Organization
School of Engineering Associate Professor
Title
Associate Professor
External link
HORI TAKEO
Research Areas
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Humanities & Social Sciences / Economic theory
Papers
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Asset Bubbles, Entrepreneurial Risks, and Economic Growth Reviewed
Takeo Hori, Ryonghun Im
accepted at Journal of Economic Theory 2023.4
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Government expenditure and economic growth: A heterogeneous-agents approach Reviewed
Ryo Arawatari, Takeo Hori, Kauo Mino
forthcoming in Journal of Macroeconomics 2022.11
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Tax Evasion and Optimal Corporate Income Tax Rates in a Growing Economy Reviewed
Takeo Hori, Noritaka Maebayashi, Keiichi Morimoto
2021.10
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Ambitious Emissions Goal as a Strategic Preemption Reviewed
Hiroaki Yamagami, Ryo Arawatari, Takeo Hori
Strategic Behavior and the Environment 2021.9
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Time-Inconsistent Discounting and the Friedman Rule: Roles of Non-Unitary Discounting Reviewed
Takeo Hori, Koichi Futagami, Shoko Morimoto
73 ( 3 ) 1200 - 1217 2021.7
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Endogenous Information Acquisition and the Partial Announcement Policy202 Reviewed
Hiroki Arato, Takeo Hori, Tomoya Nakamura
Information Economics and Policy 55 2021.6
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Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model, Reviewed
Takeo Hori
Scandinavian Journal of Economics 122 1343 - 1373 2020.10
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Debt policy rule, utility-generating government spending, and indeterminacy of the transition path in an AK model Reviewed
Takeo Hori, Noritaka Maebayashi
Macroeconomic Dynamics 23 2360 - 2377 2019.9
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A Non-Unitary Discount Rate Model Reviewed
Takeo Hori, Futagami Koichi
81 139 - 165 2019.1
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Intellectual Property Rights Protection in the Presence of Exhaustible Resources Reviewed
Takeo Hori, Hiroaki Yamagami
Environmental Economics and Policy Studies 20 759 - 784 2018.10
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On the Nonlinear Relationship between Inflation and Growth: A Theoretical Exposition Reviewed
Ryo Arawatari, Takeo Hori, Kazuo Mino
Journal of Monetary Economics 94 79 - 93 2018.4
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Endogenous Structural Change, Aggregate Balanced Growth, and Optimality Reviewed
Takeo Hori, Noriko Mizutani, Taisuke Uchino
Economic Theory 65 125 - 153 2018.1
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Dynamic analysis of reductions in public debt in an endogenous growth model with public capital Reviewed
Noritaka Maebayashi, Takeo Hori, Koichi Futagami
Macroeconomic Dynamics 21 1454 - 1483 2017.9
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Debt Policy Rules in an Open Economy Reviewed
Keiichi Morimoto, Takeo Hori, Noritaka Maebayashi, Koichi Futagami
Journal of Public Economic Theory 19 158 - 177 2017.2
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Understanding Call Rate Policies in an IS-LM Model
66 ( 4 ) 79 - 101 2015
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Conformism and Structural Change Reviewed
Takeo Hori, Masako Ikefuji, Kazuo Mino
International Economic Review 56 936 - 961 2015
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The Effects of Consumption Externalities in an R\&D-Based Growth Model with Endogenous Skilled and Unskilled Labor Supply Reviewed
Takeo Hori
Journal of economics 102 29 - 55 2011
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Educational Gender Inequality and Inverted U-Shaped Fertility Dynamics Reviewed
Takeo Hori
Japanese Economic Review 62 126 - 150 2011
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Wage Inequality and Structure of Consumption Demand Reviewed
Takeo Hori
Journal of Income Distribution 20 117 - 126 2011
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Technological Progress and Population Growth: Do we have too few children? Reviewed
Koichi Futagami, Takeo Hori
