Updated on 2024/05/20

写真a

 
HAMANO, Masashige
 
Affiliation
Faculty of Political Science and Economics, School of Political Science and Economics
Job title
Professor
Degree
Docteur en Science Economiques ( Universite de Rennes1 )
経済学学士 ( トゥールーズ第一大学 )
経済学修士 ( パリ第一大学 )
経済学博士 ( レンヌ第一大学 )

Research Experience

  • 2017.04
    -
    2019.03

    Waseda University   Faculty of Political Science and Economics   Associate professor

  • 2016.04
    -
    2017.03

    Sophia University   Faculty of Economics Department of Economics   Associate Professor

  • 2013.04
    -
    2016.03

    Sophia University   Faculty of Economics Department of Economics   Assistant professor

  • 2011.01
    -
    2013.03

    University of Luxembourg   Postdoctoral fellow

  • 2009.01
    -
    2010.08

    University of Rennes 1   Lecturer

Education Background

  • 2006.09
    -
    2009.12

    Université de Rennes1   Graduate School, Division of Economics  

  • 2004.09
    -
    2006.06

    Université de Paris1   Graduate School, Division of Economics   Economie Internationale  

  • 2003.09
    -
    2004.06

    Universite de Toulouse1   Faculty of Economics  

  • 1997.04
    -
    2003.03

    Keio University   Faculty of Economics  

Research Areas

  • Economic theory

Research Interests

  • New Open Economy Macroeconomics, International Trade, New Economic Geography

Awards

  • Oda Prize

    2020   The Japan Society of International Economics  

  • Research Award

    2018   Waseda University  

 

Papers

  • Exchange Rate Policy and Firm Heterogeneity

    Masashige Hamano, Francesco Pappadà

    IMF Economic Review   71 ( 3 ) 759 - 790  2023.09

     View Summary

    This paper examines the exchange rate policy in a tractable framework with heterogeneous firms, incomplete financial markets and nominal rigidities. External demand shocks generate exchange rate movements leading to uncertainty in the labor demand of exporter firms. When exporter firms are homogeneous in terms of productivity, a monetary policy response to external demand shocks stabilizes the export market and improves welfare, thus providing a rationale for managed exchange rate policies.

    DOI

    Scopus

  • Monetary policy, firm heterogeneity, and product variety

    Masashige Hamano, Francesco Zanetti

    European Economic Review   144  2022.05

     View Summary

    This study provides new insights on the allocative effect of monetary policy. It shows that contractionary monetary policy exerts an important reallocation effect by cleansing unproductive firms and enhancing aggregate productivity. At the same time, however, reallocation involves a reduction in the number of product variety that is central to consumer preferences and hurts welfare. A contractionary policy prevents the entry of new firms and insulates incumbent firms from competition, reducing aggregate productivity. We provide empirical evidence on U.S. data that corroborates the relevance of monetary policy for product variety resulting from firm entry and exit.

    DOI

    Scopus

    4
    Citation
    (Scopus)
  • International risk sharing with heterogeneous firms

    Masashige Hamano

    Journal of International Money and Finance   120  2022.02

     View Summary

    This paper explores international consumption risk sharing in an open economy macro model with firm heterogeneity and shows that firm entry and the self-selection of more efficient firms into exporting account for better international risk sharing. I show analytically that the conventional unconditional correlation between relative consumption and the real exchange rate is not a good metric for measuring international consumption risk sharing. World trade data covering more than two decades indicate that the extent of international risk sharing is underestimated.

    DOI

    Scopus

  • Economic consequences of follow-up disasters: Lessons from the 2011 Great East Japan Earthquake

    Anastasios Evgenidis, Masashige Hamano, Wessel N. Vermeulen

    Energy Economics   104  2021.12

     View Summary

    We apply a Bayesian Panel VAR (BPVAR) and DSGE approach to study the regional effects of the 2011 Great East Japan Earthquake. We disentangle the persistent fall in electricity supply following the Fukushima accident, from the immediate but more temporary production shock attributable to the natural disaster. Specifically, we estimate the contribution of the electricity fall on the regions economic recovery. First, we estimate a BPVAR with regional-level data on industrial production, prices, and trade, to obtain impulse responses of the natural disaster shock. We find that all regions experienced a strong and persistent decline in trade, and long-lasting disruptions on production. Inflationary pressures were strong but short-lived. Second, we present a DSGE model that can capture key observations from this empirical model, and provide theoretical impulse response functions that distinguish the immediate production shock, from the persistent electricity supply shock. Thirdly, in line with the predictions from the theoretical model, counterfactual analysis via conditional forecasts based on our BPVAR reveals that the Japanese regional economies, particularly the hit regions, did experience a loss in production and trade due to the persistent fall in electricity supply.

