KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 1996.04

  -

  2003.03

  Keio University,, Keio Economic Observatory,, Assistant Professor

• 2003.04

  -

  2005.03

  Harvard University,, Kennedy School of Government,, CBG fellow

• 2003.04

  -

  2017.03

  Keio University,, Keio Economic Observatory,, Associate Professor

• 2005.07

  -

  2008.09

  Cabinet Office, Government of Japan,, ESRI (Economic Social Research Institute),, Visiting Fellow

• 2006.11

  -

  2007.08

  OECD, STI (Directorate for Science, Technology and Industry),, Economist

display all >>

Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1989.03

  Hakodate Chubu High School, Hokkaido

  Graduated

• 1993.03

  Keio University, Faculty of Business and Commerce

  University, Graduated

• 1995.03

  Keio University, Graduate School of Business and Commerce

  Graduate School, Completed, Master's course

• 1998.03

  Keio University, Graduate School of Business and Commerce

  Graduate School, Withdrawal after completion of doctoral course requirements, Doctoral course

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• M.A., Keio University, Coursework, 1995.03

• Ph.D, Keio University, Dissertation, 2005

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Economic statistics

• Humanities & Social Sciences / Economic policy

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Economic Growth, Capital and Productivity

• Energy and Environment

• Labor Input and Human Capital

• Japanese and Asian Economies

Books 【 Display / hide 】

Books 【 Display / hide 】

• APO Productivity Databook 2025

  Koji Nomura and Mun S. Ho, Asian Productivity Organization, Keio University Press, 2025.09,  Page： 219

  　View Summary

  The 18th edition of the APO Productivity Databook provides standardized productivity and growth comparisons across 33 Asian economies and several global reference countries. Spanning more than five decades (1970–2023), it evaluates Asia’s structural transformation, post-COVID-19 recovery, and projections through 2035. Productivity enhancement is emphasized as the foundation of sustainable long-term growth, either by increasing output with given inputs or by maintaining output while reducing resource use. Enhancing national productivity metrics remains a fundamental policy imperative. To support this goal, the Databook systematically evaluates historical performance and prospects based on harmonized data and robust methodologies.
  It establishes baseline indicators of economic growth and productivity across 33 Asian economies, including the 21 APO members and 12 non-member Asian countries. The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The twelve non-member economies in Asia are Afghanistan, the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), the Maldives, Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). Afghanistan and the Maldives are being incorporated for the first time in the 2025 edition. In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

  • Access to Document (DOI)

• Hydropower-Led Economic Growth in Bhutan: Development of Industry-Level Productivity Account, 1990–2022

  Koji Nomura, Contemporary South Asian Studies, Springer, 2025.05,  Page： 259

  　View Summary

  This book provides a comprehensive analysis of Bhutan’s economic growth and productivity dynamics from 1990 to 2022, with a special focus on hydropower development. Through the construction of detailed industry-level productivity accounts, the study addresses significant data gaps in Bhutan’s national accounts, measuring outputs and inputs across various sectors and developing quality-adjusted labor and capital input series. The analysis reveals the complexities of Bhutan’s hydropower-led growth strategy: while the sector has driven substantial economic growth, its contribution to overall productivity improvement has been limited. The electricity sector shows gains in labor productivity but declining capital productivity, resulting in stagnant Total Factor Productivity (TFP). The study also examines productivity trends in non-electricity sectors and addresses potential “Dutch disease” effects on manufacturing and agricultural competitiveness. International comparisons place Bhutan’s productivity performance in a regional context, revealing significant gaps in productivity performance, particularly when compared to India, Bhutan’s largest trading partner and a regional economic benchmark. This comparative analysis informs policy recommendations for achieving more balanced and sustainable economic growth. The findings are particularly relevant for Bhutan’s Thirteenth Five-Year Plan (2024–2029), which emphasizes productivity improvements across all economic sectors. The book serves as a valuable resource for policymakers, economists, and researchers interested in development economics, particularly those focused on the unique challenges faced by small, landlocked nations pursuing sustainable economic development.

