FUMIO HAYASHI



Department of Economics
University of Tokyo
Tokyo 113, Japan
81-3-3812-2111 x5632
Fax: 81-3-3818-7082
E-mail: hayashi@e.u-tokyo.ac.jp

Born April 18, 1952
Permanent Resident

PRINCIPAL CURRENT POSITIONS

Professor, Dept. of Economics, Univ. of Tokyo
Research Associate, National Bureau of Economic Research, Inc. (since 1986)

PRINCIPAL PAST POSITIONS

Carl Sumner Shoup Professor of Japanese Economy, Department of Economics, Columbia University (1993-1997)
Assistant Professor, Department of Economics, Northwestern University (September 1980 - June 1983)
Assistant Professor, Institute of Socio-Economic Planning, University of Tsukuba, Japan (September 1982 - June 1985)
Assistant Professor, Department of Economics, Osaka University, Japan (July 1985 - January 1988)
Visiting Professor, London School of Economics (September 1986 - April 1987)
Professor of Economics, Department of Economics, University of Pennsylvania (January 1988-June 1993)

EDUCATION

B.A. (Economics) Department of Economics, University of Tokyo (March 1975)
Ph. D. (Economics) Department of Economics, Harvard University (June 1980)

PH. D. THESIS

"Consumption, Optimization, and Rational Expectations" (May 1980)

TEACHING INTERESTS

Macroeconomics, Japanese Economy, Econometrics, Applied Econometircs, Mathematics for Economists.

UNDERGRADUATE TEACHING EXPERIENCE IN THE U.S.

Intermediate Macro, Intermediate Micro, Econometrics, Applied Econometrics, Mathematics for Economists (at Northwestern University); Intermediate macroeconomics, International Finance (University of Pennsylvania); Japanese economy (Columbia University).

GRADUATE TEACHING EXPERIENCE IN THE U.S.

Macroeconometrics (at Northwestern); First-year Macroeconomics, Advanced Macro, First-year Econometrics (U. of Penn.); First-year econometrics (Columbia University).

CURRENT RESEARCH INTERESTS

Test of altruism; Private transfers; Japan's saving rate; Pure theory of money

PROFESSIONAL AFFILIATION AND DUTIES

Econometric Society Fellow (since 1988)
Co-editor of Journal of the Japanese and International Economies (Since July 1994)

HONORS

Co-winner, Enjoji Jiro Economics Articles Prize (one-time prize to commemorate the fiftieth anniversary of Japan Center for Economic Research), 1993.
Winner, First Nakahara Prize, a prize given by the Japanese Association of Economic Theory and Econometrics given to the most distinguished economist under age 45, 1995.

PUBLICATIONS IN ENGLISH

  1. "Quantity Adjustment in an Exchange Economy", Economic Studies Quarterly 28, December 1977, pp. 257-265.

  2. "A New Estimation Procedure under Rational Expectations", Economics Letters 4, December 1979, pp. 41-43.

  3. "Tobin's Marginal q and Average q: A Neoclassical Interpretation", Econometrica 50, January 1982, pp. 213-224.

  4. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables", Journal of Political Economy 90, October 1982, pp. 895-916.

  5. "Nearly Efficient Estimation of Time-Series Models with Predetermined, but Not Exogenous, Instruments", co-authored with Christopher Sims, Econometrica 51, July 1983, pp. 783-798.

  6. "Monetary Policy in Postwar Japan", in A. Ando et. al. eds., Monetary Policy in Our Times, MIT Press, 1984, co-authored with Koichi Hamada, pp. 83-121.

  7. "The Effect of Liquidity Constraints on Consumption: A Cross-Sectional Analysis", Quarterly Journal of Economics 100, January 1985, pp. 183-206.

  8. "Corporate Finance Side of the Q Theory of Investment", Journal of Public Economics 27, August 1985, pp. 261-280.

  9. "The Permanent Income Hypothesis and Consumption Durability: Analysis Based on Japanese Panel Data", Quarterly Journal of Economics 100, November 1985, pp. 1083-1113.

  10. "Why is Japan's Saving Rate So Apparently High?", in S. Fischer ed., NBER Macroeconomics Annual 1986, MIT Press, pp. 147-210.

  11. "An Econometric Analysis of a Capital Gains Tax on Land", co-authored with Yoshitsugu Kanemoto (first author) and Hajime Wago, Economic Studies Quarterly 38, June 1987, pp. 159-171.

  12. "Tests for Liquidity Constraints: A Critical Survey", invited paper, 5th World Congress of the Econometric Society, Cambridge, Mass., in T. Bewley ed., Advances in Econometrics II: Fifth World Congress, Cambridge University Press, 1987, pp. 91-120.

  13. "Housing Finance Imperfections and National Saving: A Comparative Simulation Analysis of the U.S. and Japan", co-authored with Takatoshi Ito and Joel Slemrod, Journal of Japanese and International Economies 2, September 1988, pp. 215-238.