    DOI

    Scopus

    6
    Citation
    (Scopus)
  • Natural disasters and trade: the mitigating impact of port substitution

    Masashige Hamano, Wessel N Vermeulen

    Journal of Economic Geography   20 ( 3 ) 809 - 856  2019.08

     View Summary

    Abstract

    We study the effect of natural disasters on port-level exports. We model the interaction between firms and ports to study how strongly exports from one port are affected by changes in the cost of exporting at neighboring ports. We extend the standard trade model with heterogeneous firms to a multiple port structure where exporting is subject to port specific local transportation costs, port specific fixed export costs and international bilateral trade costs. We show that gravity distortion due to firm heterogeneity is conditional on the comparative advantage at the port level and resulting substitution of exports across ports. We present evidence of the substitution effect using the 2011 Great East Japan Earthquake, indicating that at least 40% of exports was substituted to other ports following the disaster. The substitution effect is the strongest in technology intensive product categories, which suggests an interaction between supply chains and domestic trade costs.

    DOI

  • On Quality and Variety Bias in Aggregate Prices

    MASASHIGE HAMANO, FRANCESCO ZANETTI

    Journal of Money, Credit and Banking   50 ( 6 ) 1343 - 1363  2018.05

     View Summary

    Abstract

    How do product variety and quality affect the aggregate price bias? We develop a general equilibrium model that accounts for the joint interaction of product quality and variety. Our findings show that the aggregate price bias is procyclical and the contribution of product variety is persistent whereas the contribution of product quality becomes countercyclical in the medium to long run. We show that accounting for product quality and variety has critical implications on the measure of cyclical fluctuations. Measurements of cyclical fluctuations derived using the consumption deflator, which abstracts from changes in product quality and variety, underestimate the variables' true volatility.

    DOI

    Scopus

    3
    Citation
    (Scopus)
  • INFLATION STABILIZATION AND DEFAULT RISK IN A CURRENCY UNION

    Eiji Okano, Masashige Hamano

    Macroeconomic Dynamics   22 ( 7 ) 1790 - 1807  2018.03

     View Summary

    By developing a class of dynamic stochastic general equilibrium models with nominal rigidities and assuming a two-country currency union with sovereign risk, we show that there is not necessarily a trade-off between the prevention of default risk and stabilizing inflation. Under optimal monetary and fiscal policy, comprising a de facto inflation stabilization policy, the tax rate as an optimal fiscal policy tool plays an important role in stabilizing inflation, although not completely because of the distorted steady state. Changes in the tax rate to minimize welfare costs via stabilizing inflation then improve the fiscal surplus, and because of this and the incompletely stabilized inflation, the default rate does not increase as much.

    DOI

  • Endogenous product turnover and macroeconomic dynamics

    Masashige Hamano, Francesco Zanetti

    Review of Economic Dynamics   26   263 - 279  2017.10

     View Summary

    This paper introduces endogenous product entry and exit based on creation and destruction of product variety in a general equilibrium model. Recessionary technology shocks induce exit of unprofitable products on impact, allocating resources towards more productive production lines. However, during the recovery phase, less productive production lines survive destruction, counteracting the original increase in productivity. The analysis shows that recoveries hinge on lower product destruction rather than higher product creation. We find that product heterogeneity and the persistence of technology shocks play a critical role for the cyclicality of product turnover. Endogenous product destruction is important to evaluate the effect of permanent policies of entry deregulation and subsidies aimed to stimulate the economy.

    DOI

    Scopus

    18
    Citation
    (Scopus)
  • Extensive and intensive margins and exchange rate regimes

    Masashige Hamano, Pierre M. Picard

    Canadian Journal of Economics   50 ( 3 ) 804 - 837  2017.08

     View Summary

    This paper studies the costs and benefits of fixed and flexible exchange rate regimes in the presence of endogenous intensive and extensive margins of trade. The net benefit depends on the levels and volatilities of those margins as well as on their correlation with consumers’ preferences. A fixed exchange rate regime is preferred for sufficiently high labour supply elasticities and lower love for product diversity. Delays between entry and production make fixed exchange rate regimes less attractive.