  • Access to Document (DOI)

• Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955–2019

  Koji Nomura, Springer, 2023.01,  Page： 268

  　View Summary

  Energy costs in the economy amount to only a few percent of gross domestic product, but their importance to economic growth is much greater than their apparent number. Energy is used in almost all production and consumption activities, and energy price changes induce significant spillover effects throughout the economic system. More importantly, stable and affordable access to energy is a critical factor in determining the rate of capital accumulation in a domestic economy and, hence, labor productivity growth. The expansion of production per hour worked is achieved by using more and higher quality capital, which requires more energy to operate. This book aims to provide robust observational facts on energy productivity improvement (EPI) and to analyze the mechanisms of EPI achieved in Japan’s economic growth from 1955 to 2019. Linking the productivity account with energy statistics enables us to attempt not only to develop a better indicator of energy productivity but also to evaluate the EPI with other significant changes in the production process, such as capital productivity, labor productivity, and even the overall efficiency measured in terms of total factor productivity. This book is a valuable resource for researchers and policymakers seeking to understand the role of energy throughout the economy and for economic planners seeking to ensure the efficient use of energy now and into the future.

  • Access to Document (DOI)

• Energy Productivity in Japan's Economic Growth: Exploring Possibilities for Balancing Economy and Environment (in Japanese)

  Koji Nomura, Keio University Press, 2021.06,  Page： 288

  　View Summary

  拙速なエネルギー環境政策の強化が更なる経済停滞を招く危険を説いた警世の書。日本のエネルギー効率が「環境規制」によってではなく「経済成長」下で改善されてきた事実を示し、２０５０年「脱炭素社会」を見据え、その移行期における国際的に調和したエネルギー環境政策を提言する。
  
  目次
  第１章　経済成長とエネルギー
  第２章　エネルギー生産性改善の源泉
  第３章　エネルギー価格高騰に対する耐性
  第４章　エネルギー生産性と全体効率
  第５章　間接的な電力輸入
  第６章　日本のエネルギー転換に向けて

• Independent Energy Strategy by Non-Governmental Experts, 6 Edition (in Japanese)

  Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Hitoshi Yakushiin, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2025.09,  Page： 224

  　View Summary

  エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。
  
  この確立のため、我々は以下の11項目にわたる提言をする。
  
  01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
  02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
  03. 化石燃料の安定利用をCO2規制で阻害しない。
  04. 太陽光発電の大量導入を停止する。
  05. EV化により日本の自動車産業振興を妨げない。
  06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
  07. 過剰な省エネ規制を廃止する。
  08. 電気事業制度を垂直統合型に戻す。
  09. エネルギーの備蓄およびインフラ防衛を強化する。
  10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
  11. パリ協定を代替するエネルギードミナンス協定を構築する。
  

display all >>

Papers 【 Display / hide 】

Papers 【 Display / hide 】

• "Productivity Dynamics in the Maldives: A First Outlook Based on the Maldivian Productivity Accounts, 1970–2023, with Comparisons to SAARC and Fiji"

  Koji Nomura

  (United Nations Economic and Social Commission for Asia and the Pacific)   2025.10

  Research paper (other academic), Single Work

  　View Summary

  This report presents the first comprehensive productivity analysis for the Maldives based on the newly developed Maldivian Productivity Accounts, covering the period 1970–2023 and including cross-country comparisons with SAARC members and Fiji. The results show that sustained economic growth of 5–7% per year from 1970 to 2019 was supported by a nearly thirtyfold expansion of capital input and a twentyfold increase in labor input, including migrant workers. However, improvements in TFP have remained close to zero or even negative. The capital–output ratio reached 5.3 in 2023—the highest in the SAARC region—reflecting low investment efficiency and possible overaccumulation. Transitioning from quantity-driven to efficiency-based growth is essential for the Maldives to achieve sustainable productivity and long-term economic resilience.