  14. "Life Cycle and Bequest Savings: A Study of Japanese and U.S. Households Based on the NSFIE Data and Data from the Survey of Consumer Finance 1983", first author, co-authored with Albert Ando and Richard Ferris, Journal of Japanese and International Economies 2, December 1988, pp. 450-491.

  15. "Is Japan's Saving Rate High?", Federal Reserve Bank of Minneapolis Quarterly Review 13, Spring 1989, pp. 3-9.

  16. "Taxes and Corporate Investment in Japanese Manufacturing", in Charles Hulten ed., Productivity Growth in Japan and the United Sates, University of Chicago Press, 1990, pp. 295-316.

  17. "Ex-Day Behavior of Japanese Stock Prices: New Insights from New Methodology", co-authored with Ravi Jagannathan, Journal of the Japanese and International Economies 4, December 1990, pp. 401-427.

  18. "The Relationship of Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms", co-authored with T. Inoue, Econometrica 59, May 1991, pp. 731-754.

  19. "Is the Extended Family Altruistically Linked? Direct Tests using Micro Data", co-authored with Joseph Altonji and Laurence Kotlikoff, American Economic Review 82, December 1992, pp. 1177-1198.

  20. "Explaning Japan's Saving: A Review of Recent Literature", Bank of Japan Monetary and Economic Studies 10, November 1992, pp. 63-78.

  21. "Is the Japanese Extended Family Altruistically Linked? A Test Based on Engel Curves", Journal of Political Economy 103, July 1995, pp. 661-674.

  22. "Fiat Money, Barter, and Inflation Dynamics with Capital", mimeo., co-authored with A. Matsui, Journal of Economic Theory 68, January 1996, pp. 111-132.

  23. "Risk-Sharing Between and Within Families", first author, co-authored with Joseph Altonji and Larry Kotlikoff, Econometrica 64, March 1996, pp. 261-294.

  24. "Analysis of Household Saving: Past, Present, and Future", Japanese Economic Review 47, March 1996, pp. 21-33.

  25. Understanding Saving: Evidence from the U.S. and Japan, MIT Press, 1997.

PUBLISHED COMMENTS IN ENGLISH

  1. "Comment on Deaton and Paxson", in D. Wise ed., Issues in the Economics of Aging, University of Chicago Press, 1991, pp. 202-206.

  2. "Measuring Depreciation for Japan: Reply to Dekle and Summers", Bank of Japan Monetary and Economic Studies 9, September 1991, pp. 79-89.

  3. "Comment on Keane and Runkle", Journal of Business and Economic Statistics 10, January 1992, pp. 15-17.

  4. "Parental Altruism and Inter Vivos Transfers: Theory and Evidence", co-authored with J. Altonji and L. Kotlikoff, forthcoming Journal of Political Economy.

UNPUBLISHED MANUSCRIPTS IN ENGLISH

  1. "Estimation of Macroeconometric Models under Rational Expectations: A Survey", Discussion Paper No. 444, Center for Mathematical Studies, Northwestern University, October 1980.

  2. "R&D as an Investment", co-authored with Bronwyn Hall, National Bureau of Economic Research Working Paper No. 2973, May 1989 (revision requested, Journal of Econometrics).

  3. "Japan's Saving Rate: New Data and Reflections", National Bureau of Economic Research Working Paper No. 3205, December 1989 (invited lecture at a conference held in Turin, November 1989).

  4. "The Effects of Income and Wealth on Time and Money Transfers between Parents and Children", mimeo., co-authored with J. Altonji and L. Kotlikoff, October 1992.

  5. "The Cost of Capital, Q, and the Theory of Investment Demand", mimeo., October 1993.

  6. "Japan's Saving Rate: An Update", Center for Japanese Economy and Business Discussion Paper, July 1994.

PUBLICATIONS IN JAPANESE

  1. "Goriteki Kitai Keisei" (Rational Expectations), co-authored with Takatoshi Ito, in K. Hamada and Yabushita eds., Keizai Seisaku to Makuroekonomikusu (Economic Policy and Macroeconomics), University of Tokyo Press, 1983.

  2. Setsubitoushi to Kigyou Zeisei (Corporate Investment and Taxes), Research Monograph No. 41, Economic Planning Agency of the Japanese Government, May 1984, co-authored with three others, 218 pages.

  3. "Houjin Toushi to Zaimu Seisaku No Douji Kettei ni Tsuite" (On the Interaction of Corporate Investment and Financial Policy), Financial Studies 1, April 1985, pp. 1-9.

  4. "Koujou Shotoku Kasetsu to Sono Kakuchou" (A Test of the Permanent Income Hypothesis and Extensions), Keizai Bunseki No. 101, Economic Planning Agency, January 1986, pp. 1-23.