    DOI

    Scopus

    3
    Citation
    (Scopus)
  • International equity and bond positions in a DSGE model with variety risk in consumption

    Masashige Hamano

    Journal of International Economics   96 ( 1 ) 212 - 226  2015.05

    DOI

    Scopus

    10
    Citation
    (Scopus)
  • The Harrod-Balassa-Samuelson effect and endogenous extensive margins

    Masashige Hamano

    Journal of the Japanese and International Economies   31   98 - 113  2014.03

     View Summary

    In the last few decades, the world economy has witnessed the expansion of trade, especially in the number of exchanged varieties, the so-called "extensive margins". In a theoretical model where extensive margins in both tradable and non-tradable sectors are endogenously determined, it is shown that the Harrod-Balassa-Samuelson (HBS) effect is amplified. Following an HBS productivity shock, when countries expand their extensive margins rather than the scale of production, wages appreciate further. Therefore, the expansion in extensive margins leads to a stronger appreciation in the price of non-traded goods. Furthermore, when traded and non-traded goods are complements, the number of firms in the non-traded sector increases despite the appreciation of non-traded goods prices. © 2012 Elsevier Inc.

    DOI

    Scopus

    4
    Citation
    (Scopus)
  • The consumption-real exchange rate anomaly with extensive margins

    Masashige Hamano

    Journal of International Money and Finance   36   26 - 46  2013.09

     View Summary

    This paper investigates a consumption-real exchange rate anomaly from the open macroeconomics literature known as the Backus-Smith puzzle. We both analytically and quantitatively examine how an expansion of trade along extensive margins can contribute to the puzzle's resolution. Our argument is based on 1) a wealth effect due to changes in the number of product varieties, 2) statistical inefficiency in measuring the number of product varieties, and 3) market incompleteness. Contrary to complete asset markets which, in general, feature overly strong risk sharing properties, changes in the number of product varieties under incomplete markets may produce a wealth effect under high trade elasticity. Since statistical agencies systematically fail to capture the welfare impact arising from that changes, data-consistent terms of trade and real exchange rates tend to appreciate due to this positive wealth effect. This provides a realistic correlation between data-consistent real exchange rates and consumption. •The Backus-Smith can be attenuated with changes in the number of product varieties.•The key is a wealth effect due to changes in extensive margins.•Another key is the statistical inefficiency in measuring them.•Market incompleteness is also required to achieve the result. © 2013 Elsevier Ltd.

    DOI

    Scopus

    6
    Citation
    (Scopus)

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Presentations

  • Endogenous Establishment Destruction and Macroeconomic Dynamics

    Masashige Hamano  [Invited]

    10th Joint ECB/CEPR Labour Market Workshop on "Labour supply in the aftermath of the crisis"  (Frankfurt)  European Central Bank/CEPR

    Presentation date: 2014.11

Research Projects

  • 実物・貨幣経済を統合する中長期理論の構築:構造変化、長期停滞、金融政策をめぐって

    日本学術振興会  科学研究費助成事業

    Project Year :

    2023.04
    -
    2028.03
     

    古澤 泰治, 濱野 正樹, 青木 浩介, クチェリャヴィ コンスタンティン, 藤原 一平, 坂本 陽子

  • Inequality and its macroeconomic consequences

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2021.04
    -
    2026.03
     

  • Dynamic adjustment of external imbalance through FDI and portfolio rebalancing

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2018.04
    -
    2022.03
     

    Hamano Masashige

     View Summary

    This study analyses the impact of import tariffs on the macroeconomic variables in a small open economy. We find that the retaliation against the import tariff shock initiated by a large open economy results in higher output and a lower reduction in the trade balance for a small open economy. However, the result is highly dependent on the size of that small open economy. When the country is large, the negative general equilibrium impact of the trade retaliation dominates and the welfare tends to be lower. Also, we find that the result depends on the exchange rate regime.

  • Theoretical and empirical analysis on household and firm dynamics

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2020
    -
    2022
     

  • Difference in Trade Pattern due to the Exchange Rate System

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2015.04
    -
    2018.03
     

    Hamano Masashige, PAPPADA Francesco

     View Summary

    Using Compnet data on firm size distribution of 15 UE countries over the past two decades, we show that the persistence of the current account is reduced when the exchange rate is more volatile and the dispersion of firm size distribution is smaller. We build an open economy dynamic model with firm heterogeneity and wage rigidity to rationalize this empirical finding. We find that the current account dynamics is sensitive to the dispersion of firm size as well as the conduct of monetary policy. The economy with lower firm dispersion tend to show a less persistent current account as the trade dynamics is driven by a larger turnover of firms in the exporting market.
    Moreover, monetary policy can dampen current account imbalances through the stabilization of output gap following a simple Taylor rule. We show that the current account persistence is further reduced by such monetary policy in an economy where the firm size distribution is less dispersed.

  • Product quality and consumption risk

    Japan Society for the Promotion of Science  Grants-in-Aid for Scientific Research

    Project Year :

    2013.04
    -
    2015.03
     

    HAMANO Masashige

     View Summary

    Explore the problem of consumption risk sharing through changes in product variety and quality

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Syllabus

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Sub-affiliation

  • Faculty of Social Sciences   Graduate School of Social Sciences