Organization
Faculty of Informatics Professor
Title
Professor
External link
JINUSHI,Toshiki
Degree
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経済学修士 ( 神戸大学 )
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Ph. D． ( ハーバード大学 )
Research Interests
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monetary policy
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economic analysis of the natural disaster
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american economy
Research Areas
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Humanities & Social Sciences / Economic policy
Education
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Harvard university economics, graduate school of arts and sciences
1985.9 - 1989.10
Country： United States
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Kobe University Graduate School of Economics
1982.4 - 1984.3
Notes： master course
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Kobe University Faculty of Economics
1978.4 - 1982.3
Country： Japan
Research History
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Kansai University Faculty of Informatics Professor
2019.4
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Kobe University Faculty of Economics Professor
2000.4 - 2019.3
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Kobe University Faculty of Economics assistant professor
1990.4 - 1999.3
Professional Memberships
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japan society of monetary economics
1990.5 - Present
Committee Memberships
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Hyogo Prefectural Government Post-Quake Reconstruction Follow-Up Committee member
2006.4 - 2010.3
Committee type：Municipal
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Hyogo Prefectural Government Post-Quake Reconstruction Evaluation Committee member
2004.4 - 2005.3
Committee type：Municipal
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cabinet office, Japanese Government policy preparatory committee for the capital earthquake member
2003.4 - 2004.3
Committee type：Government
Papers
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Peer-to-peer lending for individual and MSME finance: Evidence from an original survey in China Reviewed
Yajing Liu, Kenya Fujiwara, Toshiki Jinushi
International Review of Economics and Finance 93 38 - 51 2024.6
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The effects of quantitative easing policy on bank lending: Evidence from Japanese regional banks Reviewed
Kozo Harimaya, Toshiki Jinushi
Japan and the World Economy 67 101193 - 101193 2023.9
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米国金融引き締めの国際波及効果
井尻裕之, 地主敏樹
小川英治編，『ポストコロナの世界経済』，東京大学出版会 2023.8
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米国の金融政策と資産価格 Invited
地主敏樹, 井尻裕之
日経研月報 ( 8月号 ) 2022.8
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Inflation Expectations and the COVID-19 Pandemic: A Japanese Experience in 2020 Reviewed
Shingo Umino, Toshiki Jinushi
Japanese Journal of Monetary and Financial Economics 10 64 - 84 2022
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International Spillover Effects of Quantitative Easing Policy: A Case Study on the U.S. and Japan Reviewed
Hiroyuki Ijiri, Toshiki Jinushi
Applied Economics Letters 29 ( 11 ) 1042 - 1046 2021.4
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就業・雇用形態に注目したグループ間におけるインフレ期待の差異 Invited
海野晋悟, 地主敏樹
大銀協フォーラム研究助成論文集 ( 24 ) 2021.2
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日本の量的緩和政策の国際波及効果－日米２国TVP-VARモデルによる米国量的緩和実施期の分析－
井尻裕之, 地主敏樹
商大論叢 57 ( 2 ) 2021
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非伝統的金融政策について Invited
地主敏樹
金融経済研究 ( 42 ) 1 - 25 2019.8
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中国P2P貸出市場の現状に関する考察 －現地アンケート調査の結果から－
劉亜静, 地主敏樹, 藤原賢哉
国民経済雑誌 220 ( 2 ) 1 - 23 2019.8
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アメリカの金融政策に関する長期的考察 Invited
地主敏樹
同志社商学 70 ( 6 ) 669 - 682 2019.3
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Recovery of the living standard from the Large Earthquake Invited
JINUSHI TOSHIKI, HORIE SHINYA, HAGIWARA TAIJI
Kokumin Keizai Zasshi 216 ( 5 ) 1 - 14 2017.10
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Spillover Effects of FRB's Quantitative Easing: An Examination Invited
IJIRI HIROYUKI, JINUSHI TOSHIKI
Daiginkyo Forumu Research Papers ( 21 ) 59 - 69 2017.2
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Challenges for the Japanese Local Banks in face of Large-Scale Natural Disasters
UMINO SHINGO, JINUSHI TOSHIKI
Discussion Paper Series, Graduate School of Economics, Kobe University ( 1610 ) 1 - 43 2016.3
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Financial Crisis and Inflation Expectations
JINUSHI TOSHIKI, HIroyuki Ijiri
Kokumin-Keizai Zasshi 212 ( 5 ) 1 - 16 2015.11
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Financial Crisis and Inflation Target; an international comparison Invited
JINUSHI TOSHIKI
Kobe-Gakuin Economic Papers 45 ( 3 ) 2014.7
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邦銀のタイ・シンガポール進出 Invited
地主 敏樹, 猪口 真大
邦銀のアジア展開と国際競争力研究会報告書、邦銀のアジア展開－邦銀の東南アジア進出と企業の財務戦略－ 2014.3
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JINUSHI TOSHIKI, Takeda Yosuke, Yajima Yasuhide
Kobe University Economic Review 60 1 - 31 2014
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The U.S. Economy and the FInancial Crisis Invited
JINUSHI TOSHIKI, Kawanami Yoichi
Sakuragawa and Fukuda ed., Why Financial Crises Occur? 2013.2
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Jinushi Toshiki
国民経済雑誌 vol.203 ( no.1 ) pp.1 - 24 2011.12
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Jinushi Toshiki
国民経済雑誌 vol.204. no.6.pp.1-16 ( 1 ) 1 - 16 2011.1
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欧米中央銀行の金融政策の危機対応ー米国連邦準備制度と瑞国リクスバンクー
地主敏樹, 小巻泰之
植田和男編著『世界金融危機・経済危機の全貌ー原因・波及・政策対応ー』慶應義塾出版会 317 - 369 2010.10
