English
慶應義塾大学 
経済学部 
経済学科 

教授 
辻村 和佑 
ツジムラ カズスケ 
TSUJIMURA KAZUSUKE 

Tel.03-5427-1597  
Fax.03-54271640  
 

経歴
大学助手(経済学部)  1979/04-1985/03 
大学助教授(経済学部)  1985/04-1997/03 
大学学生総合センター学生部門副部長(三田支部)  1995/10-1997/09 
大学院経済学研究科委員  1997/04-現在 
大学教授(経済学部)  1997/04-現在 
大学産業研究所所長  2001/10-2005/09 

学歴
慶應義塾大学  商学部  1976/03/31  卒業 
慶應義塾大学  経済学研究科  修士  1978/03/31  修了 
慶應義塾大学  経済学研究科  博士  1981/03/31  単位取得退学 

学位
修士(経済学)  慶應義塾大学 
博士(商学)  慶應義塾大学 

研究分野
経済統計・計量経済学・国民経済計算・資金循環分析 

研究業績(著書)
日本経済のマクロ計量分析  辻村 和佑、辻村 雅子  151-177  日本経済新聞出版社  2011/05/26  978-4-532-13406-8 
産業連関分析ハンドブック  辻村 和佑、辻村 雅子  320-329  東洋経済新報社  2010/12/02  978-4-492-31407-4 
Macroeconometric Modeling of Japan  TSUJIMURA KAZUSUKE and TSUJIMURA MASAKO  173-193  World Scientific  2010/07  978-981-283-461-4 
応用計量経済学ハンドブック  辻村 和佑  601-637  朝倉書店  2010/05/20  978-4-254-29012-7 
国際資金循環分析―基礎技法と応用事例  辻村 和佑・辻村 雅子  382  慶應義塾大学出版会  2008/07  4-414-60328-5  1997年から98年にかけてアジア各国やロシアなどを襲った通貨危機の影響で、グローバル化された経済における国際的な資金移動を把握する統計の必要性への認識が一挙に高まった。その結果BIS(Bank for International Settlements)による国際与信統計(Consolidated Banking Statistics: CBS)と、IMF(International Monetary Fund)による国際証券投資調査(Coordinated Portfolio Investment Survey: CPIS)が作成されるに至った。本書ではこれらの統計から得られる情報を活用して、国際資金循環を包括的に解明するための手法の開発に主眼をおいている。各章は独立した論文から成り、国際資金循環構造を多面的に分析した研究書である。 
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研究業績(原著論文・解説)
研究論文(学術雑誌)  共著  A Flow of Funds Analysis of the US Quantitative Easing  TSUJIMURA KAZUSUKE & TSUJIMURA MASAKO  Economic Systems Research  Taylor and Francis  30/ 2, 137-177  2018/04/13  10.1080/09535314.2018.1443908  URL 
研究論文(学術雑誌)  共著  The value added and operating surplus deflators for industries: The right price indicators that should be used to calculate the real interest rates  SAKUMA ITSUO, TSUJIMURA MASAKO & TSUJIMURA KAZUSUKE  Statistical Journal of the IAOS  IOS Press  34/ 2, 235-253  2018/05/24  10.3233/SJI-160327  URL 
研究論文(学術雑誌)  共著  Balance Sheet Economics of the Subprime Mortgage Crisis  TSUJIMURA MASAKO and TSUJIMURA KAZUSUKE  Economic Systems Research  Routledge  23/ 1, 1-25  2011/03  0953-5314 
研究論文(学術雑誌)  共著  Dearth of Domestic Investment and the Global Saving Glut: An International Panel Data Study  辻村 和佑  The Journal of Econometric Study of Northeast Asia  Economic Research Institute for Northeast Asia  7/ 1, 1-21  2010/03  1880-6988 
研究論文(学術雑誌)  共著  The consequences of the introduction of the euro: a nested mixed- effects analysis of the international banking positions  辻村 和佑・辻村 雅子  Empirical Economics  Springer  37/ 3, 583-397  2009/12  0377-7332  URL 
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研究業績(口頭・ポスター発表)
口頭発表(招待・特別)  Negative Interest Rate and the Public Deficit: Classical Loanable Funds Theory Revisited  International Conference on Economic Theory and Policy  2017/09/17  URL  As Keynes contended in the General Theory, according to the classical theory of loanable funds, the equilibrium interest rate is determined at the intersection of the saving and investment curves. The former is derived from the intertemporal choice of consumption while the latter represents the marginal product of capital. Some classical authors, such as Taussig, discuss negative interests in this framework. Since the market interest rate rarely became negative until recently, if the equilibrium interest rate had been negative, the government would have had to fill the saving-investment gap by running a public deficit. Negative interest rates would surely cure this problem. Cassel, however, mentions another possibility: that the saving curve has a downward rather than upward slope. It is problematic because there is a possibility that the saving and investment curves do not at all intersect. If they do not intersect, lowering interest rates may enlarge the public deficit rather than reduce it. Thus, it is essential to identify the shape of the two curves before taking any policy action, either to raise or to lower the interest rate. 
