reinsurance: The Case of the Japanese Keiretsu”, Journal of Risk and Insurance 84 (2), 599-629, 2017 (with P. Limpaphayom)

Transportation, Public Policy, and Industrial Organization: Faculty Introduction

Name	Specialization	Major Works
Professor Kazusei Kato	Transport Economics American Economy	“Current Accounts of Japanese Airports”（Co-Authored, Journal of Air Transport Management, 2011）
Professor Miki Takahashi	Industrial Organization Small and Medium-Sized Enterprises and Venture Businesses
Professor Katsumi Tanabe	Transport Economics Public Utility Theory Industrial Organization
Associate Professor Kensuke Kubo	Industrial Organization Competition Policy	“The Consumer Welfare Implications of Governmental Policies and Firm Strategy in Markets for Medicines,” Journal of Health Economics, Vol.44, pp.255-273 (with C. Chatterjee and V. Pingali, 2015), “The Generic Drug Market in Japan: Will It Finally Take Off?” Health Economics, Policy and Law, Vol. 6, No. 3, pp.369-389 (with T. Iizuka, 2011), “International Trade and Risk Sharing in the Global Rice Market: The Impact of Foreign and Domestic Supply Shocks,” Asian Development Review, Vol.33, No.1,pp.162-182 (with Shikha Jha and Bharat Ramaswami, 2016)

Econometrics: Faculty Introduction

Name	Specialization	Major Works
Professor Keisuke Otsu	Macroeconomics Business Cycle Theory and Economic Growth Theory	“The post-crisis slump in Europe: A business cycle accounting approach,” (with Florian Gerth), B.E. Journal of Macroeconomics, 18 (1), 2018, “Organizational dynamics and aggregate fluctuations: the role of financial relationships,” (with Masashi Saito), Journal of Economic Dynamics and Control, 37 (12), 2013, “A neoclassical analysis of the Korean crisis,” Review of Economic Dynamics, 11 (2), 2008
Professor Yukako Ohno	Applied Microeconomics Industrial Organization Urban Economics	“Incomplete Information and the Lag between Temporary and Permanent Employment Adjustment: A cross-city Analysis,” （with Q. Zhang）, Keio Business Review , No. 53-1, 2018: “Indirect Exports and Wholesalers: Evidence from interfirm transaction network data” （with D. Fujii and Y. Umeno Saito,” Japan and the World Economy , Vol. 44, pp 35-47, 2017: “Manufacturing Plants’ Use of Temporary Workers: An Analysis Using Census Microdata” （with D. G. Sullivan）,Industrial Relations: A Journal of Economy and Society , Vol. 52, Issue 2, pp. 419-443, 2013: “Where Do Manufacturing Firms Locate Their Headquarters?” （with J.Vernon Henderson）, Journal of Urban Economics, Vol.63, 2008
Professor Yoichi Sugita	International Trade Theory Industrial Organization Applied Microeconomics	“Assortative Matching of Exporters and Importers.” (with Kensuke Teshima and Enrique Seira)forthcoming in Review of Economics and Statistics.,“The Impact of Trade Liberalization on Industrial Productivity” (with Paul. S. Segerstrom) Journal of the European Economic Association, 13(6): 1167-79, 2015.
Professor Yuki Teranishi	Applied Economics Monetary Policy	“Optimal Monetary Policy at the Zero-Interest-Rate Bound (coauthored with Taehun Jung and Tsutomu Watanabe)”, Journal of Money, Credit and Banking, 37, 2005, “Credit Spread and Monetary Policy”, Economics Letters, 114, 2012, “Real Exchange Rate Dynamics under Staggered Loan Contracts”(coauthored with Ippei Fujiwara), Journal of International Money and Finance, 30(7),2011, “Global Liquidity Trap” (coauthored with Ippei Fujiwara, Tomoyuki Nakajima, and Nao Sudo), IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2010-E-11
Professor Tomoyoshi Yabu	International Finance Econometrics	“What prompts Japan to intervene in the Forex market: A new approach to a reaction function”, (with T.Ito), Journal of International Money and Finance, Vol.26, 2007, pp.193-212, “Testing for shifts in trend with an integrated or stationary noise component”, (with P.Perron), Journal of Business and Economic Statistics, Vol.27, 2009, pp.369-396, “Estimating deterministic trends with an integrated or stationary noise component,” (with P.Perron), Journal of Econometrics, Vol.151, 2009,pp56-69
Professor Isamu Yamamoto	Applied Microeconomics Labor Economics Empirical Analysis (Micro/Macro)	“Effect of Work-Life Balance Practices on Firm Productivity," （coauthored, The B.E. Journal of Economic Analysis and Policy, 14（4）, 2014）、“Do peers affect determination of work hours? Evidence based on unique employee data from global Japanese firms in Europe,” （coauthored, Journal of Labor Research, 34（3）, 2013）
Professor Naoki Wakamori	Empirical Industrial Organization Applied Microeconomics	“Excess Capacity and Effectiveness of Policy Interventions: Evidence from the Cement Industry” (with T. Okazaki and K. Onishi), International Economic Review, Vol. 63(2), 2022, “Competition-Driven Physician-Induced Demand” (with K. Ikegami and K. Onishi), Journal of Health Economics, Vol. 79, 2021, “Why Do Shoppers Use Cash? Evidence from Shopping Diary Data” (with A. Welte), Journal of Money, Credit and Banking, Vol. 49(2), 2017.
Associate Professor Yoann Potiron	Financial Econometrics	“Estimation of Integrated Quadratic Covariation with Endogenous Sampling Times”, (with P.Mykland), Journal of Econometrics, Vol.197, 2017, pp.20-41, “Statistical Inference for the Doubly Stochastic Self-exciting Process”,(with S.Clinet), Bernoulli, Vol.24, 2018, pp.3469-3493, “Efficient Asymptotic Variance Reduction when Estimating Volatility in High Frequency Data”, (with S.Clinet), Journal of Econometrics, Vol.206, 2018, pp.103-142