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The Influence of the Public Debt on the Structure of Interest Rates; the U.S. Case
Toshiki Jinushi
The Kokumin-Keizai Zasshi 201巻第2号 ( 2 ) 51 - 64 2010.2
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The US Monetary Policy after the IT Bubble Collapse
Toshiki Jinushi
Deflationary Economy and monetary Policy 345-376 2009.10
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情報技術と経済予測
地主敏樹
国民経済雑誌 197 ( 2 ) 79 - 93 2008.2
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景気循環と資金循環
竹田陽介, 矢嶋康次, 地主敏樹
浅子・宮川編著『日本経済の構造変化と景気循環』所収，東京大学出版会 2007.7
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地主 敏樹, 岡本 光技, 高橋 豊治
国民経済雑誌 189巻 ( 5号 ) 47 - 64 2004.5
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金融政策ルールの現実的側面：学説の展望と日本銀行の情報優位？ Invited
地主敏樹
商経論叢 38 ( 2 ) 2002.12
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Independence and Behabior of Central banks; an International Comparison Invited
地主敏樹
神戸学院経済学論集 34 ( 3 ) 2002.12
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金融政策の革命＝秘密主義との訣別 －日米欧の経験と学説の展開ー Invited
地主敏樹
神戸大学五部局百周年記念事業検討委員会編『社会科学のフロンティア』所収、中央経済社。 2002.11
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金融政策の情報公開と市場 : アメリカの経験
地主敏樹
国民経済雑誌 184 ( 4 ) 1 - 22 2001.10
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震災と被災地産業構造の変化 : 被災地域産業連関表の推定と応用
芦谷恒憲, 地主敏樹
国民経済雑誌 183 ( 1 ) 79 - 97 2001.1
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Monetary Policy in Japan Since the 1980s: Delayed Policy Actions and Some Explanations
Toshiki Jinushi, Ryuzo Miyao, Yoshihiro Kuroki
R. Mikitani and A. Posen ed., Japan's Financial Crisis and Its Parallel to U.S. Experience, Institute of Internatinoal Economics. 2000.9
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日米経済システムの比較と情報技術革命 Invited
地主敏樹
同志社アメリカ研究所編『現代国際経済研究』晃洋書房 2000.3
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19080年代後半以後の日本の金融政策：テイラールール型政策反応関数による検証
地主敏樹
国民経済雑誌 181 ( 1 ) 83 - 104 2000.1
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ASHIYA Tsunenori, JINUSHI Toshiki
Input-Output Analysis 8 ( 4 ) 6 - 14 1999
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阪神淡路大震災による物流の変化：アンケート調査報告
芦谷恒憲, 地主敏樹
国民経済雑誌 178 ( 2 ) 85 - 102 1998.8
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中央銀行の独立性と政策行動
地主敏樹
三木谷・石垣編『中央銀行の独立性』所収、東洋経済新報社。 148 - 158 1998.7
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米国金融システムの変貌
地主敏樹
同志社人文科学研究所編『世界経済の構造変化とマクロ経済政策』所収、嵯峨野書院 1998.2
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価格の調整速度とインフレーション：日本のケース
地主敏樹
国民経済雑誌 173 ( 6 ) 53 - 68 1996.6
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日米経済システムの比較ー機会公平・競争均衡と結果公平・協調均衡ー
地主敏樹
神戸大学 経済学研究年報 41 147 - 172 1995.3
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カナダと北米自由貿易協定
地主敏樹
永谷・石垣編『環太平洋経済の発展と日本』勁草書房 155 - 180 1995.3
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所得分配と景気循環：アメリカと日本
地主敏樹
国民経済雑誌 170 ( 2 ) 63 - 90 1994.8
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カナダー業際改革・必要準備率撤廃・ゼロインフレ目標ー
地主敏樹
三木谷・石垣編『金融政策と金融自由化』所収、東洋経済新報社。 1993.12
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金融政策当局の政策反応関数：国際比較の試み
地主敏樹
国民経済雑誌 166 ( 2 ) 79 - 103 1992.8
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価格の調整速度とインフレーション
地主敏樹
神戸大學經濟學研究年報 39 29 - 49 1992
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カナダの金融制度と金融政策
地主敏樹
神戸大学 経済学研究年報 38 87 - 123 1991.3
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<Book Reviews> Charles Goodhart, The Evolution of Central Banks
Jinushi Toshiki
Journal of economics and business administration 162 ( 2 ) 107 - 110 1990.8
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利子率のスムージングと予想されなかった貨幣
地主敏樹
国民経済雑誌 161 ( 06 ) 59 - 78 1990.6
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Inflation and Relative Price Variability: Japanese Case
Toshiki Jinushi
Kobe University Economic Review 36 51 - 73 1990.3
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貨幣的要因と相対価格の変動：実証分析
地主敏樹
国民経済雑誌 161 ( 1 ) 93 - 111 1990.1
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貨幣的要因と相対価格の変動
地主敏樹
国民経済雑誌 157 ( 6 ) 65 - 89 1988.6
Books
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マンキュー マクロ経済学I 入門篇(第5版) (マンキュー マクロ経済学シリーズ)
足立 英之, 地主 敏樹, 中谷 武, 柳川 隆（ Role： Joint translator , Original_author： N・グレゴリー・マンキュー , まえがき、第2章、第5章、第7章、第8章）
東洋経済新報社 2024.1 （ ISBN:4492315586 ）
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マンキュー マクロ経済学II 応用篇(第5版)
足立 英之, 地主 敏樹, 中谷 武, 柳川 隆（ Role： Joint translator , Original_author： N・グレゴリー・マンキュー , まえがき、第5章、第7章）
東洋経済新報社 2024.1 （ ISBN:4492315594 ）
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新型コロナで世の中がエラいことになったので関西大学がいろいろ考えた。
関西大学編, 産業経済新聞社（ Role： Contributor第6章後半「新型コロナ感染で株価は上がるのか？」執筆）
浪速社 2021.4 （ ISBN:4888545359 ）
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マンキュー経済学II マクロ編(第4版)
足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬 宏之, 柳川 隆（ Role： Joint translator , Original_author： N・グレゴリー・マンキュー , 第1章～第4章、第９章（共同）、第11章、第12章）
東洋経済新報社 2019.9 （ ISBN:4492315209 ）
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マンキュー入門経済学(第3版)
足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬 宏之, 柳川 隆（ Role： Joint translator , Original_author： N・グレゴリー・マンキュー , 第１章～第4章）
東洋経済新報社 2019.9 （ ISBN:4492315217 ）
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マンキュー経済学I ミクロ編(第4版)
足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬 宏之, 柳川 隆（ Role： Joint translator , Original_author： N・グレゴリー・マンキュー , 第１章～第4章）
東洋経済新報社 2019.9 （ ISBN:4492315195 ）
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マンキュー・マクロ経済学II（応用編）（第４版）
足立 英之, JINUSHI TOSHIKI, 中谷 武, YANAGAWA TAKASHI（ Role： Joint translator）
東洋経済新報社 2018.8
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マンキュー・マクロ経済学I（入門編）（第４版）
足立 英之, JINUSHI TOSHIKI, 中谷 武, YANAGAWA TAKASHI（ Role： Joint translator）
東洋経済新報社 2017.11
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macroeconomics （Sapientia Series)
