（School of Political Science and Economics）
Faculty of Social Sciences（Graduate School of Social Sciences）
Hamano, Masashige; Zanetti, Francesco
Review of Economic Dynamics 26p.263 - 2792017/10-2017/10
Outline：© 2017 Elsevier Inc. 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.
Hamano, Masashige; Hamano, Masashige; Picard, Pierre M.; Picard, Pierre M.
Canadian Journal of Economics 50(3) p.804 - 8372017/08-2017/08
Outline：© 2017 Canadian Economics Association 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.
Okano, Eiji; Hamano, Masashige
Macroeconomic Dynamics p.1 - 182018/03-2018/03
Outline：Copyright © Cambridge University Press 2018 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.
Research Classification：Dynamic adjustment of external imbalance through FDI and portfolio rebalancing
Research Classification：Difference in Trade Pattern due to the Exchange Rate System
Research Classification：Product quality and consumption risk
|Fresh-Start Seminar [J] 54||School of Political Science and Economics||2020||spring semester|
|International Finance [J] 01||School of Political Science and Economics||2020||fall semester|
|Pre-seminar on Global Political Economy[J] (Hamano, M)||School of Political Science and Economics||2020||winter quarter|
|Seminar on Global Political Economy I (Hamano, M)||School of Political Science and Economics||2020||spring semester|
|Seminar on Global Political Economy II (Hamano, M)||School of Political Science and Economics||2020||fall semester|
|Seminar on Global Political Economy III[J] (Hamano, M)||School of Political Science and Economics||2020||spring semester|
|Seminar on Global Political Economy IV[J] (Hamano, M)||School of Political Science and Economics||2020||fall semester|
|Graduation Thesis[J] (Hamano, M)||School of Political Science and Economics||2020||spring semester|
|Graduation Thesis[J] (Hamano, M)||School of Political Science and Economics||2020||fall semester|
|International Finance [E] 01||School of Political Science and Economics||2020||spring semester|
|International Finance(Hamano, M)||Graduate School of Economics||2020||fall semester|
|Research guidance(seminar) on International Economics A||Graduate School of Economics||2020||spring semester|
|Research guidance(seminar) on International Economics B||Graduate School of Economics||2020||fall semester|