- December 26, 2023
- 2023 CREPE Day
- December 23, 2023
- Applied Microeconometrics Conference
in Honor of Professor Hidehiko Ichimura
- December 23, 2023
- The final lecture by Professor Hidehiko Ichimura (lecture in Japanese)
- December 5, 2023
- "On the Stability of Preferences: Experimental Evidence from Two Disasters" by Professor Yasuyuki Sawada (coauthored with Yusuke Kuroishi) has been published in European Economic Review
This paper investigates the impacts of two disasters in Japan and the Philippines on preferences using the convex time budget experiments and multiple price list experiments with monetary rewards. By exploiting natural experiments which are combined with lab-in-the-field experiments, the study aims to investigate whether and how long preferences are affected by extreme events. The authors find evidence supporting preference instability caused by exposure to natural hazards: in both our study sites, disaster exposure seems to make individuals more present-biased even though they differ in socioeconomic conditions and disaster types. The estimated impacts are persistent over the short and long time intervals in both disaster-affected areas and are robust to the method of measuring preferences.
- December 4, 2023
- Article by Professor Shintaro Yamaguchi in Nikkei Newspaper (article in Japanese)
- November 28, 2023
- "The Effect of Bank Recapitalization Policy on Credit Allocation, Investment, and Productivity: Evidence from a Banking Crisis in Japan" by Professor Yasuyuki Sawada (coauthored with Hiroyuki Kasahara and Michio Suzuki) has been published in Journal of Banking & Finance
The paper investigates the impact of government capital injections during the 1997 Japanese banking crisis using firm-level data. Findings indicate that post-injection banks increased lending to both high-productivity non-zombie and low-productivity zombie firms. While the former aligns with conventional theories, the latter suggests credit misallocation toward struggling firms mainly for debt servicing. High-productivity firms show positive labor and total factor productivity growth, potentially driven by sales growth and increased advertising expenses.