Hitotsubashi-RIETI International Workshop on Real Estate Market, Productivity, and Prices October 13-14, 2016 Research Institute of Economy, Trade and Industry 1-3-1 Kasumigaseki Chiyoda-ku Tokyo, JAPAN

Organizers: Naohito Abe (Hitotsubashi U.), Erwin Diewert (University of British Columbia and UNSW), Chihiro Shimizu (Nihon U and NUS), Iichiro Uesugi (Hitotsubashi U. and RIETI)

Each presentation has a 25-minute presentation, a 10-minute discussion, followed by a 10-minute open floor discussion Each luncheon speech has 30 minutes

October 13 (Thu).  10:00 Registration 10:30 Opening Remarks: Atsushi Nakajima (Chairman of RIETI) Kiyohiko Nishimura (U. of Tokyo and GRIPS)

Session 1 10:45-11:30 Chair:     Naohito Abe (Hitotsubashi U.) Presenters: Paul Schreyer (OECD) “Has the Labour Share declined?”  Discussant: Masayuki Morikawa (RIETI)   

11:30-12:15 Presenters: Tomoo Inoue (Seikei University) “Aging, Inflation and Property Prices”   Discussant: Marshall Reinsdorf (IMF) 

12:15-13:45 Lunch

12:45-13:15 Luncheon Speech: Erwin Diewert (UBC): “Residential Property Price Indexes for Tokyo Condominium Market” (Presentation by Chihiro Shimizu(Nihon U.))   

Session 2 Chair: Tokuo Iwaisako (Hitotsubashi U.)

1

13:45-14:30 Presenters: Marshall Reinsdorf (IMF) “Can Mismeasurement of the Digital Economy Explain the U.S. Productivity Slowdown?”   Discussant: Miho Takizawa (Toyo U.)   

14:30-15:15 Presenters: Naohito Abe (Hitotsubashi U.) “Estimation of Aggregate Demand and Supply Shocks Using Commodity Transaction Data”   Discussant: Tsutomu Miyagawa (Gakushuin U.)   

15:15-15:45 Coffee break

Session 3 Chair: Yoshihiko Nishiyama (Kyoto U.) 15:45-16:30 Presenters: Yoko Konishi (RIETI) “Satisfaction, Loyalty and Productivity: A Case of Beauty Salon”   Discussant: Jiro Nemoto (Nagoya U.)     

16:30-17:15 Presenters: Akiyuki Tonogi (Hitotsubashi U.) “Effects of New Goods and Product Turnover on Price Indexes”   Discussant: Paul Schreyer (OECD)     

17:45- Reception at RIETI

October 14 (Fri). 9:15 Registration

Session 4 Chair: Peng Xu (Hosei U.) 9:45-10:30 Presenters: Dan McMillen (NUS & Illinois U.) “Quantile Regression and the Decomposition of House Price Distribution”   Discussant: Robert Hill (Graz U.)   

2

10:30-11:15 Presenters: Daisuke Miyakawa (Hitotsubashi U.) “Geography and Realty Prices: Evidence from International Transaction-Level Data”   Discussant: Kentaro Nakajima (Tohoku U.)   

11:15-12:00 Presenters: Kazuo Ogawa (Osaka U.) “Inefficiency in Rice Production and Land Use: A Panel Study of Japanese Rice Farmers”   Discussant: Hiroshi Ohashi (U. of Tokyo)   

12:00-13:30 Lunch

12:30-13:00 Luncheon Speech: YongHeng Deng (NUS): “The Economic Value of Enviromental Consideration in the Tokyo Office Market”   

Session 5 Chair: Chihiro Shimizu (Nihon U.) 13:30-14:15 Presenters: Robert Hill (Graz U.) “Weekly Hedonic House Price Indices and the Rolling Time Dummy Method: An Application to Sydney and Tokyo”   Discussant: Masahiro Higo (Bank of Japan)   

14:15-14:45 Coffee Break

14:45-15:30 Presenters: Jiro Yoshida（Pennsylvania State U.） “Structure Depreciation and the Production of Real Estate Services”   Discussant: Michio Suzuki (U. of Tokyo)   

15:30-16:15 Presenters: Iichiro Uesugi (Hitotsubashi U. and RIETI) “How Inheritance Affects the Real Estate Market in an Aging Economy: Evidence from Transaction and Registry Data”   Discussant: Michio Naoi (Keio U.)   

16:15 Concluding Remark: Iichiro Uesugi (Hitotsubashi U. and RIETI)