• "Bhutan’s Productivity Trends, 1990–2023: Findings from Bhutanese Productivity Account 2025"

  Koji Nomura

  (United Nations Economic and Social Commission for Asia and the Pacific)   2025.08

  Research paper (other academic), Single Work

  　View Summary

  The Bhutanese Productivity Account 2025 provides updated productivity estimates for 1990–2023, developed jointly by the DMDF and Keio University. While Bhutan’s hydropower-led growth model has achieved rapid labor productivity gains, the report reveals persistent stagnation in total factor productivity (TFP) and a steep decline in capital productivity. Capital input accounted for nearly 84% of GDP growth during this period, yet TFP contributed negatively on average, underscoring a pattern of capital accumulation without corresponding efficiency gains. The electricity sector, despite significant investment, saw long-term declines in TFP due to rising construction costs and limited output growth. Moreover, positive spillover effects to non-electricity industries have been limited, with manufacturing showing only modest improvements. International comparisons highlight a widening TFP growth gap between Bhutan and countries like India. Growing electricity demand from data centers and rising import dependency pose further challenges. The report emphasizes that Bhutan’s growth cannot be fully understood through labor productivity alone. To achieve sustainable, high-quality growth aligned with the 13th Five Year Plan, Bhutan must improve productivity in non-electricity sectors through investment in innovation, human capital, and structural reform, while addressing electricity supply constraints and maintaining macroeconomic resilience.

• "Bhutan’s Productivity Stagnation: Hydropower and Beyond"

  Koji Nomura

  Hydropower-Led Economic Growth in Bhutan (Springer)     207 - 237 2025.05

  Part of collection (book), Single Work

  　View Summary

  This chapter analyzes Bhutan’s productivity dynamics from 1990 to 2022, focusing on industry-level and aggregate total factor productivity (TFP) and capital and labor productivity. Hydropower plays a pivotal role in shaping Bhutan’s economic structure, driving substantial gains in labor productivity, especially after the commissioning of major plants. However, these gains have been offset by a capital productivity decline, leading to overall TFP growth stagnation. Despite hydropower’s importance in Bhutan’s economic expansion, its long-term contribution to TFP remains limited due to the capital-intensive nature of large-scale projects, which strains capital efficiency. The chapter also highlights productivity patterns in the non-electricity sector, where labor productivity gains are more prominent, but TFP improvements remain minimal. These findings emphasize the challenges of sustaining productivity growth in Bhutan’s hydropower-led economy and point to the risks of over-reliance on a single sector. A dual strategy is necessary: fostering internationally competitive industries that leverage hydropower while ensuring affordable and stable electricity supply to meet the expanding domestic demand. This approach is essential for achieving long-term sustainable economic growth.

  • Access to Document (DOI)

• "Measuring Capital Accumulation in Bhutan"

  Koji Nomura

  Hydropower-Led Economic Growth in Bhutan (Springer)     171 - 205 2025.05

  Part of collection (book), Single Work

  　View Summary

  This chapter constructs industry-level capital inputs for Bhutan from 1990 to 2022, addressing the absence of a capital stock account in the Bhutanese System of National Accounts (BTSNA). It develops time-series investment and stock matrices to create industry-specific, quality-adjusted capital inputs. A key methodological adjustment is the shift of hydropower investments from a work-in-progress basis to an installed basis, ensuring that only fully operational assets are included in capital services. Large-scale hydropower projects often experience time lags of over 10 years from construction to operation, so this adjustment is crucial for accurate productivity assessment. As of early 2022, Bhutan’s nominal net capital stock is estimated at Nu 905 billion, roughly four times its GDP—the highest ratio in South Asia. Despite being one of the most capital-intensive economies in the region since the 1990s, Bhutan’s capital inputs continued to expand rapidly, averaging 9.5% growth per year between 1990 and 2022. This rapid growth occurred not only in the electricity sector but also across non-electricity industries, with an even faster accumulation after the democratic transition in 2008. While data limitations remain, this study establishes a vital framework for understanding Bhutan’s capital dynamics and lays the foundation for future refinements.