Nakamura Tamotsu, Kitano Shigeto, JINUSHI TOSHIKI（ Role： Joint author）
toyo-keizai shinpo 2016.7 （ ISBN:4492314792 ）
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マンキュー経済学II マクロ編（第３版）
jinushi toshiki, 足立英之, 柳川隆, 石川城太, 小川英治, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2014.3 （ ISBN:4771023700 ）
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マンキュー入門経済学（第２版）
jinushi toshiki, 足立英之, 柳川隆, 石川城太, 小川英治, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2013.5
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日本の金融機関の構造変化とアジア経済研究会報告書、邦銀のアジア展開－メガバンク・地域銀行と中国の金融規制－
JINUSHI TOSHIKI（ Role： Edit）
Asia Pacific Institute of Research 2013.5
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マンキュー経済学Iミクロ編（第３版）
YANAGAWA Takashi, ADACHI Hideyuki, ISHIKAWA Jota, OGAWA Eiji, JINUSHI Toshiki, CHUMA Hiroyuki（ Role： Joint translator）
東洋経済新報社 2013.3
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現代の世界経済と日本 (シリーズ・現代の世界経済 第 9巻)
西島, 章次, 久保, 広正編（ Role： Contributorアメリカ経済と日本）
ミネルヴァ書房 2012.11 （ ISBN:4623062740 ）
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世界金融危機と欧米主要中央銀行
Jinushi Toshiki, Komaki Yasuyuki, Okuyama Eiji（ Role： Joint author）
晃洋書房 2012.7
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現代アメリカ経済論
SENSUI Fumio, JINUSHI Toshiki（ Role： Edit）
ミネルヴァ書房 2012.4
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マンキュー・マクロ経済学II(応用編)(第3版)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 2012.3
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地域金融研究会報告書-関西地域金融の現状と課題-
Jinushi Toshiki（ Role： Edit）
KISER 2011.12
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金融政策研究会報告書-日本経済浮揚のための金融政策の可能性検討 ~日米欧の金融市場並びに実体経済に照らした実証分析~
Jinushi Toshiki（ Role： Edit）
KISER 2011.11
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経済成長とモラル
SHIGETOMI Kimio, JINUSHI Toshiki, Yutaka Sasaki（ Role： Joint translator , Original_author： Benjamin Friedman）
東洋経済新報社 2011.5 （ ISBN:4492443762 ）
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マンキュー・マクロ経済学I(入門編)(第3版)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 2011.4
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マンキュー入門経済学
YANAGAWA Takashi, 足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2008.3
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The American Monetary Policy; from the Financial Crisis to the New Economy
Toshiki Jinushi（ Role： Sole author）
Toyo-Keizai Sinpo-sha 2006.11
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マンキュー経済学IIマクロ編(第2版)
YANAGAWA Takashi, 足立 英之, 石川 城太, 小川 英治, JINUSHI Toshiki, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2005.10
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マンキュー経済学Iミクロ編(第2版)
YANAGAWA Takashi, 足立 英之, 石川 城太, 小川 英治, JINUSHI Toshiki, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2005.10
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The American Economy
地主 敏樹, 村山 裕三（ Role： Joint editor）
Minerva Shobo 2004.5
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マンキュー・マクロ経済学II(応用編)(第2版)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 2004.4
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マンキュー・マクロ経済学I(入門編)(第2版)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 2003.4
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マンキュー経済学IIマクロ編
YANAGAWA Takashi, 足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2001.4
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マンキュー経済学Iミクロ編
YANAGAWA Takashi, 足立 英之, 石川 城太, 小川 英治, 地主 敏樹, 中馬宏之（ Role： Joint translator）
東洋経済新報社 2000.4
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マンキュー・マクロ経済学II(応用編)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 1996.4
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マンキュー マクロ経済学Ⅱ応用編（1996.4，第２版2004.4））
足立 英之, 地主 敏樹, 中谷 武, 柳川 隆（ Role： Joint translator）
東洋経済新報社 1996.4
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マンキュー マクロ経済学Ⅰ入門編（1996.1，第２版2003.4）
足立 英之, 地主 敏樹, 中谷 武, 柳川 隆（ Role： Joint translator）
東洋経済新報社 1996.1
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マンキュー・マクロ経済学I(入門編)
YANAGAWA Takashi, 足立 英之, 中谷 武, 地主 敏樹（ Role： Joint translator）
東洋経済新報社 1996.1
MISC
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書評 日本経済新聞社編『黒田日銀 超緩和の経済分析』 Invited
地主敏樹
国民経済雑誌 221 ( 4 ) 55 - 62 2020.4
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書評 竹田陽介・矢嶋康次著『非伝統的金融政策の経済分析 : 資産価格からみた効果の検証』
地主 敏樹
個人金融 9 ( 1 ) 111 - 113 2014
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温経知世 : 経済学者の思想と理論(vol.39)グレゴリー・マンキュー Gregory Mankiw 1958- 市場の失敗は重大だが政府も失敗する
地主 敏樹
エコノミスト 90 ( 29 ) 48 - 49 2012.7
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Outlook of the U.S. Economy in 2010
Toshiki Jinushi
TOYRO BUSINESS vol.141, pp.6-7. 2010.1
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Financing Infrastructure Investment and Financial Crisis Reviewed
Toshiki Jinushi, Kazusei Kato
Doshisha American Studies 46巻 137 - 151 2010
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The US Financial Crisis and its Monetary Policy Response
Toshiki Jinushi
The Keizai Seminar No. 646 2009.3
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The US Financial Crisis; its Origin, Structure, and Influences
Toshiki Jinushi
Human Rights Quarterly 第15号2008年冬号、1-7頁 2009.1
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Outlook of the U.S. Economy in 2009
Toshiki Jinushi
TOYRO BUSINESS vol. 135, pp. 6-7. 2009.1
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Book Review; Kazuo Ogawa's Economic Analysis of the Depression Invited
Toshiki Jinushi
Review of Monetary and Financial Studies 第26号108-111頁 ( 26 ) 108 - 111 2008.4
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Comparative Statistical Analysis of the Foreign Exchange Rate Survey Data; JCIF and WEIS
Toshiki Jinushi, Kazumi Asako, Yasuyuki Komaki, Yousuke Takeda, Yasushi Hayashi
The Economic Review 第58巻第2号 ( 2 ) 163 - 186 2007.4