口頭発表(一般)  Financial Intermediation in Brazilian Economy from Flow of Funds Analysis  25th International Input-Output Conference  2017/06/22  URL  This paper presents the Flow-of-Funds Analysis applied to improve knowledge about financial flows in Brazilian economy. We develop asset-liabilities-matrixes (ALM) to the years 2004 and 2009, which are disaggregated in 10 institutional sectors to obtain a broadly overview of the specific structure of flows in Brazilian financial system. From flow-of-funds indexes we could illustrate the role of each institutional sector in the system, than we could highlight that during the period, there was a movement to increase the participation of others financial firms in financial system, excluding government-sponsored banks, while enterprises and government were working as financial intermediaries in an informal market. 
公開講演,セミナー,チュートリアル,講習,講義等  Funds Flow Method of National Accounting  日中両国の経済と金融に関する研究セミナー  2016/11/18  The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for Japan 1995-2013. Special features of the study is while so-called Flow of Funds Accounts (also known as financial accounts in Europe) covers only the lender-borrower relationship, Flow-of-Funds based National Accounts proposed in this study includes all the payments, such as sales, wages, interest, etc. 
口頭発表(一般)  The Value Added and Operating Surplus Deflators for Industries: The Right Price Indicators that should be Used to Calculate the Real Interest Rates  34th International Association for Research in Income and Wealth (IARIW) General Conference  2016/08/26  URL  After the global financial crisis of 2008-2009, the governments of the world are piling up deficits to close the saving-investment gap in the private sector. The governments cannot accumulate deficits endlessly so that they must urgently promote the investments in the private industries. It is obvious that lowering the market rate of interest is one of the best policies to boost the capital investment. The problem is that what inflation rate they have in their mind when the entrepreneurs make investment decisions. Not only the output prices, but also the composition of inputs and their prices differ from one industry to another. Therefore, the value added deflator or even the operating surplus deflator for each industry are better alternative to calculate the real interest rate. 
ポスター発表  Flow-of-Funds Based National Accounting: An Experimental Application to the US Economy  34th International Association for Research in Income and Wealth (IARIW) General Conference  2016/08/22  URL  The objective of this paper is twofold: (i) to design a flow-of-funds based national accounting system, an equivalent of cash-flow statement in business accounting; and (ii) to make from-whom-to-whom flow-of-funds matrix for the U.S. to find out if there were structural changes in the first decade of the century. The matrix is tentatively derived from the Integrated Macroeconomic Accounts by removing the imputations that do not involve payment of funds. We found that there was a conspicuous structural change between 2008 and 2010 when the subprime mortgage crisis hit the economy; and the dominant factor was the shift in monetary policy. Our conclusion is that the economy is highly susceptible to both Federal Reserve’s supply of funds and its portfolio. 
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研究業績(芸術系活動、フィールドワーク等)
その他  CD-ROM日本の産業  企画・制作を担当 
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