Updated on 2021/12/08

写真a

 
KATAYAMA, Munechika
 
Affiliation
Faculty of Political Science and Economics, School of Political Science and Economics
Job title
Associate Professor
Mail Address
メールアドレス

Concurrent Post

  • Faculty of Social Sciences   School of Social Sciences

  • Faculty of Political Science and Economics   Graduate School of Economics

  • Faculty of Political Science and Economics   Graduate School of Political Science

Education

  • 2001
    -
    2008

    University of California, San Diego   Department of Economics  

  • 1999
    -
    2001

    State University of New York, Buffalo   Department of Economics  

  • 1995
    -
    1999

    Keio University   Faculty of Economics  

Degree

  • State University of New York, Buffalo   M.A.

  • University of California, San Diego   Ph.D.

Research Experience

  • 2017
    -
    Now

    Waseda University   Faculty of Political Science and Economics   Associate Professor

  • 2013
    -
    2017

    Kyoto University   Graduate School of Economics   Assistant Professor

  • 2008
    -
    2013

    Louisiana State University   Department of Economics   Assistant Professor

Professional Memberships

  •  
     
     

    Japanese Economic Association

  •  
     
     

    European Economic Association

  •  
     
     

    Econometrics Society

  •  
     
     

    American Economic Association

 

Research Areas

  • Economic policy

  • Economic statistics

Papers

  • Uncertainty shocks and the relative price of investment goods

    Munechika Katayama, Kwang Hwan Kim

    Review of Economic Dynamics   30   163 - 178  2018.10  [Refereed]

     View Summary

    This study empirically shows that higher uncertainty leads to not only a simultaneous drop in consumption and investment, but also a rise in the relative price of investment goods. This negative relationship between the relative price and quantity of investment suggests that heightened uncertainty depresses investment as an adverse supply shock to the investment sector. We demonstrate that a two-sector sticky price model with realistic asymmetric sectoral price rigidity can successfully account for our empirical findings. In particular, the underlying mechanism behind the negative relationship between the price and quantity of investment is limited intersectoral factor mobility. By contrast, the standard two-sector model featuring perfect factor mobility causes a negative co-movement between consumption and investment, contradicting the business cycle phenomenon.

    DOI

  • Intersectoral Labor Immobility, Sectoral Comovement, and News Shocks

    Munechika Katayama, Kwang Hwan Kim

    Journal of Money, Credit and Banking   50 ( 1 ) 77 - 114  2018.02  [Refereed]

     View Summary

    Sectoral comovement of output and hours worked is a prominent feature of business cycle data. However, most two-sector neoclassical models fail to generate this sectoral comovement. We construct and estimate a two-sector neoclassical Dynamic Stochastic General Equilibrium (DGSE) model generating sectoral comovement in response to both anticipated and unanticipated shocks. The key to our model's success is a significant degree of intersectoral labor immobility, which we estimate using data on sectoral hours worked. Furthermore, we demonstrate that imperfect intersectoral labor mobility provides a better explanation for the sectoral comovement than an alternative model emphasizing the role of labor-supply wealth effects.

    DOI

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Naoko Hara, Munechika Katayama, Ryo Kato

    Bank of Japan Working Paper Series    2014.10

  • The delayed effects of monetary shocks in a two-sector New Keynesian model

    Munechika Katayama, Kwang Hwan Kim

    JOURNAL OF MACROECONOMICS   38 ( Part B ) 243 - 259  2013.12  [Refereed]

     View Summary

    This paper studies a two-sector New Keynesian model that captures the hump-shaped response of non-durable and durable spending to a monetary shock when non-durable prices are sticky and durable goods are flexibly priced. Based on the estimated parameters, we show that habit formation and investment adjustment costs are not sufficient to generate the gradual response of non-durable and durable spending in this setup. We find that nominal wage rigidity and non-separable preferences between consumption and labor are also necessary to delay the peak response of non-durable and durable spending in the estimated two-sector New Keynesian model. (C) 2013 Elsevier Inc. All rights reserved.

    DOI

  • Non-separability and sectoral comovement in a sticky price model

    Kwang Hwan Kim, Munechika Katayama

    JOURNAL OF ECONOMIC DYNAMICS & CONTROL   37 ( 9 ) 1715 - 1735  2013.09  [Refereed]

     View Summary

    This paper resolves the sectoral comovement problem between nondurable and durable outputs that arises in response to a monetary shock in a two-sector sticky price model with flexibly priced durable goods. We analytically demonstrate that the non-separability between aggregate consumption and labor can generate the comovement between nondurable and durable outputs in response to a monetary policy shock. We then estimate the degree of non-separability, together with other parameters, using a Bayesian approach. We find that the non-separable preferences are supported by the data and our estimated model generates the sectoral comovement in response to a monetary shock. (C) 2013 Elsevier B.V. All rights reserved.