Japanese Economic Review 64 64 - 84 2010
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Inequality and growth: the roles of life expectancy and relative consumption Reviewed
Takeo Hori
Journal of Economics 96 19 - 40 2009
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The Effects of Consumption Externalities in An Innovation-Driven Growth Model Reviewed
Takeo Hori
Economics Bulletin 29 1414 - 1423 2009
Research Projects
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The requirements for Japan to resume its economic growth
Grant number：24KK0031 2024.9 - 2030.3
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Fund for the Promotion of Joint International Research (International Collaborative Research)
Grant amount：\20800000 （ Direct Cost: \16000000 、 Indirect Cost：\4800000 ）
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マクロ経済学の教科書的モデルを用いた資産バブル理論
Grant number：21K01400 2021.4 - 2024.3
日本学術振興会 科学研究費助成事業 基盤研究(C)
堀 健夫
Grant amount：\3250000 （ Direct Cost: \2500000 、 Indirect Cost：\750000 ）
既存のバブル経済のマクロ経済モデルでは、生産サイドで経済の総生産量が決まる。そのため、バブル崩壊時に投資が減少すると消費が増える、というデータで観察される事実と矛盾した結論を導く。そこで本研究では、需要サイドが経済の総生産量の決定に大きな役割を果たすマクロ経済モデルを構築した。2021年度は、この研究を以下の論文にまとめた。
Takeo Hori and Ryonghun Im. "Asset Bubbles and Aggregate Demand" (研究代表者のホームページ https://sites.google.com/view/takeohori からダウンロード可能)
この研究では、教科書的な経済成長モデルを (i)資本稼働率の内生化、(ii)投資のリスクの導入、という2点で拡張した。この拡張の下で、①資産バブルが総消費と総投資に直接影響すること、②バブル崩壊によって、総消費と総投資がともに減少すること、③ゼロ金利制約がバブル崩壊の影響を拡大し不況を悪化させること、を示した。さらに、④バブル崩壊による不況を緩和させる政策として総需要刺激政策が有効であることを示した。
また、新しい研究として、国際貿易と資産バブルに関する研究に着手した。 -
Re-examination of Macroeconomic Policies: The Case of Heterogeneous Agents
Grant number：19H01493 2019.4 - 2023.3
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Scientific Research (B)
Grant amount：\16250000 （ Direct Cost: \12500000 、 Indirect Cost：\3750000 ）
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研究開発のリスクとマクロ経済成長
Grant number：18K01502 2018.4 - 2023.3
日本学術振興会 科学研究費助成事業 基盤研究(C)
堀 健夫
Grant amount：\3380000 （ Direct Cost: \2600000 、 Indirect Cost：\780000 ）
2021年度は、2020年度に公表した以下の論文を査読付きの国際的学術誌に投稿した。
Takeo Hori and Ryonghun Im, Asset Bubbles, Entrepreneurial Risks, and Economic Growth.
現在のところ受理には至っていない。査読過程で得られたコメントをもとに論文の改訂を行った。改訂論文は、インターネット上（https://sites.google.com/view/takeohori）からダウンロード可能である。
また、上記の論文のモデルに「リスク選好（Epstein-Zin preference）を導入した分析」を行った。こちらは分析は終えているが、現在原稿を準備中である。既存のバブルの論文では、起業家のリスクを扱うことが多いが、リスク選好の役割を分析した研究は少ない。一方、本研究では、起業家のリスク選好によって、バブルの発生条件および経済への影響がどのように変わるかを分析した。起業家のリスク回避度の強さにより、(i) バブルが発生しやすくなること、(ii)バブルの経済成長へ与える影響が変わること、を示した。 -
Sturactural Change, Economic Growth and Resource Allocation
Grant number：15K17025 2015.4 - 2018.3
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Young Scientists (B)
Hori Takeo
Grant amount：\2600000 （ Direct Cost: \2000000 、 Indirect Cost：\600000 ）
For several decades, developed countries have experienced output and employment shifts away from manufacturing towards services such as finance. These well-known shifts in industrial structure are often called "structural change", and have been widely observed in developed countries.
This research program was aimed at providing the theoretical explanations on mechanism behind "structural change." We also examined the optimal resource allocation along the course of structural change. The optimal policies that the government should implements were discussed. -
The roles of time-inconsistent preferences in economic growth models
Grant number：21830035 2009 - 2010
Japan Society for the Promotion of Science Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up
HORI Takeo, FUTAGAMI Koichi
Grant amount：\1105000 （ Direct Cost: \850000 、 Indirect Cost：\255000 ）
This research develops a simple model where the agent discounts utility from consumption at a different rate from disutility of labor supply. I show that in our non-unitary discount rate model, the preferences of the agent are time-inconsistent. It is shown that the policy effects in our model are quite different from those in the standard model. For example, when the agent discounts utility from consumption at a higher rate than the disutility of labor supply, the utility level of the agents can be improved by imposing a positive consumption tax. The development of credit market has possibility to deteriorate the utility level of the agents.