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Skip to Content Japanese English Chinese About RIETI Site Map Help Contact Discussion Papers Search Site Search Menu Research Areas Research Programs (FY2024-2028) Research Programs (FY2020-2023) Research Programs (FY2016-2019) Research Programs (FY2011-2015) Policy Research Domains (FY2006-2010) Projects Survey Fellows According to Title Alphabetical order RIETI Alumni Research/Policy Papers Discussion Papers (English) Discussion Papers (Japanese) Policy Discussion Papers (English) Policy Discussion Papers (Japanese) Technical Papers (English) Technical Papers (Japanese) Non Technical Summaries List of Articles in Journals Research Digest Discussion Papers Search Publications RIETI Books (English) RIETI Books (Japanese) History of Japan's Trade and Industry Policy Authors' Words Other Publications (English) Other Publications (Japanese) Events Symposiums Workshops BBL Seminars Archived Seminar Series Data JIP Database R-JIP Database CIP Database Industry-Specific Nominal and Real Effective Exchange Rates AMU and AMU Deviation Indicators JSTAR RIETI-TID RIETI FDI Database ICPA Project Links Articles Column Special Series Newspapers & Magazines Fellows' Works VoxEU Column From IZA Perspectives from Around the World Other Contents RIETI Report Policy Update Keizai Sangyo Journal (METI Journal) Research Areas Fellows Research/Policy Papers Publications Events Data Articles Site Map Technical Issues Coontact Discussion Papers Search Close HomeFellowsAccording to Title HOSONO Kaoru Print HOSONO Kaoru Faculty Fellow Professor, Faculty of Economics, Gakushuin University Activities at RIETI Expertise Banking Regulations, Corporate Finance, Monetary Policy, Aggregate Productivity Research Projects Firm Dynamics, Industry, and Macroeconomy February 1, 2023 - January 31, 2026) Determinants of Firm Dynamics: Causal Inference Approach (April 1, 2020 - March 31, 2022) Microeconometric Analysis of Firm and Industry Growth (May 22, 2017 - April 30, 2019) Microeconometric Analysis of Firm Growth (April 21, 2015 - March 31, 2017) Education 2009 Ph.D. in Economics, Hitotsubashi University1990 M.A. in Economics, Northwestern University1984 B.A. in Economics, Kyoto University Experience 2013 Professor, Gakushuin University2011 Principal Economist, Policy Research Institute, Ministry of Finance2010 Visiting Researcher, Yale University2004 Professor, Gakushuin University2003 Associate Professor, Gakushuin University1999 Associate Professor, Nagoya City University1998 Senior Economist, Economic Planning Agency1996 Associate Professor, Hitotsubashi University1994 Ministry of Finance1984 Economic Planning Agency Selected Publications and Papers Books The Economy of Intangibles: Intangible Asset Investment and Productivity Growth in Japan (in Japanese), co-edited with T. Miyagawa and S. Asaba, University of Tokyo Press, Tokyo, 2016. Microeconomic Analysis of Financial Crises (in Japanese), University of Tokyo Press, Tokyo, 2010. (awarded the Nikkei Best Economics and Management Books Prize in 2010.) Effectiveness and Limitations of Monetary Policy in Japan (in Japanese) (with S. Sugihara and T. Mihira), Toyo Keizai Shimposha, Tokyo, 2001. Papers Published in Refereed Journals "Causal Effects of a Tax Incentive on SME Capital Investment," (with M. Hotei and D. Miyakawa), Small Business Economics, 2023. "Pricing Implications of Intervention and Debt Management in the Primary Market of Japanese Government Bonds," (with D. Miyakawa and S. Watanabe), Pacific-Basin Finance Journal: 77, 101918, 2023. "Determinants and Effects of the Use of COVID-19 Business Support Program in Japan," (with T. Honda, D. Miyakawa, A. Ono, and I. Uesugi), Journal of the Japanese and International