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"Comment on ‘Interest Rate, Inflation, and Housing Prices: With an Emphasis on Chonsei Price In Korea’ by Dongchul Cho" Invited
Toshiki jinushi
Ito and Rose ed., Monetary Policy under Very Low Inflation in the Pacific Rim, NBER East Asia Seminar on Economics 15 2006.9
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Comment on ‘Deflation and Monetary Policy in Taiwan’ by Ya-Hwei Yang and Jia-Dong Shea Invited
oshiki jinushi
Ito and Rose ed., Monetary Policy under Very Low Inflation in the Pacific Rim, NBER East Asia Seminar on Economics 15 2006.9
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FOMC in 1996 : Responses to the Price Stability
Jinushi Toshiki
Journal of economics and business administration 193 ( 3 ) 27 - 43 2006.3
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被災者に対する「金銭的な」支援制度について
地主 敏樹
神戸大学教職員組合 クオータリー 未記入 2005
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変わりつつある神戸大学
地主 敏樹
KKD（神戸大学公開講座同窓会） No.32 2004.10
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地主 敏樹
エコノミスト 未記入 ( 52 ) 72 - 77 2003.10
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住宅・金融両市場における「情報の不完全性」－アメリカの屋根裏アパートから－ （住宅公論）
地主 敏樹
住宅金融月報 未記入 2003.6
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地主 敏樹
エコノミスト 未記入 ( 25 ) 46 - 49 2003.5
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地主 敏樹
エコノミスト 未記入 ( 17 ) 112 - 113 2003.4
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FOMC's Monetary Restraint in 1994〜95 ; An Examination Based on Its Transcripts
Jinushi Toshiki
Journal of economics and business administration 182 ( 6 ) 23 - 48 2000.12
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A Pro-Longed Monetary Ease in the U.S.; An Examination Based on Its Transcripts between 1992 and 94
Jinushi Toshiki
Journal of economics and business administration 182 ( 3 ) 77 - 97 2000.9
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Jinushi Toshiki
Journal of economics and business administration 171 ( 5 ) 111 - 116 1995.5
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Professor Ryoichi Mikitani : His Personality and Works (MIKITANI Commemorative Issue)
Jinushi Toshiki
Journal of economics and business administration 168 ( 4 ) 133 - 154 1993.10
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<Book Reviews> Inside the FED : Making Monetary Policy
Jinushi Toshiki
Journal of economics and business administration 155 ( 1 ) 99 - 103 1987.1
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Public Pension in Macroeconomy
Jinushi Toshiki
Journal of economics and business administration 152 ( 1 ) 53 - 77 1985.7
Presentations
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on the BOJ's policy normalization Invited
oshiki jinushi, Nobuyoshi Yamori, Ryuzo Miyao
Central Banking Study Group, Japan Society of Monetary Economics 2024.3
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natural disasters and the economy Invited
oshiki jinushi
2020 Fall Biannual Meeting, Japan Association of Monetary Economics 2020.11
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on the unconventional monetary policy Invited
oshiki jinushi
2018 Fall Biannual Meeting, Japan Association of Monetary Economics 2018.10
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the recoveries of the living standards after the natural disaster
JINUSHI TOSHIKI, Horie Shin-ya, Hagiwara Taiji
The Dister Recovery Research Project, Social System Innovation center, Kobe University 2017.11
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The Spill-Over Effect of the FRB's Quantity Easing: An Examination using the TVP-VAR model
IJIRI HIROYUKI, JINUSHI TOSHIKI
Japan Society of Monetary Economics 2017.9
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Comment on "Finance Education in the Universities and the Conventional Money and Banking Courses" Invited
JINUSHI TOSHIKI
日本金融学会 201６年春季大会 特別セッション 2016.5 Japanese Society for Monetary Economics
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Comment on "the Earthquake and the Economic Recovery of the Damaged Region" Invited
JINUSHI TOSHIKI
日本金融学会 2015年秋季大会 共闘論題パネル 2015.10 Japanese Society for Monetary Economics
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Inflation Expectation and FInancial Crisis: An Empirical Analysis based on the TVP-VAR approarch International conference
Ijiri Hiroyuki, JINUSHI TOSHIKI
Singapore Economic Review Annual Conference 2015 2015.8
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日米の非伝統的金融政策の効果と今後の展望 Invited
JINUSHI TOSHIKI
証券経済学会2014年秋季全国大会共通論題 2014.11 証券経済学会
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震災復興：阪神・淡路と東北 Invited
JINUSHI TOSHIKI
地域産業復興調査研究プロジェクト 第４回勉強会 2014.7 東北大学経済学研究科 地域イノベーション研究センター
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Economic Recovery Following Large-Scale Earthquakes: the Cases of Kobe and Tohoku International conference
JINUSHI TOSHIKI, hagiwara taiji
From Kobe to Tohoku: The Role of Higher Education Institutions in the Process of Disaster Recovery 2013.11
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震災復興：阪神・淡路と東北 Invited
JINUSHI TOSHIKI
シンポジウム 震災からの経済復興 2013.11 神戸大学社会科学系教育研究府, 東北大学
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コメント 震災時の中小企業金融
JINUSHI TOSHIKI
日本金融学会2013年秋季全国大会復興金融パネル 2013.9 日本金融学会
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コメント アベノミクス Invited
JINUSHI TOSHIKI
日本金融学会2013年秋季全国大会特別セッション 2013.9 日本金融学会
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世界金融危機と欧米主要中央銀行 リアルタイム・データと公表文書による分析
Jinushi Toshiki
第518回 神戸大学経済学研究科 経済学会例会 2012.10 神戸大学経済学研究科
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Comment on Australia's Inflation Targeting International conference
Jinushi Toshiki
PEO Structure Specialists Meeting 2012.9 Pacific Economic Cooperation Council (PECC)
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「震災後の復興に向けた経済的課題」に関する諸報告へのコメント
Jinushi Toshiki
日本金融学会2012春季大会、震災復興金融パネル 2012.5 日本金融学会
