Kaoru Hosono

Profile Information

Affiliation: Professor, Faculty of Economics Department of Economics, Gakushuin University

Degree: 経済学修士(M.A.)
経済学博士

J-GLOBAL ID: 200901059866724728
researchmap Member ID: 5000060413

External link: http://www.gakushuin.ac.jp/univ/eco/english/teacher/keizai_hosono.html

Research Interests

Research Areas

Research History

2013 - Present

-:学習院大学経済学部経済学科教授
2011 - 2013

:財務省財務総合政策研究所総括主任研究官
2010 - 2011

:イェール大学客員研究員
2004 - 2011

学習院大学経済学部教授
2003 - 2004

:学習院大学経済学部助教授
2004

-:学習院大学経済学部教授
1999 - 2003

:名古屋市立大学経済学部助教授
1989 - 1999

:経済企画庁
Professor, Gakushuin University Faculty of Economics, Department of Economics

Major Papers

The interaction of a size-dependent tax policy and financial frictions: evidence from a tax reform in Japan

Kaoru Hosono, Masaki Hotei, Daisuke Miyakawa

Small Business Economics, Dec 8, 2023 Peer-reviewed
Pricing implications of intervention and debt management in the primary market of Japanese government bonds

Kaoru Hosono, Daisuke Miyakawa, Shuji Watanabe

Pacific-Basin Finance Journal, 77 101918-101918, Feb, 2023 Peer-reviewed
Causal effects of a tax incentive on SME capital investment

Kaoru Hosono, Masaki Hotei, Daisuke Miyakawa

Small Business Economics, Jan 24, 2023 Peer-reviewed
Determinants and Effects of the Use of COVID-19 Business Support Programs in Japan

Tomohito Honda, Kaoru Hosono, Daisuke Miyakawa, Arito Ono, Iichiro Uesugi

Journal of the Japanese and International Economies, 67 101239-101239, Dec, 2022 Peer-reviewed
Japan's productivity stagnation: Using dynamic Hsieh–Klenow decomposition

Kaoru Hosono, Miho Takizawa

Contemporary Economic Policy, 40(1) 218-232, Jan, 2022 Peer-reviewed
Epidemic and Economic Consequences of Voluntary and Request-based Lockdowns in Japan

Kaoru Hosono

Journal of Japanese and International Economies, 61 101147, May, 2021 Peer-reviewed
COMPLEMENTARITY BETWEEN TANGIBLE AND INTANGIBLE CAPITAL: EVIDENCE FROM JAPANESE FIRM-LEVEL DATA

KAORU HOSONO, DAISUKE MIYAKAWA, MIHO TAKIZAWA, KENTA YAMANOUCHI

The Singapore Economic Review, 65(05) 1293-1321, Sep, 2020 Peer-reviewed
Cash Holdings: Evidence from Firm-Level Big Data in Japan

Kaoru Hosono, Miho Takizawa, Daisuke Miyakawa

Economic Analysis, 200 136-163, Jun, 2019 Peer-reviewedLead author
NATURAL DISASTERS, DAMAGE TO BANKS, AND FIRM INVESTMENT

Kaoru Hosono, Daisuke Miyakawa, Taisuke Uchino, Makoto Hazama, Arito Ono, Hirofumi Uchida, Iichiro Uesugi

INTERNATIONAL ECONOMIC REVIEW, 57(4) 1335-1370, Nov, 2016 Peer-reviewedLead author
INTERNATIONAL TRANSMISSION OF THE 2007-2009 FINANCIAL CRISIS: EVIDENCE FROM JAPAN

Kaoru Hosono, Miho Takizawa, Kotaro Tsuru

JAPANESE ECONOMIC REVIEW, 67(3) 295-328, Sep, 2016 Peer-reviewed
Financial shocks, bankruptcy, and natural selection

Hirofumi Uchida, Daisuke Miyakawa, Kaoru Hosono, Arito Ono, Taisuke Uchino, Iichiro Uesugi