Economies: 67, 101239, 2023. "Japan's Productivity Stagnation: Using Dynamic Hsieh-Klenow Decomposition," (with M. Takizawa), Contemporary Economic Policy: 40(1), 218-232, 2022. "Epidemic and Economic Consequences of Voluntary and Request-based Lockdowns in Japan," Journal of the Japanese and International Economies: 61, 101147, 2021. "Complementarity and Substitutability between Tangible and Intangible Capital: Evidence from Japanese Firm-level Data," (with D. Miyakawa, M. Takizawa, K. Yamanouchi), Singapore Economic Review: 65(5), 1293–1321, 2020. "Natural Disasters, Damage to Banks, and Firm Investment," (with D. Miyakawa, T. Uchino, M. Hazama, A. Ono, U. Uchida, and I. Uesugi), International Economic Review: 57 (4), 1335-1370, 2016. "International Transmission of the 2007–2009 Financial Crisis: Evidence from Japan," (with M. Takizawa and K. Tsuru), Japanese Economic Review: 67 (3), 295-328, 2016. "Financial Shocks, Bankruptcy, and Natural Selection," (with U. Uchida, D. Miyakawa, A. Ono, T. Uchino, and I. Uesugi), Japan and the World Economy: 36, 123-135, 2015. "The Impact of Demand Shock on the Employment of Temporary Agency Workers: Evidence from Japan during the Global Financial Crisis," (with M. Takizawa and K. Tsuru), Seoul Journal of Economics, 28(3), 265-283, 2015. "Fiscal Sustainability in Japan," (with M. Sakuragawa), Journal of the Japanese and International Economies: 25(4), 434-446, 2011. "Managerial Entrenchment and Antitakeover Provisions in Japan," (with M. Takizawa and K. Tsuru), Seoul Journal of Economics: 24(3) 287-331, 2011. "Fiscal Sustainability of Japan: A Dynamic Stochastic General Equilibrium Approach," (with M. Sakuragawa), Japanese Economic Review: 61(4) 517-537, 2010. "Ownership Structure and the Risk-Return Profiles of Japanese Stocks," (with H. Murase and I. Samikawa), Corporate Ownership and Control: 7(1) 9-17, 2009. "The Transmission Mechanism of Monetary Policy in Japan: Evidence from Banks' Balance Sheets," Journal of the Japanese and International Economies: 20(3) 380-405, 2006. "Corporate Governance and Research and Development: Evidence from Japan," (with M. Tomiyama and T. Miyagawa), Economics of Innovation and New Technology: 13(2) 141-64, 2004. "Growth Opportunities, Collateral and Debt Structure: The Case of the Japanese Machine Manufacturing Firms," Japan and the World Economy: 15(3) 275-97, 2003. Contribution to Books "Intercity Transportation Infrastructure, Interfirm Transaction, and Firm Performance: Impacts of the Disruption of a Highway due to the Tohoku Earthquake in Japan," (in Japanese), (with H. Uchida, I. Uesugi, A. Ono, and D. Miyakawa), in N. Yanagawa ed., Science of Infrastructure, Toyo Keizai Shimposha, Tokyo, 57-80, 2018. "Costs and Benefits of the 2% CPI Target," (in Japanese), Nikkei ed. The Bank of Japan under Governor Kuroda: Economic Analysis of Super Monetary Easing, Nikkei Publishing, Tokyo, 37-59, 2018. "The Going-Public Decision and Post-IPO Performance: Evidence from Japan," (in Japanese), (with M. Takizawa), in T. Miyagawa, S. Asaba, and K. Hosono eds., The Economy of Intangibles: Intangible Asset Investment and Productivity Growth in Japan, University of Tokyo Press, Tokyo, 253-286, 2016. "Do Bank Shocks Affect Firm Activities: A Survey," (with D. Miyakawa), in T. Watanabe, I. Uesugi, and A. Ono eds., The Economics of Interfirm Networks, Advances in Japanese Business and Economics, 4, 237-260, 2015, Springer. "Consolidation of Banks in Japan: Causes and Consequences," (with K. Sakai, and K. Tsuru), T. Ito and A. K. Rose (eds.) Financial Sector Development in the Pacific Rim, NBER East Asian Seminar on Economics 18, 265-309, 2009, the University of Chicago Press. 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