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米国連邦準備制度の危機対応
Jinushi Toshiki
日本金融学会2011秋季大会、中央銀行パネル「グローバル経済下の金融政策」 2011.9 日本金融学会
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「世界金融危機後の金融規制」に関する諸報告へのコメント
Jinushi Toshiki
日本金融学会2009秋季大会、共通論題パネル 2009.11 日本金融学会
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Comment on the Financial Regulations after the Global Financial Crisis
Toshiki Jinushi
2009 Autun Annual Meeting, the Japan Society of Monetary Economics 2009.11 日本金融学会
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The Origins of the U.S. Financial Crisis; Its Utopian Goals and Distopian Results
Toshiki Jinushi
43rd Annual Meeting, the Japanese Association for Ameican Studies 2009.6 アメリカ学会
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Policy Response of the U.S. Federal Reserve System
Toshiki Jinushi
2009 Autun Spring Meeting, the Japan Society of Monetary Economics 2009.5 日本金融学会
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Asset Substitution in Response to Liquidity Demand and Monetary Policy : Evidence from the Flow of Funds Data in Japan
地主 敏樹, 竹田 陽介, 矢嶋 康次
ミニコンファレンス「IT革命と金融システム」 2005.3 未記入
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Asset Substitution in Response to Liquidity Demand and Monetary Policy : Evidence from the Flow of Funds Data in Japan
地主 敏樹, 竹田 陽介, 矢嶋 康次
中央大学産業研究所研究会 2005.3 未記入
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被災者支援のあり方
地主 敏樹
復興10年総括検証・提言報告会健康福祉部会 2005.1 未記入
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The Macroeconomic Policy under the Balance-Sheet Adjustments in Japan
地主 敏樹, 竹田 陽介, 矢嶋 康次
神戸大学金融研究会 2004.12 神戸大学金融研究会
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金融の仕組み
地主 敏樹
未記入 2004.11 未記入
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どういう地域がどれだけ復興したのか
地主 敏樹, 萩原 泰治
神戸大学阪神淡路大震災10周年記念学術シンポ 2004.11 未記入
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アメリカ金融政策－最近の動向－
地主 敏樹
火曜研究会 2004.10 未記入
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銀行はどうしてこうなったのか
地主 敏樹
大学連携ひょうご講座 歴史から見た日本経済の今 2004.10 ひょうご大学連携事業推進機構
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The Macroeconomic policy under the Balance-Sheet Adjustments in Japan
地主 敏樹, 竹田 陽介, 矢嶋 康次
PEO 構造専門家会議 2004.9 未記入
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Asset Substitution in Response to Liquidity Demand and Monetary Policy : Evidence from the Flow of Funds Data in Japan
地主 敏樹, 竹田 陽介, 矢嶋 康次
(財)統計研究会 2004.8 統計研究会
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金融政策と外為相場・資産価格
地主 敏樹, 黒木 祥弘
現代経済政策研究会議（第1回） 2003.2 未記入
Awards
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兵庫県功労者
2014.5 兵庫県庁 震災復興に関わる調査研究と政策提言
JINUSHI TOSHIKI
Research Projects
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Research on Establishment of Statistics of Cashless Payment and its Impact on Economy
Grant number：19H01474 2019.4 - 2022.3
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
FUJIWARA KENYA
Grant amount：\16510000 （ Direct Cost: \12700000 、 Indirect Cost：\3810000 ）
In this project, regarding cashless payment, one of the government's KPIs (Key Performance Indicators), we ① developed various statistics and databases, and ② conducted theoretical and empirical research on the impact of cashless payment on the financial and economic system in terms of consumer behavior, impact on the store, impact on the payment platform, and impact on macroeconomic policy management. In order to evaluate the benefits and challenges of cashless society, it is important to accumulate basic statistics and data-based research.
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金融政策正常化を規定する社会経済的要因を考慮したマクロ経済分析：理論・実証・歴史
2016.4 - 2021.3
科学研究費補助金／基盤研究(B)
地主 敏樹
Authorship：Principal investigator Grant type：Competitive
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阪神・淡路大震災と東日本大震災の被害と復興及び長期的影響に関する経済分析
2013.4 - 2018.3
科学研究費一部基金／基盤研究(B)特設
萩原 泰治
Grant type：Competitive
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デフレ・円高･財政危機：バブル経済の後遺症に関する包括的理論・実証分析と政策対応
2012.10 - 2015.3
科学研究費補助金／基盤研究(A)
上東 貴志
Grant type：Competitive
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International Perspective on the Construction and Maintenance of Transport Infrastructure
Grant number：21330072 2009 - 2011
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
SHINOHARA Soichi, NISHIMURA Osamu, SHIKANO Yoshiaki, ABE Shigeyuki, NOMA Toshikatsu, JINUSHI Toshiki, KAZUSEI Kato, KOMAKI Yasuyuki, FUJINO Masafumi, TEZUKA Kouichirou, YOHSIDA Yuichiro, KOJIMA Katsumi, KAMINOYAMA Kenichi
Grant amount：\17680000 （ Direct Cost: \13600000 、 Indirect Cost：\4080000 ）
This research project consists of two parts. The first part develops economic analyses of (1) problems of credit rating of the securitized papers and regulated policies towards them after the financial crisis, (2) estimation of productivity of social infrastructure in China and airports in Japan. The second part includes the system evaluation, finance and policy proposals related to transport infrastructure ; (1) The effect of airport ownership structure on management efficiency as reflected through their credit ratings has two somewhat contradictory results. The less competitive environment of a public-owned entity bring some welfare loss yet, public-owned airports have some advantages in financing through credit ratings. (2) The social optimum requires the marginal cost of highway extension to be equal to the net consumer benefit at the boundary, while in the second-best case the aggregate user cost must be measured in terms of the shadow price. In turn, a profit-maximizing firm equates the marginal extension cost to the markup revenue at the boundary. (3) Airline companies are struggling against several conditions in the recent decade. We propose establishing the organization which owns aircrafts and maintains them based on management and legal perspectives.