    DOI

  • Declining effects of oil price shocks

    Munechika Katayama

    Journal of Money, Credit and Banking   45 ( 6 ) 977 - 1016  2013.09  [Refereed]

     View Summary

    In recent years, output responses to oil price shocks have not only been weaker, but have also reached their trough earlier. This paper builds a model that incorporates a realistic structure of U.S. petroleum consumption and explores three possible explanations for the changes. The possible factors considered are (i) deregulation in the transportation industry, (ii) improved energy efficiency, and (iii) a lower degree of persistence of oil price shocks. Under realistic parameter values, the three factors play an important role quantitatively, accounting for half of the reduction in the largest impact on output of an oil price shock over time. © 2013 The Ohio State University.

    DOI

  • The Delayed Effects of Monetary Shocks in a Two-sector New Keynesian Model

    Munechika Katayama, Kwang Hwan Kim

    Graduate School of Economics Project Center Discussion Papers   e-13-003  2013.08

  • Housing, Wealth Effects, and Monetary Policy

    Kwang Hwan Kim, Munechika Katayama

    Global Economic Review   42 ( 1 ) 55 - 71  2013  [Refereed]

    DOI

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Books and Other Publications

  • 新しい経済の教科書

    片山 宗親( Part: Contributor, 米国で徐々に進む経済の「石油離れ」)

    日経BP社  2013.07

Misc

  • Sticky-Wage Models and Knowledge Capital: A Note

    Kevin X.D. Huang, Munechika Katayama, Mototsugu Shintani, Takayuki Tsuruga

    Vanderbilt University Department of Economics Working Paper   17 ( 6 ) 1 - 22  2017.04

Research Projects

  • 財の異質性と金融財政政策

    Project Year :

    2018.04
    -
    2021.03
     

     View Summary

    初年度は、3つのプロジェクトで進展があった。第一に、本研究課題の基礎となる共同研究(“Uncertainty Shocks and the Relative Price of Investment Goods”)を完成させ、査読付き国際的学術雑誌であるReview of Economic Dynamicsに掲載した。<BR>第二に、流動性に関する不確実性ショックがマクロ経済においてより継続的な不況を生じさせるメカニズムを考えるための研究をスタートさせた。世界金融危機の際には、金融市場に関連した不確実性の増大が、マクロ経済に過去にあまり例をみない大きな負の影響を与えたことが知られているが、この問題を取り扱うために、流動性制約に直面する企業家を内生的成長モデルに導入し、分析を行った。これにより、流動性に関する不確実性ショックが大きな景気低迷を引き起こすことが確認された。これまでに得られた研究結果は、“On Financial Risk, Growth, and Long-Run Risk”(共著)のタイトルでまとめ、国内外のセミナーや学会で研究報告を行った。<BR>第三に、労働者の異質性を考慮した際の賃金の硬直性が金融政策に与える影響を分析し、“Sticky-Wage Models and Knowledge Capital” (共著)というタイトルで大阪大学社会経済研究所ディスカッションペーパーとして公表した。財の異質性を考慮した際には、金融政策が中立的になるケースが存在することが知られているが、労働者の異質性と賃金の硬直性を考慮した際には、これまでとは異なった結果が得られることが明らかになった。現時点で論文一本が査読付き雑誌に掲載され、それ以外の研究結果もディスカッションペーパーとしての公表や学会報告などが決まっているため。当初想定していなかった方面での共同研究が発展的に展開しており、これらを積極的に推進するとともに、当初の研究計画に沿った形での研究を進める予定である。具体的には、流動性に関する不確実性ショックの研究結果を早い段階で論文にまとめ、学会・セミナーでのコメントやフィードバックを反映し、査読付き雑誌への投稿、掲載を目指す

  • News Shocks: Sectoral Comovement and Forward Guidance

    Project Year :

    2015.04
    -
    2018.03
     

     View Summary

    This study analyzes the impact of the anticipated shocks, where there are no changes in current fundamentals, but agents anticipate that fundamentals will be different in the near future, on the macroeconomic dynamics. To maintain consistency with empirical observations, it is important to correctly account for sectoral comovement. We propose a model and derive a condition for generating the sectoral comovement. In addition, our structural estimation reveals that labor immobility across sectors is the key mechanism. It turns out that the limited intersectoral factor mobility is also useful to account for business cycle fluctuations caused by uncertainty shocks. This new findings are summarized in another paper

Presentations

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama  [Invited]