International Economics: Faculty Introduction

Name	Specialization	Major Works
Professor Mitsuyo Ando	International Economics (International Trade Theory) Development Economics	“Impacts of Japanese FTAs/EPAs: Preliminary Post Evaluation”, The International Economy, 11, 2007、“Fragmentation and Vertical Intra-industry Trade in East Asia”, North American Journal of Economics and Finance,17（3）, 2006、“Two-dimensional Fragmentation in East Asia: Conceptual Framework and Empirics”, International Review of Economics and Finance, 14, 2005
Professor Koichiro Kamada	International Finance Macroeconomics Finance	“Central bank policy announcements and changes in trading behavior: Evidence from bond futures high frequency price data,” North American Journal of Economics and Finance, 59, 2022（co-authored）、“On the Reliability of Japanese Inflation Expectations Using Purchasing Power Parity,” Economic Analysis and Policy, 44（3）, 2014（co-authored）
Dean and Professor Masahiro Endoh	International Economics	”The Effect of Regional Import Shocks on Job Flows in Japanese Manufacturing Establishments,” Journal of the Japanese and International Economies, 74, 2024, 、”The China Shock and Job Reallocation in Japan,” Journal of the Japanese and International Economies, 68, 2023
Professor (Fujita Chairship Fund) Toshitake Kurosawa	International Economics and Development Finance, Securities, and Accounting International Taxation
Professor Ichiroh Daitoh	International Economics (International Trade Theory) Economic Development Theory Environmental Economics	“Open Access Renewable Resources, Urban Unemployment, and the Resolution of Dual Institutional Failures,” Environment and Development Economics, 2022（Co-Authored）、“Productive Consumption and Population Dynamics in an Endogenous Growth Model”, Journal of Economic Dynamics and Control, 2010、“Financial Liberalization, Urban Unemployment and Welfare: Some Implications of the Artificial Low Interest Rate and High Wage Rage Policies in LDCs”, Journal of Development Economics, 2003

Industrial and Business History: Faculty Introduction

Name	Specialization	Major Works
Professor Toshiaki Ushijima	Modern Japanese Economic History Industrial History
Professor Takashi Hirano	Industrial and Business History	“Retailing in urban Japan, 1868-1945”（Urban History, 26-3，1999）
Associate Professor Ryo Izawa	Business History Industrial History	“Corporate structural change for tax avoidance: British multinational enterprises and international double taxation between the First and Second World Wars”, Business History, 64(4), 704-726, 2022;

Industrial Relations: Faculty Introduction

Name	Specialization	Major Works
Professor (Fujita Chairship Fund) Yukiko Ito	Health Economics Social Security	“Intensive care unit mortality and cost-effectiveness associated with intensivist staffing: a Japanese nationwide observational study.” Journal of Intensive Care, (co-author, 2023), “Comparison of Treatment Outcomes of Acute Care Hospitals in Okitama Secondary Medical Care Zone of Yamagata Prefecture.” Public Policy Review, (co-author, 2023)
Professor Sachiko Kazekami	Labor Economics	"Regional Differences in the Epidemic Shock on the Local Labor Market and its Spread", LABOUR, Vol.36(1), pp.115-144.(2022), "Mechanisms to improve labor productivity by performing telework" Telecommunications Policy, Vol.44(2), 101868,(2020), “Local Multipliers, Mobility and Agglomeration Economies,” Industrial Relations, Vol.56(3), pp.489-513.(2017)
Professor Yoshikazu Kenjoh	Social Security (Redistribution, Political Economy of Policy)

Other fields

Commercial Science

Management

Accounting