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グローバル経済におけるバブルと金融危機に関する研究：理論と実証
2009
科学研究費補助金／基盤研究(A)
上東 貴志
Grant type：Competitive
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グローバル・インバランスのバランス・シート・アプローチによる構造解析
Grant number：18653024 2006 - 2008
日本学術振興会 科学研究費助成事業 萌芽研究
高阪 章, 小川 一夫, 塩谷 雅弘, 地主 敏樹
Grant amount：\3100000 （ Direct Cost: \3100000 ）
この年度は、東アジア・欧州への出張機会に、ここまでに蓄積した知見をベースに、関係研究機関を訪問し、意見交換を通じて、世界規模で各国・地域にみられる各部門のバランス・シートの構造変化を前提とするとき、グローバル・インバランスは今後どのようなダイナミズムを見せるのか、そして現在のインバランスを解消するためには、個別国・地域およびグローバルに、どのような政策戦略・制度設計があり得るのかを考察した。平行して、国内研究会では、キー・プレイヤーである、米国、EU、日本、東アジアの金融資本市場システムとグローバル・インバランスの長期的動向をとらえるべく、検討を行った。その際、2007年に始まったグローバル危機は予想を超えた負のスピルオーバー効果をもち、グローバル・インバランス問題の影を薄くした観すらある。というのも、米国のみが資本フロー逆転・ドル暴落にさらされるという当初の懸念とは異なり、世界同時不況によって資本は行き場を失い、市場自体、バランスシート自体が収縮するという意外な展開を見せているためである。
バランスシートの収縮による強制的なインバランス解消が著しいのは拡大EUの周辺国であり、10年前のアジア金融危機に匹敵するものとなるものと思われる。東アジアとの違いは、もともと、国内金融深化の程度が低く、貯蓄率も低位であり、そのためにEU先進国への資本依存が大きいことであるが、それが今後の各国の景気回復過程、ひいては発展パターンにどのような影響を与えるのかについては予断を許さない。このような展開をみるとき、金融発展パターンにおける、銀行型か市場型かという区別は無意味であり、バランスシート構造はリスク・リターンの質のみがrelevantなのであって、市場構造の歴史的形成バターンに唯一のベスト・プラクティスなど存在しないことが明らかになったと思われる。このような観点は、次の研究課題の視角を形作るものと考えられ、その意味で、この萌芽研究プロジェクトは次課題への橋渡しをすることができたものと思われる。 -
A Study on the "New Economy" Model Economic System, focusing on Contemporary United States
Grant number：18330072 2006 - 2008
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
AKIMOTO Eiichi, SUTO Isao, MURAYAMA Yuzo, JINUSHI Toshiki, KATO Kazusei, SATO Chitose, YAMAMOTO Akiyo, HISADA Yukako, HARAGUCHI Yayoi, HASHIKAWA Kenryu, SHINOHARA Soichi
Grant amount：\16920000 （ Direct Cost: \14400000 、 Indirect Cost：\2520000 ）
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インフレ・ターゲティング政策と経済安定化―アジア諸国の経験と日本への影響―
2005
科学研究費補助金／基盤研究(B)
地主 敏樹
Authorship：Principal investigator Grant type：Competitive
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The empirical analysis of the effects of foreign Exchange Intervention and Monetary Market Operations by Bank of Japan
Grant number：16330051 2004 - 2006
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
KOMAKI Yasuyuki, JINUSHI Toshiki, TAKEDA Yosuke
Grant amount：\5100000 （ Direct Cost: \5100000 ）
We composed the new original data base as follow;
1) Survey data on the foreign exchange market in Japan
2) Data of actual interventions and oral intervention in foreign exchange markets
1) The features of foreign exchange rate expectations by using survey data
In a previous study of survey data on the foreign exchange market in Japan, we mainly used the Japan Centre for International Finance (JCIF) survey. The findings of studies that have used survey-based expectations are robust only if the JCIF survey reflects market expectations correctly. As the JCIF survey has been the only available data for some time, it is difficult to determine whether it correctly reflects market expectations and thus we use the World Economic Information Services (WEIS) survey.
On the JCIF survey, there is a clear difference between short-horizon and long-horizon expectations. But, the WEIS does not exhibit this gap. According to the unbiasedness test, in the WEIS survey, the test is not rejected. This suggests that forecasting performance depends on information-gathering capacity when respondents to the survey make forecasts. The WEIS survey essentially represents rational expectations.
2) The Comparative Analysis of the Effects of Foreign Exchange Intervention in the late-1980s and 1990s
This paper analyses whether actual interventions and oral intervention in foreign exchange markets are effective in the late 1980s. We use the reports of interventions in the financial press.
The impacts of intervention information in the late-1980s were as follows; Oral interventions were more significant and sustainable than the reported intervention. Reported intervention was significant in case of the US dollar bought.Despite the large volume of information on actual and oral interventions were reported in the Tokyo market, the effects of communication in foreign exchange market was not effective influencing exchange rate, because of policy inconsistency between different countries. -
IT and Financial Systems in the 21st Century
Grant number：15203016 2003 - 2006
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (A)
SHIMIZU Yoshinori, NAKAJIMA Masashi, OGAWA Eiji, JINUSHI Toshiki, FUCHITA Yasuyuki, MISUMI Takashi
Grant amount：\49140000 （ Direct Cost: \37800000 、 Indirect Cost：\11340000 ）
In this research project we have investigated the main theme on "IT. and Financial Systems in the 21st Century" from 2003 to 2006. We invited foreign collaborating researchers (Thyler Shumway (University of Michigan and Stanford University), Luchia Christova (Bank for International Settlements), Jeniffer Corbett (Australian National University), Inchul Kim (Sung Kyun Kwan University) and others) to the two international conferences that were held on March 18, 2005 and February 20, 2007 at Hitotsubashi University to make presentation of their own papers. Also we received useful comments from them on our members' papers to revise the papers into academically better ones. The papers that we made presentation of as this research project's performance clarify how the IT revolution has effects on financial service industry and its surroundings from a variety of viewpoints. Concretely, the research project used to theoretical and empirical analyses to consider effects developments of IT on (1) surroundings of the Japanese financial industry, (2) consumer behavior, firm behavior, financial institution's behavior, and (3) policy reactions of policy-makers. Regarding Effects on the surroundings around financial industry, the developments of IT are diversifying financial products and accelerating speed of transmitting information. Both the diversifying financial products and accelerating speed of transmitting information enhance efficiency in financial transactions for households as investors, firms as borrowers, and financial institutions as financial intermediaries. On one hand, it is pointed out investors might act in a fashion of non-economic behavior from a viewpoint of behavioral economics. Moreover, this research project pointed out that a market-based monetary policy is necessary for efficient financial markets with accelerating speed of transmitting information.
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An International Comparative Research on the Inflation Targeting Policy ; Whether It Is Valid under the Deflation?
Grant number：14330028 2002 - 2004
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
JINUSHI Toshiki, FUJIWARA Kenya, MIYAO Ryuzo, ISHIGAKI Kenichi, FUJIWARA Hideo, KITAOKA Takayoshi
Grant amount：\10300000 （ Direct Cost: \10300000 ）
The inflation targeting has been adapted by the many countries over the world. Though it was advocated as a special policy operation against the deflation in Japan, it is close to the world standard of the monetary policy operation in reality. This research project aims to research on the experiences of the inflation targeting policy in countries and to examine its applicability onto Japan. The followings are our major findings.
1)There have been variations in the design of the inflation targeting among the countries but, after a decade of experiences, the common trend has emerged towards the inflation targeting as the "flexible framework" for the monetary policy operation. The typical example is New Zealand, where the rigid rules and accounting system were introduced initially but the recent reform changed it towards the "flexible framework". Other countries are mostly in the same direction and the academic researches basically support that trend.