JAPAN AND THE WORLD ECONOMY, 36 123-135, Nov, 2015 Peer-reviewed
The Impact of Demand Shock on the Employment of Temporary Agency Workers: Evidence from Japan during the Global Financial Crisis

K.Hosono, M. Takizawa, K. Tsuru

Seoul Journal of Economics, 28(3) 265-283, 2015 Peer-reviewed
Fiscal sustainability in Japan

Masaya Sakuragawa, Kaoru Hosono

JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, 25(4) 434-446, Dec, 2011 Peer-reviewed
Managerial Entrenchment and Anti-takeover Provisions in Japan

Kaoru Hosono, Miho Takizawa, Kotaro Tsuru

Seoul Journal of Economics, 24(3) 287-331, 2011 Peer-reviewed
FISCAL SUSTAINABILITY OF JAPAN: A DYNAMIC STOCHASTIC GENERAL EQUILIBRIUM APPROACH

Masaya Sakuragawa, Kaoru Hosono

JAPANESE ECONOMIC REVIEW, 61(4) 517-537, Dec, 2010 Peer-reviewed
Ownership structure and the risk-return profiles of Japanese stocks

Kaoru Hosono, Hideaki Murase, Samikawa Ikuko Fueda

Corporate Ownership and Control, 7(1 A) 9-17, 2009 Peer-reviewed
The transmission mechanism of monetary policy in Japan: Evidence from banks' balance

Kaoru Hosono

JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, 20(3) 380-405, Sep, 2006 Peer-reviewed
“Corporate Governance and Research and Development: Evidence from Japan,”

HOSONO KAORU, Masayo Tomiyama, Tsutomu Miyagawa

Economics of Innovation and New Technology, Vol. 13(No. 2) 141-164, 2004 Peer-reviewed
Growth opportunities, collateral and debt structure: the case of the Japanese machine manufacturing firms

K Hosono

JAPAN AND THE WORLD ECONOMY, 15(3) 275-297, Aug, 2003 Peer-reviewed

Misc.

Firm Age, Productivity, and Intangible Capita

Kaoru Hosono, Miho Takizawa, Kenta Yamanouchi

Vox, Jun 21, 2020 Lead author
Research Digest 企業規模に応じた政策と企業の成長 (特集 EBPM : データ分析が支える政策形成)

細野薫, 滝澤美帆

RIETI highlight, (66) 7-10, 2017
マイナス金利付き量的・質的緩和の波及経路 (特集マイナス金利政策と日本経済)

細野薫

経済セミナー = The keizai seminar, (692) 30-34, Oct, 2016
Securitization, Issuer's Asset Risk, and Market Evaluation : Evidence from REIT Sponsors in Japan

Egami Masahiko||Hosono Kaoru

GEM bulletin, 29 19-28, Dec, 2015
Learning by exporting and the presence of foreign-affiliated companies

細野薫, 宮川大介, 滝澤美帆

VoxEU Columns, 27, Aug, 2015
Natural Disasters, Bank Damages, and Firm Activities

HOSONO KAORU, Miyakawa Daisuke

The World Financial Review, 2015
大震災と企業行動・企業金融

内田浩史, 植杉威一郎, 小野有人, 細野薫, 宮川大介

震災と経済, 173-216, 2015
金融リスク管理の基礎

細野薫

経済セミナー, (No. 678) 31-34, 2014
Do Bank Shocks Affect Firm Activities: A Survey

HOSONO KAORU, Miyakawa Daisuke

The Economics of Interfirm Networks, 4, 2014
マネーが経済を救う？―金融政策と景気の話―

細野薫

経済と経営を楽しむためのストーリー, 130-135, 2014
Comment on "Is the Sky the Limit? Can Japanese Government Bonds Continue to Defy Gravity?"

