arXiv subjects

Hirokuni Iiboshi

Publications and source records attributed to Hirokuni Iiboshi.

3 recordsLinked to original sources

arXiv2024

The international forward guidance transmission under a global liquidity trap

This paper quantitatively explores the interaction effect of forward guidance (FG) on international monetary policy transmission using a standard two-country new Keynesian model with a global liquidity trap. First, we show that the magnitude of the constant risk aversion coefficient (CRRA) is important in determining the beggar-thy-neighbor and prosper-thy-neighbor effects in foreign economies when the home country only faces the zero lower bound (ZLB) constraints. Second,we demonstrate that both countries may benefit from adopting only the home country's FG policies if the home central bank only faces the ZLB. Third, we find the potential benefit of the FG interaction effect between two countries. Thus, we document the possibility that home and foreign central banks can benefit from monetary policy coordination by adopting the same duration of FG quarters.

econ.GN↗

arXiv2024

Child Care, Time Allocation, and the Life Cycle

This study explores the impact of gender differences in preferences and productivity in home production on the time allocation in married couples, particularly in relation to childcare responsibilities. Using aggregated data from Japan, we estimate a life-cycle model that tracks the development of a child from infancy to adulthood by extending the work of Blundell et al. (2018). Our findings reveal a decrease in maternal earnings following childbirth, aligning with the empirical evidence of the child penalty. However, the model's projections and the actual data diverge significantly during the phase of maternal earnings recovery, showing a discrepancy of approximately 50%, the size of which implies an involuntary reduction in the wife's market work earnings.

econ.GN↗

arXiv2022

The Impact of the Social Security Reforms on Welfare: Who benefits and Who loses across Generations, Gender, and Employment Type?

We quantitatively explore the impact of social security reforms in Japan, which is facing rapid aging and the highest government debt among developed countries, using an overlapping generations model with four types of agents distinguished by gender and employment type. We find that introducing social security reforms without extending the retirement age raises the welfare of future generations, while reforms with rising copayment rates for medical and long-term care expenditures, in particular, significantly lowers the welfare of low-income groups (females and part-timers) of the current retired and working generations. In contrast, reforms reducing the pension replacement rate lead to a greater decline in the welfare of full-timers. The combination of these reforms and the extension of the retirement age is expected to improve the welfare of the current working generations by 2--9 % over the level without reforms.

econ.GN↗