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Faculty Members
Faculty of Economics / Department of Economics Professor

Sano Kazuo

Profile Research Interest Selected Publications Social Activities Educational Activies Additional Information

Profile

AffiliationFaculty of Economics / Department of Economics
TitleProfessor
RoomFaculty of Economics308 (Extension 2308)
E-mailsano at fpu.ac.jp ( at = @ )
Websitehttp://www.s.fpu.ac.jp/u-sano/
Educationmaster of commerce, osaka city university
Academic Societies

Japan Society of Economic Staticstics
Association of Behavioral Economics and Finance

Career

1992 associate of Fukui Prefectural University
1994 lecturer of Toyama University (part time)
1997 lecturer of Kyoto University (part time)
1998 lecturer of Fukui University (part time)
2008 professor of Fukui Prefectural University

Research Interest

Research Fieldfinancial theory, macro economics, data analysis
Research Summary

I have two research projects: New Keynesian macro economics theory and the efficiency of Japanese stock market.

In January 2013, the Bank of Japan decided to introduce the "price stability target" and restate the framework for the conduct of monetary policy. This "price stability target" is the inflation rate that the Bank judges to be consistent with price stability on a sustainable basis. This monetary policy is apparently affected by New Keynesian macro economics theory, but the effect of this policy has not been proved theoretically.

Abenomics consists of three policies: monetary policy, fiscal policy, and economic growth strategies to encourage private investment. It includes inflation targeting at a 2% annual rate, correction of the excessive yen appreciation, setting negative interest rates, radical quantitative easing, expansion of public investment, buying operations of construction bonds by the Bank, and revision of the Bank of Japan Act.

According recent foreign exchange rates and the price of stock market, Abenomics seems to be successful in short term.
But it is also a risky policy in long term because the accumulated fiscal debts of Japan is critical level, getting twice of GDP.

I think that this problem must be considered theoretically.

KeywordsFinancial theory Macroeconomics Economic statistics Data analysis

Selected Publications

[BOOK]

Financial Theory Fifteen Lectures , Pleades Press, 2013.
Financial Theory and Japanese Stock Market, Sankei sya, 2005.
Introduction to Mathematical Finance, Economist sya, 2002.
Thoughts and Methods of Statistics, (co-author), Hokkaido Univ.press, 2000.

[ARTICLE]

"True Fundamentals Hypothesis: Detecting Bias in the Stock Market", SSRN working paper, 2015.
"Inflation Dynamics with Bounded Rationality", (with Zhao Tong), Journal of Business & Economics, vol.6, no.1, 2014.
"Ants, Traders, and Fat Tails: An Application of the Kirman(1993) Model", SSRN working paper, 2014.
"DGE Model Simulation via Mathematica: A Conversion from Matlab Codes of Kato(2007)",
Economic and Business Studies, no.30, Fukui Prefectural University, 2014.
"Current Status and Issues of New Keynesian Models: On the Relation between
Price and Output",
Economic and Business Studies, no.29, Fukui Prefectural University, 2013.
"Sticky Price Model and Utility Maximization: On the Model and Concept of Calvo(1983)", Economic and Business Studies, no.26, Fukui Prefectural University, 2012.
"Sticky Price and Expectation Formation: On the Model and the Concept of Taylor(1980)", Statistics, no.100, Japan Society of Economic Statistics, 2011.
"Metaphysics of Market", Economic Review, Shizuoka University, vol.11, no.4, 2007.
"On Peszek's Memory Feedback Model", Economic and Business Studies, no.15, Fukui Prefectural University, 2005.
"On the Actual Possibility of Trend Making Strategy by Large Trader", Economic and Business Studies, no.14, Fukui Prefectural University, 2004.
"A Method of Data Mining for Japanese Stock Market Using S-plus", Economic and Business Studies, no.13, Fukui Prefectural University, 2004.
"On the Collinearity and Conditioning Diagnostics",Statistics, no.73, Japan Society of Economic Statistics, 1997.
"Social Statistics and Histricism", Statistics, no.61, Japan Society of Economic Statistics, 1991.

Social Activities

Editorial board of "Statistics", Japan Society of Economic Staticstics(2002)
Non-executive director of Tan-nan FM radio station(2005)
Committee of Information System Construction, Fukui City(2008)

Educational Activies

ClassesFinancial Theory, Economic Statistics, Basic Seminar, Seminar 1,2, Metrics and Statistics 1,2 (garaduate)
Available Topics

Study on the efficiency of Japanese stock market
Study on the macro economics theory and financial policy
Data analysis: S-Plus, Mathematica

Additional Information

H.C.16 (Fukui C.C.)

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