  • Access to Document (DOI)

• "Bhutan’s Aggregate Output: A Review"

  Koji Nomura

  Hydropower-Led Economic Growth in Bhutan (Springer)     15 - 51 2025.05

  Part of collection (book), Single Work

  　View Summary

  This chapter comprehensively reviews Bhutan’s aggregate outputs from 1990 to 2022, focusing on expenditure-side GDP and hydropower-led growth. It reconciles multiple versions of the Bhutanese System of National Accounts (BTSNAs) to address inconsistencies and construct reliable long-term series for key indicators such as gross fixed capital formation (GFCF), exports, and imports. A key concern in constructing industry-level productivity accounts is investment, which in Bhutan is closely tied to imports. Ensuring alignment between final demand by product and investment measurement is crucial for accurate productivity analysis. The chapter highlights the significant role of hydropower in driving Bhutan’s nominal GDP growth, accounting for 34.0% of growth from 1990 to 2008 and 22.1% from 2008 to 2022. Bhutan’s high share of investment in GDP, which surpasses that of other South Asian nations and often exceeds China’s, is noteworthy. However, the capital-intensive model raises concerns about resource allocation efficiency and productivity improvements. This chapter lays the groundwork for a deeper understanding of Bhutan’s economic trajectory and future challenges, which will be explored in greater detail in the following chapters.

  • Access to Document (DOI)

display all >>

Papers, etc., Registered in KOARA 【 Display / hide 】

Papers, etc., Registered in KOARA 【 Display / hide 】

• Energy price surge and widening real price differentials in the post-pandemic era : a comparative analysis of seven major countries

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 185 )  2025.03

• Indirect steel trade in the postwar Japanese economy

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 184 )  2025.02

• Measuring public civil engineering output prices based on bidding data in Japan, 1989–2021

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 173 )  2022.10

• Measurement of labor shares and quality-adjusted labor inputs in Vietnam, 1970–2018

  Nomura, Kōji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 156 )  2020.12

• Benchmark 2011 integrated estimates of the Japan-U.S. price level index for industry outputs

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 144 )  2018.10

display all >>

Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• "The Impact of Surging Electricity Prices"

  Koji Nomura

  『月刊エネルギーフォーラム』 (エネルギーフォーラム社)   ( 10月 )  2025.10

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• "Distorted Market" (in Japanese)

  Koji Nomura

  Wave (Denki Shimbun) (The Denki Shimbun)   2025.09

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• ”The U.S. CO₂ Endangerment Finding Reconsidered and Implications for Japan’s Energy Policy” (in Japanese)

  Koji Nomura

  Energy Policy Report (Energy Forum Inc.)   2025.09

  Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

• "Asia–Japan Growth Co-Creation: Challenges of Productivity Enhancement and Institutional Responsiveness" (in Japanese)

  Koji Nomura

  SBI-FERI Report (SBI Financial and Economic Research Institute)   2025.09

  Article, review, commentary, editorial, etc. (bulletin of university, research institution), Single Work, Lead author

  　View Summary

  Since the early 21st century, Asian economies have sustained high growth, while Japan has remained in a prolonged low-growth phase. This report discusses long-term productivity improvements across Asia and the institutional vulnerabilities revealed during the pandemic. For South and Southeast Asian economies with high growth potential, building institutional foundations will be essential to make use of the demographic dividend over the next 15–25 years. The expanding income effect presents Japan with a valuable opportunity for renewed growth. Growth co-creation will be achieved not through abstract frameworks, but through strengthened institutional responsiveness.