2)The inflation-targeting countries have expanded the limit in the policy information disclosure. In this point, there has been no reverse trend. The current frontrunners exhibit their main economic models and implement the "peer review" of the total policy-making process. This trend is supported by the theoretical works and is followed by the developing countries like Thailand. The European Central Bank is exceptionally restricted in this regard, since its policy making body includes the representatives from the different countries.
3)The Swedish monetary policy operation is often mentioned as the rare success example against the deflation in the Great Depression era. However, its adoption of the priceKievel target is followed shortly after by the adoption of the British-Pound peg policy. Thus, the consistency and the validity of its price-level targeting should be re-examined more carefully.
4)The empirical part of the research project showed that the traditional quantity indicator, M2+CD lost its information content for economic forecasts in the late 1990s, and examined its causes. The theoretical parts showed that the policy-making by the committee, which is common among the inflation-targeting countries, might leads to the excessively cautious decisions, and that the interest-rate control is a valid tool in the inflation targeting. -
Inflation Targeting and Monetary Policy Operation under Price Stability after Financial Deregulation
Grant number：12630054 2000 - 2002
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (C)
JINUSHI Toshiki
Grant amount：\2600000 （ Direct Cost: \2600000 ）
Many countries, which had deregulated the financial sectors, experienced the asset price fluctuations and the banking crisis. Many countries achieved lowering and stabilizing inflation, in almost the same periods. Except for the U.S. and Japan, most of those countries have adopted the inflation targeting as the framework for their monetary policy operation. Under the inflation targeting, information disclosure on the policy decision has often been promoted. Even the countries without the inflation targeting have started to release more policy information recently. The philosophy of the monetary policy operation has been transformed. The information disclosure which enhances the forecastability of the future policy actions, is considered to improve the macroeconomic performance. The main findings of this research projects are the followings.
(1) The U.S. has overcome the financial crisis in the late 1980s and the early 1990s and succeeded in stabilizing the inflation at low level. We can find the significant asymmetry between the monetary expansion and restraint process in the implementation of the "zero real rate" policy in that period.
(2) The information disclosure was promoted in that period in the U.S., but its effects are rather mixed.
(3) Looking at the macro policy mix, the Japanese monetary and fiscal policies were not expansionary at the same time until the 1997-98 financial crisis.
(4) The Bank of Japan seems to have some information advantages on the macroeconomic forecasts compared with the private think-tanks.
(5) The less uncertainty on the monetary policy rules improves the macroeconomic performance in the forward-looking models. -
Theoretical and Empirical Researches on the Patterns of Economic Growth and Regional Integration in the Areas of Japan, East Asia and North America
Grant number：09430011 1997 - 1999
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
SHINOHARA Soichi, ABE Shigeyuki, FUJIWARA Hideo, NISHIMURA Osamu, ASAKO Kazumi, KOHSAKA Akira
Grant amount：\12900000 （ Direct Cost: \12900000 ）
We were conducting theoretical and empirical researches, in the past three years, on economic issues of the Asia-Pacific Area, in particular, (1) macro relations among the national economies of the region, (2) urgent macro questions of Japan, China, and the Unites States, (3) trade issues of the region, and (4) Asian currency crisis of 1997 were the major topics of the present joint research project.
The results of the researches were presented at international conferences that we opened annually with our counterparts of an international joint research project from China, the United States and Mexico. We have published these papers in academic journals and conference monographs We also plan to publish a collection of the major research papers in Japanese in 2000.
Among the results of our researches, we report (1) four theoretical papers on financial instability and currency crisis, (2) six papers on the structure of the Japanese economy and its long lasting recession in the past decade, (3) eight papers on issues concerning macro and trade relations among national economies in the region and its financial crisis of 1997, and (4) four papers on the American economic booming in 1990s, Beside these works, we made extensive policy proposals at symposia, together with in writing essays for public policy journals, about trade and foreign aid issues and macroeconomic policies of Japan. -
A Theoretical, Institutional and Comparative Study on the Independence of Central Bank
Grant number：08303010 1996 - 1997
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
ISHIGAKI Kennichi, FUJIWARA Kennya, UE Katsuya, MIYAO Ryuzo, JINUSHI Toshiki, MIKITANI Ryoichi
Grant amount：\2900000 （ Direct Cost: \2900000 ）
The results of our research project, "Independence of Central Bank" will be published from Toyokeizai-shinpousha in May. 1998. The Book is composed of three sections, 17 chapters. In the first section, the old Bank of Japan Act and the new one are compared each other, and some important points of New Act and an appropriate monetary policy are examined. Political pressure from domestic and international Authorities and the effects on monetary policy performance are analyzed. In the second section, we make theoretical surveys on the independence of the central bank and examines statistically the results between performance and the independence. In the third section, we make discussion on some important central banks --- Federal Reserve Bank of America, Bank of England, Deutsche BundesBank, Reserve Bank of New Zealand and so on --- in advanced countries and makes clear of the relation between independence and monetary policy performance. We get the following important results from this research
1. The relation between the independence of central bank from governments is, generally speaking, positive.
2. The independence 0f central banks is being raised in the advanced countries based on worse inflation experiences in 1970's and 80's. In some countries such as New Zealand, France, Japan and England, New Central Bank Acts are established to raise it. I other countries such as Canada and Australia, new agreements between the Government and the central bank contribute the increase of independence of the central banks.