Kaoru Hosono

ASIAN ECONOMIC POLICY REVIEW, 8(2) 248-249, Dec, 2013
序論 : 企業ダイナミクスとマクロ経済 (特集企業ダイナミクスとマクロ経済)

細野薫

フィナンシャル・レビュー, 2013(1) 1-7, Jan, 2013
藤井眞理子『グローバル金融危機と日本の金融システム－安定的・効率的なメカニズム構築に向けて』日本経済新聞出版社、2013年

細野薫

経済セミナー, (674号) 127, 2013
資本市場を通じた資金調達と企業行動―IPO, SEO, および社債発行の意思決定とその後の投資・研究開発―

細野薫, 滝澤美帆, 内本憲児, 蜂須賀圭史

フィナンシャルレビュー, 2013(112号) 80-121, 2013
外部資金制約と大規模投資（投資スパイク）のタイミング

細野薫, 布袋正樹, 梅崎知恵

フィナンシャルレビュー, 2013(112号) 122-156, 2013
ミスアロケーションと事業所のダイナミクス

細野薫, 滝澤美帆

フィナンシャルレビュー, (112号) 180-209, 2013
Corporate Finance through Capital Markets and Investment Behavior: Initial Public Offerings, Seasoned Equity Offerings, and Bond Issuance

Kaoru Hosono, Miho Takizawa, Kenji Uchimoto, Keishi Hachisuka

Public Policy Review, 9(2) 315-364, 2013
External Finance Constraints and Investment Spike

Kaoru Hosono, Masaki Hotei, Chie Umezaki

Public Policy Review, 9(2) 365-404, 2013
非伝統的金融政策と為替レート

細野薫, 吉川浩史, 磯部昌吾

『社会科学研究』, 64巻(3号) 131-149, 2013
被災地企業の設備投資・移転・サプライチェーン

細野薫, 石瀬寛和, 植杉威一郎, 中島賢太郎, 平田英明, 宮川大介

東北大学大学院経済学研究科地域産業復興調査研究プロジェクト『東日本大震災復興研究Ⅱ―東北地域の産業・社会復興と再生への提言―』河北新報出版センター, 36-53, 2013

Books and Other Publications

インタンジブルズ・エコノミー

細野薫, 淺羽茂, 宮川努

東京大学出版会, 2016
金融危機のミクロ経済分析

東京大学出版会, 2010

Presentations

報告「物価上昇率の決定要因」

株式会社の野村総合研究所主催『金融市場パネル2018年度コンファレンス』パネルディスカッション：物価の変質と金融政策の対応, 2019
報告 “Reallocation of Tangible Assets and Productivity”

2019 Workshop on Resource Allocation and Productivity, 2019
報告「中小企業税制と企業成長」

経済産業省『「国内外の法人課税に関する勉強会』, 2019
コーディネーター

ESRI経済政策フォーラム『企業が直面する不確実性と設備投資・企業行動』パネルディスカッション, 2019
報告 “Size-dependent VAT, Compliance Costs, and Firm Growth”

ポリシー・モデリング・ワークショップ(PMW) 政策大学院大学, 2019
報告 A Model of Banks' Asset Securitization Programs

The 10th World Congress of the Bachelier Finance Society, 2018
報告 The Effects of Size-Dependent Tax Policy on Firms' Finance and Growth:Evidence from Corporate Tax Reform in Japan

93rd Annual Conference of Western Economic Association International, 2018
討論ヴィエシボフスカアガタ "Retail Bank Rates, Bank Lending and Monetary Policy in the Euro Area."

日本金融学会2018年度春季大会, 2018
報告 Tax avoidance by capital reduction:Evidence from corporate tax reform in Japan

日本大学経済科学研究所ワークショップ：経済分析による政策評価, 2018
報告 Intangible Capital and the Choice of External Financing Sources 討論 A. Erdemir, O. Bergland, and H. Berglann, “Value of Director Networks for Firms.”