• "Independent Energy Strategy by Non-Governmental Experts, 6th Edition" (in Japanese)

  Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Hitoshi Yakushiin, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe

   2025.09

  Internal/External technical report, pre-print, etc., Joint Work

  　View Summary

  エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。
  
  この確立のため、我々は以下の11項目にわたる提言をする。
  
  01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
  02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
  03. 化石燃料の安定利用をCO2規制で阻害しない。
  04. 太陽光発電の大量導入を停止する。
  05. EV化により日本の自動車産業振興を妨げない。
  06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
  07. 過剰な省エネ規制を廃止する。
  08. 電気事業制度を垂直統合型に戻す。
  09. エネルギーの備蓄およびインフラ防衛を強化する。
  10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
  11. パリ協定を代替するエネルギードミナンス協定を構築する。
  

display all >>

Presentations 【 Display / hide 】

Presentations 【 Display / hide 】

• “Decarbonization Policies Leading to Hollowing Out and the Challenges of Japan's Industrial Revitalization” (in Japanese)

  Koji Nomura

  日本原子力学会シニアネットワーク連絡会（SNW） 第25回SNWシンポジウム「長期的な視点に立った骨太のエネルギー基盤を確立せよ！」, 

  2025.10

  , 

  Public lecture, seminar, tutorial, course, or other speech, 日本原子力学会シニアネットワーク連絡会（SNW）

• “Basic Energy Plan as Industrial Policy: Feasibility and Institutional Risks” (in Japanese)

  Koji Nomura

  日本機械学会「第７次エネルギー基本計画の複眼的考察～水素・再エネ・原子力のボトルネックと突破口～」, 

  2025.10

  , 

  Public lecture, seminar, tutorial, course, or other speech, 日本機械学会

• "Evaluation Framework for the “2040 Economy and Society” and the SBI-BIP Model's BaU Scenario" (in Japanese)

  Koji Nomura

  "Reseach on Japanese Economy in 2040", 

  2025.09

  , 

  Oral presentation (general), SBI Financial and Economic Research Institute

• "Post-pandemic Energy Price Differences and Industrial Structural Changes" (in Japanese)

  Koji Nomura

  RITE ALPS IV Economic Analysis Working Group, 

  2025.06

  , 

  Oral presentation (general), RITE

• "Japan’s Economic Struggles in the Face of Energy Transition" (in Japanese)

  Koji Nomura

  IoT・M2Mフォーラム 第20回講演会 (ヤンマーエネルギーシステム（株）東京支社会議室) , 

  2025.06

  , 

  Public lecture, seminar, tutorial, course, or other speech

display all >>

Works 【 Display / hide 】

Works 【 Display / hide 】

• APO Productivity Database (APO-PDB) 2026

  Koji Nomura, Sho Inaba, and Shiori Nakayama

  Asian Productivity Organization and Keio Economic Observatory, 

  2025.10

  -

  2026.06

  , 

  Database science, Joint

  　View Details

  The Asia Quality-adjusted Labor Input Database (AQALI) 2026 and the Asia Natural Resources Database (ANRD) 2026 will be utilized in the APO Productivity Database (APO-PDB) 2026, scheduled for publication in September 2026. The measurement coverage spans the period from 1970 to 2024.
  
  The APO-PDB 2026 includes 27 Asian economies—Afghanistan, Bangladesh, Cambodia, China, Chinese Taipei, Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran, Japan, the Republic of Korea, the Lao People's Democratic Republic, Malaysia, Mongolia, Myanmar, Nepal, the Maldives, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States.

• Asia Quality-adjusted Labor Input Database (AQALI) 2026

  Koji Nomura, Sho Inaba, and Shiori Nakayama

  Keio Economic Observatory, Keio University, 

  2025.10

  -

  2026.06

  , 

  Database science, Joint

  　View Details

  The AQALI 2026 is utilized in the APO Productivity Databook 2026 (to be published in September 2026). The measurement covers from 1970 to 2024.
  
