HORI Masahiro

J-GLOBAL         Last updated: Sep 28, 2019 at 02:42
HORI Masahiro
Hitotsubashi University
Graduate School of Economics
Job title
Doctor of Philosophy(University of California at Berkeley), Master of Arts(University of California at Berkeley)
Other affiliation
Hitotsubashi University

Research Areas


Academic & Professional Experience

Apr 1988
Research Assistant, Economic Research Institute, Economic Planning Agency (Japanese Government)
Aug 1996
Jul 1998
Associate Professor, Faculty of Economics, Nagasaki University
Jan 2001
Research Fellow, Economic and Social Research Institute, Cabinet Office (Japanese Government)
Apr 2001
Mar 2003
Visiting Associate Professor, Graduate School of Arts and Science, The University of Tokyo
Jul 2005
Jul 2008
Senior Economist, Division II, Asia and Pacific Department, International Monetary Fund


Apr 1983
Mar 1988
International Relations, Faculty of Liberal Arts, The University of Tokyo
Sep 1992
May 1996
Graduate School, Division of Economics, University of California at Berkeley

Published Papers

Hamaaki, Junya & Hori, Masahiro
The Economic Analysis   (200) 11-36   Jun 2019   [Refereed]
This paper investigates why the saving rate of Japanese elderly households is higher than that
predicted by the standard life-cycle model. We start by examining changes over time in the reasons why individuals accumulate wealth, using aggregate da...
Masahiro Hori, Takeshi Niizeki
he B.E. Journal of Economic Analysis & Policy      Mar 2019   [Refereed]
Using micro data covering almost 500,000 Japanese households over the period 1983–2012, we examine to what extent household consumption responds to changes in housing wealth. To do so, we estimate the housing wealth of individual households by mat...
Takeshi Niizeki, Masahiro Hori
Japan and the World Economy   49 176-186   Mar 2019   [Refereed]
This paper examines the effects of wealth on individual labor supply by considering inheritance receipts as an exogenous change in household wealth. Using Japanese microdata consisting of individuals aged 26–51, we find that (i) while men’s probab...
Junya Hamaaki, Masahiro Hori, Keiko Murata
Journal of Population Economics   32(1) 309-346   Jan 2019   [Refereed]
The division of bequests among family members differs sharply between Japan and the USA. Whereas in the USA, bequests tend to be divided equally among decedents’ children, they tend to be divided unequally in Japan. We start by arguing that certai...
Masahiro Hori, Keiko Murata
Applied Economics   51(16) 1784-1798   Jan 2019   [Refereed]
Using a unique long-run panel of Japanese households, this paper examines the changes in consumption at retirement (‘the retirement-consumption puzzle’). Our analysis shows that households’ expenditure does decline after the retirement of the hous...


Masanori Umeda, Takuma Kawamoto, Masahiro Hori
The Economic Analysis   (197) 144-185   Mar 2018
Koji HAMADA, Takashi HANAGAKI, Masahiro HORI, Koichiro IWAMOTO, Taisuke KAMEDA, Ruriko YOKOYAMA
Economic Analysis   (190) 69-84   Jan 2016
This paper describes the basic structure and multipliers of the 2015 version of The ESRI Short-Run Macroeconometric Model of the Japanese Economy, which was first released in 1998.
The model is basically a demand-oriented, traditional Keynesian mo...
Koichiro Iwamoto, Fumihiko Suga, Takeshi Niieki, Jyunya Hamaaki, Masahiro Hori, Keiko Murata
The Economic Analysis   (190) 93-128   Jan 2016
Koichiro Iwamoto, Takeshi Niizeki, Jyunya Hamaaki, Masahiro Hori, Saeko Maeda, Keiko Murata
The Economic Analysis   (189) 63-95   Feb 2015
Masahiro Hori, Junya Hamaaki, Saeko Maeda, Keiko Murata
The Economic Analysis   184 141-167   Jan 2011

Research Grants & Projects

"Studies on the Influences of Value-added-tax on Household Consumption and on Disparity among Households"
Japan Society for the Promotion of Science: Grants-in-Aid for Scientific Research
Project Year: Apr 2019 - Mar 2022    Investigator(s): Masahiro Hori
"The influence of subjective perceptions on household's financial and economic behavior and its economic implications"
Japan Society for the Promotion of Science: Grants-in-Aid for Scientific Research
Project Year: Apr 2018 - Mar 2022    Investigator(s): Tokuo Iwaisako
Micro-data based Analyses on the Economic Behaviors of Households and Policy Effectiveness in Japan
Japan Society for the Promotion of Science: Grants-in-Aid for Scientific Research
Project Year: Apr 2011 - Mar 2014    Investigator(s): Masahiro Hori
Income/Assets Distribution of Japanese Households
Project Year: Apr 2008 - Today
Consumption/Saving Behaviors of Japanese Households
Project Year: Aug 2008 - Today