Western Economic Association International 14th International Conference, 2018
『企業金融・企業行動Ⅰ』座長 "Intangible Assets and Firms' Liquidity Holdings: Evidence from Japan"報告

日本経済学会2017年度秋季大会, 2017
"Size-dependent Policy and Firm Growth"報告

2017 Japan-Korea Microdata Workshop, 2017
"Intangible Assets and Firms' Liquidity Holdings: Evidence from Japan"報告

Western Economic Association International 92nd Annual Conference, 2017
"Competition, Uncertainty, and Misallocation"報告

RIETI-Gakushuin-Toyo International Workshop on Firm Dynamic, 2016
Ono, Arito, Kosuke Aoki, Shin-ichi Nishioka, Kohei Sintani, and Yosuke Yasui, “Long-term interest rates and bank loan supply: Evidence from firm-bank loan-level data" 討論者

第18回マクロ・コンファレンス, 2016
"Complementarity and Substitutability between Tangible and Intangible Capital: Evidence from Japanese Firm-level Data"報告

Smart Public Intangibles, SPINTAN Final Conference, 2016
岡野衛士・稲垣一之 "Revisiting the Fiscal Theory of Sovererign Risk from the DSGE View" 討論者

日本経済学会2016年度春季大会, 2016
"BusinessCycles, Monetary Policy, and Bank Lending: Identifying the Bank Balance SheetCannel with Firm Bank Match-Level Loan Data." (with D. Miyagawa)報告

UW Macro/International seminer day at the University of Washington, 2016
"Bank Lending Channel of Real Estate Prices"（植杉威一郎氏、間真実氏と共著）報告

日本経済学会2015年度秋季大会, 2015
V. V. Acharya, B. Imbierowicz, S. Steffen, D. Teichmann, “Does Lack of Financial Stability Impair the Transmission of Monetary Policy?” 討論者

4th MoFiR Workshop on Banking, 2015

Teaching Experience

Apr, 2019 - Present

Monetary and Financial Economics (Gakushuin University)
Apr, 2003 - Mar, 2019

Macroeconomics (Gakushuin University)

Professional Memberships

Research Projects

中小企業優遇税制が企業ダイナミクスとマクロ経済に及ぼす影響の研究

科学研究費助成事業基盤研究(B), 基盤研究(B), 日本学術振興会, Apr, 2021 - Mar, 2024

細野薫
成長戦略が生産性と資源配分に及ぼす影響の定量分析

科学研究費補助金, 日本学術振興会, Apr, 2017 - Mar, 2020

細野薫
Real Estate Market, Financial Crisis, and Economic Dynamics: An integrated approach from economics

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (S), Japan Society for the Promotion of Science, May, 2013 - Mar, 2018

UESUGI IICHIRO, ONO Arito, NISHIMURA Kiyohiko, HIRANO Tomohiro, HOSONO Kaoru, HORI Masahiro, MIZUNO Takayuki, MIYAKAWA Daisuke, YOSHIDA Jiro, OHNISHI Takaaki
Empirical Research on Intangible Investment in Japan

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (S), Japan Society for the Promotion of Science, Apr, 2010 - Mar, 2015

MIYAGAWA Tsutomu, ASABA Shigeru, HOSONO Kaoru, OZAKI Masahiko, HARADA Nobuyuki, TAKIZAWA Miho
Optimal trade and direct investment strategy in response to financial risks

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science, 2011 - 2013

TSURU Kotaro, HOSONO Kaoru
Development of financial risk management and supervision as an application of dynamic optimization theory

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Japan Society for the Promotion of Science, 2010 - 2012

HOSONO Kaoru, EGAMI Masahiko
M&A and Productivity : Evidence from Japanese Firms

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science, 2008 - 2010

TSURU Kotaro, HOSONO Kaoru
金融危機と実体経済の関連

2008
Cross-Country Studies on the Effectiveness of Market Discipline to Banks

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science, 2002 - 2003

HOSONO Kaoru
Research on the Resource Allocation Effects of Monetary Policy

Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Japan Society for the Promotion of Science, 2000 - 2001

HOSONO Kaoru
企業の研究開発投資と資金調達に関する研究

科学研究費助成事業, 奨励研究(A), 日本学術振興会, 1998 - 1998

細野薫
Impacts of Financial Crisis on Aggregate Productivity through Firm Dynamics
金融システムと実体経済の相互作用

Profile Information

Research Interests

Research Areas

Research History

Major Papers

Misc.

Books and Other Publications

Presentations

Teaching Experience

Professional Memberships

Research Projects

Menu

Coauthors