Hitotsubashi-RIETI International Workshop on Real Estate and the Macro Economy


The real estate market and the economy are closely interconnected with each other. Examples of this relationship include secular stagnations followed by the creation and burst of real estate bubbles in Japan (in the 1990s) and the United States (in the late 2000s). Against this background, the Hitotsubashi-RIETI International Workshop focuses on the interaction between the real estate market and the macro economy and presents a variety of studies on this issue. The studies include (1) real estate markets in Japan and China, (2) interactions between asset price bubbles and the economy, (3) impact of aging on real estate, goods, and services prices, and (4) the role of real estate in the behavior of households and firms.


  • Time and Date: December 14-15, 2017
  • Venue: Research Institute of Economy, Trade and Industry

Program (Thursday, December 14)

10:00 Registration

10:30 Opening Remarks

NAKAJIMA Atsushi (Chairman, RIETI)

UESUGI Iichiro (Hitotsubashi University and RIETI)

10:45-12:15 Session 1

Chair: HOSONO Kaoru (Gakushuin University)

10:45-11:30 "Disentangling the Effect of Housing on Household Stock Holdings: Evidence from Japanese micro data"

Presenter: ONO Arito (Chuo University)

Discussant: SEKO Miki (Musashino University and Keio University)

11:30-12:15 "Housing Wealth Effects in Japan: Evidence based on household micro data"

Presenter: HORI Masahiro (Cabinet Office)

Discussant: YOSHIDA Jiro (Pennsylvania State University)

12:15-13:30 Lunch

13:30-15:00 Session 2

Chair: MIYAKAWA Daisuke (Hitotsubashi University)

13:30-14:15 "Decompositions of Spatially Varying Quantile Distribution Estimates: The Rise and Fall of Tokyo House Prices"

Presenter: Dan MCMILLEN (University of Illinois, Urbana-Champaign)

Discussant: MUTO Sachio (Ministry of Land, Infrastructure, Transport, and Tourism)

14:15-15:00 "Change in the Distribution of Sale/Rental Prices: Comparison of Beijing and Tokyo"

Presenter: Xiangyu GUO (National University of Singapore)

Discussant: MIYOSHI Yoshiyuki (Ministry of Land, Infrastructure, Transport, and Tourism)

15:00-15:30 Coffee Break

15:30-17:45 Session 3

Chair: UCHIDA Hirofumi (Kobe University)

15:30-16:15 "Depreciation in Commercial Property"

Presenter: YOSHIDA Jiro (Pennsylvania State University)

Discussant: Dan MCMILLEN (University of Illinois, Urbana-Champaign)

16:15-17:00 "Weekly Hedonic House Price Indices and the Rolling Time Dummy Method: An Application to Sydney and Tokyo"

Presenter: Robert HILL (Institute of Economics, University of Graz)

Discussant: ABE Naohito (Hitotsubashi University)

17:00-17:45 "Alternative Land Price Indexes for Commercial Properties in Tokyo"

Presenter: SHIMIZU Chihiro (Nihon University)

Discussant: Robert HILL (Institute of Economics, University of Graz)

Program (Friday, December 15)

9:30 Registration

9:45-12:10 Session 4

Chair: SHIMIZU Chihiro (Nihon University)

9:45-10:30 "Collateral Channel versus Bank Lending Channel: Evidence from a massive earthquake"

Presenter: UESUGI Iichiro (Hitotsubashi University and RIETI)

Discussant: Seow Eng ONG (National University of Singapore)

10:30-11:15 "Aging and Property Prices: Evidence from diverse economies"

Presenter: INOUE Tomoo (Seikei University)

Discussant: YUKUTAKE Norifumi (Nihon University)

11:25-12:10 "Recurrent Bubbles, Economic Fluctuations, and Growth"

Presenter: JINNAI Ryo (Hitotsubashi University)

Discussant: SAKURAGAWA Masaya (Keio University)

12:15 Concluding Remarks

SHIMIZU Chihiro (Nihon University)