  It includes 27 Asian economies—Afghanistan, Bangladesh, Cambodia, China, Chinese Taipei, Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran, Japan, the Republic of Korea, the Lao People's Democratic Republic, Malaysia, Mongolia, Myanmar, Nepal, the Maldives, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States.

• Asia Narual Resources Database (ANRD) 2026

  Koji Nomura and Sho Inaba

  Keio Economic Observatory, Keio University, 

  2025.10

  -

  2026.06

  , 

  Database science, Joint

  　View Details

  ANRD 2026はAPO Productivity Database (APO-PDB) 2026に組み込まれ、『APO Productivity Databook 2026』（2026年9月出版）において利用。測定期間は1970–2024年。
  
  
  対象国は、アジア27カ国（バングラデシュ、カンボジア、中華人民共和国、中華民国、フィジー、香港、インド、インドネシア、イラン・イスラム共和国、日本、大韓民国、ラオス人民民主共和国、マレーシア、モンゴル、ミャンマーネパール、パキスタン、フィリピン、シンガポール、スリランカ、タイ、トルコ、ブータン、ブルネイ、ベトナム）と米国。

• Energy Cost Monitoring for Japan (ECM_JPN_202509)

  Koji Nomura, Sho Inaba, and Mansaku Yoshida

  Nomura Lab at Keio Economic Observatory, 

  2025.10

  , 

  Database science, Joint

  　View Details

  ホームページを含め抜本改定。

• Multilateral Energy Cost Monitoring (ECM_202509)

  Koji Nomura, Sho Inaba, and Mansaku Yoshida

  Keio Economic Observatory, Keio University, 

  2025.10

  , 

  Database science, Joint

  　View Details

  The PLI (price level index) is estimated through July 2025, RUEC (real unit energy cost) through Q2 2025, and the EITE (energy-intensive trade-exposed) output index through July 2025.
  
  PLI/RUEC and EITE newly cover nine countries (Japan, China, India, South Korea, the U.S., the UK, Germany, France, and Italy).

display all >>

Awards 【 Display / hide 】

Awards 【 Display / hide 】

• The 48th Nikkei Award (Nikkei Keizai-Tosho-Bunka-Sho)

  Koji Nomura, 2005.11, Nihon Keizai Shimbun, Measurement of Capital and Productivity

  Type of Award： Award from publisher, newspaper, foundation, etc.

• Keio Award

  Koji Nomura, 2005.11, Keio Univeristy

  Type of Award： Keio commendation etc.

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• THEORY OF INDEX NUMBERS

  2025

• SPECIAL STUDY OF ECONOMETRICS

  2025

• SEMINAR: SPECIAL STUDY OF ECONOMETRICS

  2025

• SEMINAR: ECONOMETRICS

  2025

• SEMINAR (QD)

  2025

display all >>

Social Activities 【 Display / hide 】

Social Activities 【 Display / hide 】

• “Do Decarbonization Policies Promote Economic Growth? — Cultivating a Healthy Skepticism” (in Japanese)

  Chuo-ku, Tokyo, 中央区民カレッジ　連携講座③ー７◆日本経済の実像と未来への道筋, 

  , 

  2025.10

• “Creating the Future Economy and Society ―Does the Japanese Economy Have Room for Growth?” (in Japanese)

  Chuo-ku, Tokyo, 中央区民カレッジ　連携講座③ー７◆日本経済の実像と未来への道筋, 

  , 

  2025.10

• "Panel Discussion: How Should Medium- to Long-Term Energy Policy Be Designed?"

