4月の研究業績

2024.5.2

OSIPP基幹講座教員の4月の研究業績をご紹介します。

・赤井伸郎 先生
・二杉健斗 先生
・二羽秀和 先生
・山下拓朗 先生
・遠藤勇哉 先生

Nobuo Akai（論文）

“Evidence-based policy making in Japan’s public expenditure: compatibility of fiscal health and investing for the future” Asia Pacific Business Review PP 514-527（査読なし：招待）
https://www.tandfonline.com/doi/full/10.1080/13602381.2024.2320543

Abstract：This article focuses on the introduction of evidence-based policy making (EBPM) in Japan, especially in the context of the Kishida administration’s Grand Design and Action Plan for a New Form of Capitalism. First, the introduction and current situation of EBPM in Japan is summarized. It, consists of three allows: key performance indicators (KPIs), policy evaluation, and administrative project review. These are evaluated and briefly compared to EBPM in the US and UK. Next, investment and expenditure for green transformation proposed in the Grand Design is assessed from the perspective of EBPM, pointing to potential pitfalls and what must be done to ensure wise use of public resources for economic growth and sustainability in the future in Japan. This may serve as a reference for other countries.

Kento Nisugi coauthored with Kei Nakajima and Yohei Okada（論文）

“The Sovereign Function Test Out of Thin Air? The Status of the Central Bank Determined Behind the Scenes in Certain Iranian Assets,” Journal of International Dispute Settlement, 00 (2024) 1-12 (advance publication)（査読有）DOI：https://doi.org/10.1093/jnlids/idae010

Abstract：On 30 March 2023, the International Court of Justice rendered its judgment on the merits of the case concerning Certain Iranian Assets, in which the Iranian central bank was not characterized as a company within the meaning of the Treaty of Amity. In so concluding, the Court relied upon the test focusing on the central bank’s sovereign functions and the purposes of the transaction at stake. Debate surrounds the origin and sources of inspiration of the sovereign function test, insofar as the majority’s minimum reasoning leaves an impression that it arose from thin air. This article explores the origin and the sources of inspiration of the test, concluding that the Court’s judgment affords the reading that the test was inspired, albeit clandestinely, by rules and practice specifically dedicated to the characterization of central bank activities, located in areas such as the laws of State immunity or responsibility, by judicial cross-referencing.

Hidekazu Niwa（論文）

“A Fiscal Theory of Central Bank’s Solvency: Perils of the Quantitative and Qualitative Monetary Easing” Japan and the World Economy (Accepted in March 30, 2024) （査読有）
DOI：https://doi.org/10.1016/j.japwor.2024.101252

Abstract: The Bank of Japan has purchased long-term Japanese government bonds under the Quantitative and Qualitative Monetary Easing (QQE). To study monetary policy after the Bank of Japan exits the QQE, we develop a model in which the fiscal authority commits: (ⅰ) not to making fiscal adjustments needed to stabilize government debt and (ⅱ) not to providing financial supports for the central bank that incurs losses on its balance sheet due to a decline in the price of long-term bonds. Within this framework, this study investigates how the interaction between these commitments reduces the ability of monetary policy to control inflation after liftoff from the zero lower bound. We consider a situation in which the central bank that holds long-term bonds raises the nominal interest rates and show two key results: (ⅰ) when the Taylor principle is violated, under certain conditions, inflation right after liftoff cannot overshoot the central bank’s target; (ⅱ) when the central bank follows the Taylor principle, under certain conditions, it cannot prevent the economy from converging to the deflationary steady state.

Takuro Yamashita coauthored with Hien Pham（論文）

“Auction Design with Heterogeneous Priors” Games and Economic Behavior
Volume 145, Pages 413-425 （Published: May 2024 ）
DOI: https://doi.org/10.1016/j.geb.2024.04.002

Abstract：We consider an auction design problem with private values, where the seller and bidders may enjoy heterogeneous priors about their (possibly correlated) valuations. Each bidder forms an (interim) belief about the others based on his own prior updated by observing his own value. If the seller faces uncertainty about the bidders’ priors, even if he knows that the bidders’ priors are within any given distance from his, he may find it worst-case optimal to propose a dominant-strategy auction mechanism.

Takuro Yamashita coauthored with Roberto Sarkisian（論文）

“Optimal student allocation with peer effects” Review of Economic Design
（Published: 14 March 2024）DOI: https://doi.org/10.1007/s10058-024-00349-x

Abstract：This paper studies an optimal assignment problem of heterogenous students to schools with a particular kind of preference complementarity: peer effects, defined by the average ability of those in the same school. The tractability of the problem allows us to characterize the optimal assignment mechanism, which has a simple “(stochastic) pass-fail” structure. Its shape is mainly determined by the convexity/concavity of the attainment function, interpreted as the preference for/against having diverse-ability students in different schools. We also provide comparative statics as to when more or less mixture of heterogenous ability types would be desirable.

遠藤勇哉（論文）
”ミサイルが飛ぶと女性候補者は支持されない? -不安を煽る情報とジェンダーステレオタイプの活性化-”『公共選択』2024(81)1-15（査読有）DOI: https://doi.org/10.11228/pcstudies.2024.81_1

概要: 近年、伝統的に男性がリーダーシップを発揮すると認識されている政策領域で、さまざまな事件が有権者の不安を増大させている。こうした不安が有権者のジェンダーステレオタイプを活性化させれば、有権者は不安を解消しようとステレオタイプと一致しない女性候補者を避ける可能性がある。本稿では、候補者とは関係のない不安を煽る情報、特に男性的ステレオタイプを活性化させる情報が、有権者の女性候補者に対する評価に与える影響をコンジョイント実験を用いて検証する。実験の結果、ミサイル発射に対する不安を煽る情報を受け取った有権者は、そうでない有権者よりも女性候補者を支持しないことが明らかとなった。特に男性有権者においてこの効果は顕著であったが、女性有権者の女性候補者への支持は、同様の情報を受けても影響を受けなかった。これらの結果は、候補者とは無関係であっても、ジェンダーステレオタイプを活性化させる情報に接することが有権者の投票行動に影響を与えることを示唆している。

赤井伸郎（その他の記事）

「ANA・JAL、コロナ前の業績超えでも「税金・着陸料の軽減政策」が続く理由」ダイヤモンド・オンライン(2024年3月28日)　https://diamond.jp/articles/-/341082

概要：コロナパンデミックから脱却し、世界では、航空需要がコロナ前を取り戻している。JAL、ANAをはじめとする日本の航空会社および空港は、コロナパンデミックで財務的に厳しい状況に追い込まれたが、今は改善しつつある。日本の空の移動を支える日本の航空会社および空港に対し、行われる2024年度の行政支援について整理した。

赤井伸郎（その他の記事）

「空港周辺の自治体に配分される「騒音対策費」、2024年度の変更でどうなる？」ダイヤモンド・オンライン(2024年3月29日)　https://diamond.jp/articles/-/341083

概要：コロナウイルスによるパンデミックを受けて行われてきた、運営権を民間に売却する「コンセッション方式」による空港への直接的な行政支援は、2024年度にはなくなることとなった。一方で、空港周辺自治体へのサポートの見直しが行われる。その背景を整理した。