    National Chengchi University 

    Presentation date: 2019.12

  • Uncertainty Shocks and the Relative Price of Investment Goods

    Munechika Katayama

    91st WEAI Annual Conference 

    Presentation date: 2016.07

  • Uncertainty Shocks and the Relative Price of Investment Goods

    Munechika Katayama

    2016 Taipei International Conference on Growth, Trade and Dynamics 

    Presentation date: 2016.06

  • Uncertainty Shocks and the Relative Price of Investment Goodse

    Munechika Katayama  [Invited]

    DSGE Conference 2015 

    Presentation date: 2015.12

  • Uncertainty Shocks and the Relative Price of Investment Goods

    Munechika Katayama

    Fall Midwest Macro Meetings 

    Presentation date: 2015.11

  • Uncertainty Shocks and the Relative Price of Investment Goods

    Munechika Katayama  [Invited]

    Economic Theory and Policy Workshop 

    Presentation date: 2015.10

  • Uncertainty Shocks and the Relative Price of Investment Goods

    Munechika Katayama  [Invited]

    National Graduate Institute for Policy Studies 

    Presentation date: 2015.10

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama  [Invited]

    Workshop on Macroeconomics at Koç University 

    Presentation date: 2015.09

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama

    Annual Congress of European Economic Association 

    Presentation date: 2015.08

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama

    90th WEAI Annual Conference 

    Presentation date: 2015.07

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama  [Invited]

    (Seoul)  Yonsei University Global Research Team Workshop

    Presentation date: 2015.02

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama  [Invited]

    (Tokyo)  The University of Tokyo

    Presentation date: 2014.12

  • Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks

    Munechika Katayama  [Invited]

    (Seoul)  Korea University

    Presentation date: 2014.10

  • Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks

    Munechika Katayama  [Invited]

    (Japan)  Tohoku University

    Presentation date: 2014.07

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama

    Econometric Society Australasian Meeting  (Australia) 

    Presentation date: 2014.07

  • Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks

    Munechika Katayama  [Invited]

    (Australia)  Australian National University

    Presentation date: 2014.06

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama

    Asian Meeting of the Econometric Society  (Taipei) 

    Presentation date: 2014.06

  • Rising Skill Premium?: The Roles of Capital-Skill Complementarity and Sectoral Shifts in a Two-Sector Economy

    Munechika Katayama

    Common challenges in Asia and Europe  (Germany)  Deutsche Bundesbank

    Presentation date: 2014.05

  • The Delayed Effects of Monetary Policy Shocks in a Two-sector New Keynesian Model

    Munechika Katayama  [Invited]

    (Japan)  Bank of Japan

    Presentation date: 2013.07

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama

    International Conference "Frontiers in Macroeconometrics"  (Japan) 

    Presentation date: 2013.03

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama  [Invited]

    (Japan)  Kyoto University

    Presentation date: 2012.12

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama  [Invited]

    (Japan)  Osaka City University

    Presentation date: 2012.12

  • Uncovering the Fed's Preferences

    Munechika Katayama

    Southern Economic Association Annual Meetings  (New Orleans) 

    Presentation date: 2012.11

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama  [Invited]

    (Japan)  Osaka University

    Presentation date: 2012.08

  • Uncovering the Fed's Preferences

    Munechika Katayama

    Midwest Macroeconomics Meetings 

    Presentation date: 2012.05

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama

    Southern Economic Association Annual Meetings  (Washington D.C.) 

    Presentation date: 2011.11

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama

    Asian Meeting of the Econometric Society 

    Presentation date: 2011.08

  • Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles

    Munechika Katayama

    Midwest Macroeconomics Meetings  (Nashville) 

    Presentation date: 2011.05

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    Keio University 

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    Latin American Meeting of the Econometric Society 

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    Kindai University 

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    The 3rd International Macroeconomics and Finance Conference 

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    University of Tokyo RCAST 

  • On Financial Risk, Growth, and Long-Run Risk

    Munechika Katayama

    The 26th Annual Symposium of the Society for Nonlinear Dynamics and Econometrics 

  • Sticky-Price Models and Relative-Price Changes

    Munechika Katayama

    University of Tokyo RCAST 

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Specific Research

  • 不確実性の変化によるマクロ経済に対する影響―投資財価格とゼロ金利制約―

    2017  

     View Summary

    本研究では、金融危機以後とりわけ注目されるようになった、不確実性の拡大がどのような経路を通じて、マクロ経済に影響を与えるかを実証分析を通じて明らかにし、現実とより整合的な理論モデルを構築することが目的である。アメリカの投資財価格を用いた実証分析では、不確実性の拡大が投資財価格を押し下げることを明らかにした。これは、主流な理論の含意が現実と整合的でなく、投資財市場の供給サイドの役割が重要であることを示唆している。これをもとに、データとより整合的なモデルを提案した。具体的には、資本や労働力などの生産要素の部門間流動性が不完全であることが不可欠であることを示した。

 

Syllabus

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