  日本原子力学会 シニアネットワーク連絡会（SNW）, 2025年度（第25回）SNWシンポジウム (国立オリンピック記念青少年総合センター)

  , 

  2025.10

• "Independent Energy Strategy by Non-Governmental Experts" (6th Edition)

  aishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Hitoshi Yakushiin, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe

  , 

  2025.08

  -

  2025.09

  　View Summary

  「非政府の有志による第7次エネルギー基本計画」では、安全保障と経済成長を重視したエネルギー政策として、「エネルギードミナンス（優勢）」を提唱する。エネルギードミナンスとは、米国共和党で用いられてきた概念である。それはすなわち、豊富で、安定し、安価なエネルギーを供給することを指す。それによって、日本が経済発展をし、防衛力を高め、自由、民主といった普遍的価値を守り発展させることが可能になる。エネルギードミナンスを確立するために11項目にわたる提言をする。
  （全224ページ・編著者19名）

• "Independent Energy Strategy by Non-Governmental Experts" (5th Edition)

  aishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe

  , 

  2025.05

  -

  2025.06

  　View Summary

  「非政府の有志による第7次エネルギー基本計画」では、安全保障と経済成長を重視したエネルギー政策として、「エネルギードミナンス（優勢）」を提唱する。エネルギードミナンスとは、米国共和党で用いられてきた概念である。それはすなわち、豊富で、安定し、安価なエネルギーを供給することを指す。それによって、日本が経済発展をし、防衛力を高め、自由、民主といった普遍的価値を守り発展させることが可能になる。エネルギードミナンスを確立するために11項目にわたる提言をする。
  （全212ページ・編著者18名）

display all >>

Media Coverage 【 Display / hide 】

Media Coverage 【 Display / hide 】

• “Nuclear Society Explores Energy Policy Challenges” (in Japanese)

  Denki Shimbun, 2025.10

• "Project Management: Key to Indonesia's Competitiveness in the Global Era"

  Media Indnesia, 2025.10

• "Asian Productivity Organization releases 2025 Productivity Databook, adds Afghanistan, Maldives to coverage"

  The Edge Malaysia, 2025.10

• "The Impacts of Soaring Electricity Prices"

  エネルギーフォーラム社, 『月刊エネルギーフォーラム』, 2025.10

• "Distorted Market" (in Japanese)

  Denki Shimbun, 2025.09

display all >>

Academic Activities 【 Display / hide 】

Academic Activities 【 Display / hide 】

• Development of comprehensive aggregate productivity accounts for Asian countries, 1970-2023

  Asian Productivity Organization and Keio Economic Observatory, 

  2024.10

  -

  2025.09

• UNESCAP Project- Development of Growth Accounting Framework for Bhutan

  Ministry of Finance and Keio Economic Observatory,  (Ministry of Finance, Royal Government of Bhutan, and KEO, Keio University) , 

  2024.09

  -

  2024.12

• Contibution to the special issue honoring professor Dale W. Jorgenson and his pioneering contributions to unraveling the impact of digital technology on economic growth

  Barbara M. Fraumeni and Khuong M. Vu,  (Telecommunications Policy) , 

  2023.12

• Development of comprehensive aggregate productivity accounts for Asian countries, 1970-2022

  Asian Productivity Organization and Keio Economic Observatory, 

  2023.10

  -

  2024.09

• UNDP Project- Development of Growth Accounting Framework for Bhutan

  Ministry of Finance and Keio Economic Observatory,  (Ministry of Finance, Royal Government of Bhutan, and KEO, Keio University) , 

  2023.07

  -

  2024.09

display all >>

Committee Experiences 【 Display / hide 】

Committee Experiences 【 Display / hide 】

• 2025.08

  -

  2026.04

  Consultant, UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific)

• 2025.06

  -

  2026.03

  Committee Member, Research Institute of Innovative Technology for the Earth (RITE), Working Group for Promoting Innovation and Investment

• 2025.06

  -

  2026.03

  Chief, Research Institute of Innovative Technology for the Earth (RITE), Economic Analysis Working Group

• 2025.06

  -

  2026.03

  Committee Member, Research Institute of Innovative Technology for the Earth (RITE), Technical Committee for International Strategy against Global Warming

• 2025.05

  -

  2026.03

  Committee member, Committee on Energy System Research, APIR (Asia Pacific Institute of Reseach)

display all >>