3. The new Bank of Japan Act increases its independence from the Japanese Government, however there are some weak points such as lack of accountability. -
日米の価格調整速度の比較実証研究
Grant number：06730006 1994
日本学術振興会 科学研究費助成事業 奨励研究(A)
地主 敏樹
Grant amount：\800000 （ Direct Cost: \800000 ）
筆者が,過去に行ったディマンド・プルの側面に絞ったアプローチでの価格調整速度の計測に追加するものとして,日本(WPI)の低集計度価格指数(単一商品レヴェル:500品目)に関する推計を完了することができた。米国(PPI)と日本(WPI)の高集計度の産業価格指数と,米国(PPI)の低集計度価格指数(単一商品レヴェル:450品目)と合わせると,両国の卸売物価指数に関しての分析結果をまとめることができる。
(高集計度レヴェル)
1.インフレの価格調整加速効果。両国ともに,70年代の高インフレ期の価格調整速度は,その前後の低インフレ期に比して高い。
2.米国に比べると,日本の調整は60年代には遅いが70・80年代に入って大きく加速されてむしろ早くなっていること。
3.低インフレ期から高インフレ期への移行に伴う価格調整加速効果は両国とも顕著だが,逆の高インフレ期から低インフレ期への移行時には日本の価格調整減速化が相対的に小さい。
4.貨幣成長の内の成長貨幣にあたる部分を考慮して,ディマンド・プル圧力から控除しても,上述の結果は変わらない(日本データのみの結果)。
(低集計度レヴェル)
1.インフレの価格調整加速効果。両国ともに,70年代の高インフレ期の価格調整速度は,その後の80年代:低インフレ期に比して高い。
2.70・80両年代間の変化は米国の方が顕著である。
3.産業集中度の影響が低インフレ期には明瞭だが高インフレ期には小さくなること(米国データのみの結果)。
インフレ率の変化が価格調整速度に影響を及ぼすというニュー・ケインジアンモデルの含意は,日米両国の高・低両集計度の卸売価格指数によって支持された。両国の価格調整速度の水準そのものの直接的な比較は困難であるが,70年代から80年代へのインフレ率低下に対応する価格調整の減速化に関しては,米国の方が顕著であることが両国の高・低両集計度指数の分析結果の比較によって,明らかになった。インフレーションのディマンド・プル以外の側面や,近年の日本におけるデフレ傾向の分析などが,課題として残された。 -
Expansion and Globalization of Financial Markets, and Financial System, Monetary Policy; Theory, Practice, and International Comparison
Grant number：02301093 1990 - 1991
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Co-operative Research (A)
MIKITANI Ryoichi, HONDA Yuzo, FUJIWARA Kenya, UE Katsuya, JINUSHI Toshiki, ISHIGAKI Kenichi
Grant amount：\6300000 （ Direct Cost: \6300000 ）
Final Research Results are to be published as a book titled World Financial Deregulation and Monetary Policy. Its first part deals with theories of monetary policy; it surveys standard literatures and shows the most recent developments. In the macro chapter, "the neutrality of money" is highlighted and, the theoretical developments are summarized, from the Keynesian --Monetarist debate to the recent New Classical-- New Keynesian debate. In the micro chapter, "the asymmetry of information" is the central concept; problems like the opotimality of the debt contract, credit rationing, and bank run are treated theoretically. In the chapter of international coordination, the possibility of adverse results caused by macro policy coordination is emphasized, and the justification for the BIS regulation is theoretically clarified, both using the game theoretic approach.
The second part has nine chapters on the country case studies; Japan, USA, Canada, Germany, France, England, Australia, and EC. The evolution of financial system reforms, and the corresponding changes in monetary policy regimes, and the resulting macroeconomic performances are summarized for each country with clear division of time periods.
The third part compares the country case studies and tries to extract lessons from them. Firstly, among final policy goals, most countries gave top priority to high employment till the mid 70s and did so to low inflation since then to the mid 80s; but, currently, they are divided into two groups, the inflation-first group and the pragmatic group which adjust policy priorities corresponding to economic situations. Secondly, the history of the operating strategies shows the same pattern; "the discretion" was common till the mid 70s, and "the rule" was common since then till the mid 80s; currently, the pragmatic group adopts "the discretion" and the inflation-first group adapts "the rule". However, the distance between the two procedures have been lessened; neither groups no longer utilize the extreme strategies. Finally, it is asserted that the macroeconomic performances are not evidently different between the two groups. It might be the results of the significant convergence in the ways of policy operation but we must wait until future large shocks to evaluate the two directions fully. -
International Comparative Study on the Effects of Mutual Advance of Financial Institutions on Financial Markets in Pacific Basin Countries
Grant number：01530054 1989 - 1990
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for General Scientific Research (C)
ISHIGAKI Kenichi, JINUSHI Toshiki, IZAWA Hideki, MIKITANI Ryoichi
Grant amount：\1700000 （ Direct Cost: \1700000 ）
The purposed of our research are ; (1) to clarify the actual state of the mutual advance of financial institutions which constitutes an important part of the globalization of finance among the four Pacific Basin countries (Japan, the United States, Canada, and Australia), (2) to anlyze empirically the effects of mutual advance of financial institutions on both financial markets and financial systems including barriers between financial business conditions, and (3) to compare them internationally and propose some policy implications on how mutual advance of financial institutions and financial systems should be in common to every country. We could achieve the following results. Ishigaki's paper (1989) clarifies similarities and differences between foreign banks in Japan and Japanese banks in the U. S. and U. K., and reasons of financial friction from the aspects of system and bank behavioor. And Ishigaki's Paper (1990) deals with issues on monetary policy including stability of the financial system resulting from liberalization of finance in Australia. In Mikitani's paper (1989), financial innovation and deregulation as preconditions of mutual advance of banks are compared between Japan and U. S.. In Jinushi's paper (1991) the recent change in the financial system in Canada is described. Finally, in Izawa's paper (1991), considering economic and monetary unification in the EC, insight is given on its relation to the financial institutions and system in Japan. Through these researches, we conclude that the trend of financial globalization is inevitable and integration of financial markets will progress.
Teaching Experience
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master paper seminar
2023.4 - Present Institution：Kansai University
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senior seminar
2019.4 - Present Institution：Kansai University
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junior seminar
2019.4 - Present Institution：Kansai University
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money, banking, and finace
2018.4 - Present Institution：Kansai University
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economics
2018.4 - Present Institution：Kansai University
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Japanese Economy
2006.1 - 2006.4 Institution：Oberlin College
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junior and senior seminar
1990.4 - 2019.3 Institution：Kobe University
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graduate seminar
1990.4 - 2019.3 Institution：Kobe University
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the U.S. Economy
1990.4 - 2019.3 Institution：Kobe University
Social Activities
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board member
Role(s)： Planner, Investigater
Kansai Productivity Center 2012.4 - 2014.3
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research fellow
Role(s)： Advisor, Investigater, Report writing
Asia pacific Institute of Research 2011.12 - 2013.3
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board member
Role(s)： Advisor, Planner, Organizing member, Investigater, Report writing
Kansai Institute of Social and Economic Research 2010.4 - 2011.3
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research fellow
Role(s)： Advisor, Investigater, Report writing
Kansai Institute of Societal and Economic Research 2004.4 - 2010.3
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research fellow
Role(s)： Advisor, Investigater, Report writing
21st century Kansai Research Group 1995.4 - 1997.3
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research advisor
Role(s)： Advisor
Sakura Sogo Research Institute 1990.4 - 1992.3
Academic Activities
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president
Role(s)： Planning, management, etc.
Japan Society of Monetary Economics 2018.5 - 2022.5