Research Centers and Institutes, Keio Economic Observatory (Mita)



E-mail Address

E-mail address

Related Websites

Career 【 Display / hide

  • 1996.04

    Keio University,, Keio Economic Observatory,, Assistant Professor

  • 2003.04

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

  • 2003.04

    Keio University,, Keio Economic Observatory,, Associate Professor

  • 2005.07

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

  • 2006.11

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

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Academic Background 【 Display / hide

  • 1989.03

    Hakodate Chubu High School, Hokkaido


  • 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

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

  • Ph.D, Keio University, Dissertation, 2005


Research Areas 【 Display / hide

  • Humanities & Social Sciences / Economic statistics

  • Humanities & Social Sciences / Economic policy

Research Keywords 【 Display / hide

  • Economic Growth, Capital and Productivity

  • Energy and Environment

  • Labor Input and Human Capital

  • Japanese and Asian Economies


Books 【 Display / hide

  • 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.

  • Energy Productivity in Japan's Economic Growth (in Japanese)

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

     View Summary


    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

  • Measurement of Capital and Productivity in Japan (in Japanese)

    Koji Nomura, Keio University Press, 2004.11,  Page: 660

     View Summary


    第1章 資本の測定
    第2章 資本ストック
    第3章 資本サービス価格
    第4章 資本サービスと経済成長
    終章 結びとして

  • APO Productivity Databook 2022

    Koji Nomura and Fukunari Kimura, Asian Productivity Organization, Keio University Press, 2022.10,  Page: 212

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    This fifteenth edition of the APO Productivity Databook aims to provide a useful reference for the quality of economic growth and productivity, comparable across countries at different development stages in Asia. Productivity gains, which enable an economy to produce more for the same amount of inputs, or to consume less to produce the same amount of outputs, are the only route to sustainable economic growth in the long run. Thus, monitoring and improving national productivity capability are important public policy targets. This edition covers the half-century history of Asian economic development, from 1970 to 2020, with our projections of economic growth and labor productivity improvements through 2030.
    Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia. 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, Turkey, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, the United Kingdom (UK), and the United States (US) are included as reference economies.
    The analyses in the Databook series are based on the comprehensive productivity accounts for Asian countries (APO Productivity Database), which have been developed by a joint research effort between the APO and the Keio Economic Observatory (KEO), Keio University, since 2007. In this edition of the Databook, the productivity accounts are developed for 25 Asian economies (Asia25), consisting of the APO21 plus Bhutan, Brunei, China, and Myanmar, along with the US as a reference economy.

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Papers 【 Display / hide

  • "A High-pressure Economy with a Sustainably Weak Yen is Desirable for the Japanese Economy"

    Koji Nomura and Koichi Hamada

    Y. Harada and Y. Iida (eds.) What is High Pressure Economy (Kinzai)     43 - 65 2023.11

    Part of collection (book), Joint Work, Lead author, Corresponding author

  • "The Growing Impact of ICT Productivity via the Cost of Capital: Evidence from the U.S. and Japan"

    Mun S. Ho, Koji Nomura, and Jon D. Samuels

    Telecommunications Policy (Elsevier)  47 ( 9 )  2023.10

    Research paper (scientific journal), Joint Work, Accepted,  ISSN  03085961

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    We identify and measure two impacts of industry-level total factor productivity (TFP) growth on aggregate price change in the U.S. and Japan. The first is a standard effect from the definition of aggregate GDP. TFP change lowers aggregate prices ceteris paribus. The second is that a change in TFP in the production of investment goods lowers the cost of capital via lower investment prices. We call this the cost-of-capital effect and formulate an expanded growth accounting framework to capture both effects. We apply it to a harmonized dataset for the two countries and find that the standard effect has fallen since the peak around 2000 due to lower TFP growth and a diminished share of GDP. However, the cost-of-capital effect has risen in importance and offsets part of this decline in the standard effect.

  • "Measuring the Output of the Education Sector in Japan, 1955–2019" (in Japanese)

    Koji Nomura

    Economic Analysis (Economic and Social Research Institute, Cabinet Office of Japan)  207   191 - 219 2023.06

    Research paper (scientific journal), Single Work, Lead author, Last author, Corresponding author

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    Various methods have been considered in measuring non-market-produced educational services, but their proper evaluation requires the development of consistent measurements based on a common data foundation. This paper aims to approach price-quantity indices reflecting changes in the quality of education services using multiple approaches based on long-term time series data from the Education Services Production Database of Japan (ESJ) in Nomura (2020a), which is detailed crossclassification data on school education services in Japan, and the Extended Input-Output Table for Education Sector (EIOT) constructed in Nomura (2020b) based on the ESJ, covering 1955–2019. Four methods are applied: I. Unweighted output volume method, II. Output volume method, III. Input method, and IV. Hybrid method, in which the output volume method is applied to educational activities in a narrow sense and the input method to its auxiliary activities. In applying the Output volume method (II and IV), three output measures are defined: a. the number of students, b. total class hours of students, and c. total class hours of teachers. In Japan, where the number of students has been declining, applying the Output volume method based on the demand-side output indicators (a and b) is not necessarily effective as a quality-adjusted price/quantity indices. According to the measurement in this paper, IV. Hybrid method based on the supply-side output indicator (c) is evaluated as the most effective approach for capturing the quality changes from the point of view of the production account in the national accounts.

  • "Secondary Products in Japan's Production System" (in Japanese)

    Koji Nomura and Kozo Miyagawa

    Economic Analysis (Economic and Social Research Institute, Cabinet Office of Japan)  207   86 - 120 2023.06

    Research paper (scientific journal), Joint Work, Lead author, Last author, Corresponding author

     View Summary

    Measuring benchmark production system, including secondary products, plays a crucial role in determining the accuracy of GDP. The purpose of this paper is to find a type of relationship between main activities (395 activities based on Japan Standard Industrial Classification) and secondary products (SDS 900 products) based on the Survey on Diversification of Sales (SDS) conducted in 201819 by the Research Institute of Economy, Trade and Industry. Understanding the production structure of detailed secondary products by main activity enables us to examine the accuracy of the benchmark production system in the Japanese System of National Accounts (JSNA). Our examination shows that 13.0 trillion yen of the domestic production of secondary products (6.3 trillion yen in GDP or 1.2% of GDP) is likely to be omitted in the 2015 benchmark production in JSNA.

  • "Benchmark Measurement of Wholesale and Retail Outputs in Japan: Has the Use of Economic Census Improved GDP in the JSNA?" (in Japanese)

    Koji Nomura and Kozo Miyagawa

    Economic Analysis (Economic and Social Research Institute, Cabinet Office of Japan)  207   121 - 144 2023.06

    Research paper (scientific journal), Joint Work, Lead author, Last author, Corresponding author

     View Summary

    The benchmark measurement of wholesale and retail outputs in Japan has been based mainly on the Census of Commerce, but since the 2011 benchmark year, it was switched to be based on the Economic Census, which was newly conducted in 2012. Our study investigates five benchmark years since 1995, the changes in the measurement framework have significantly impacted the quality of the Benchmark Input-Output Table, and the current benchmark estimates of wholesale and retail outputs are underestimated. The GDP shortfalls are estimated at 15.8 trillion yen (3.2% of the aggregate GDP) in 2011 and 11.3 trillion yen (2.1%) in 2015. This underestimation bias is a side effect of the overly decentralized nature of Japan’s statistical system. More integrated development of benchmarks and annual estimates is required in the Japanese System of National Accounts (JSNA).

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

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Reviews, Commentaries, etc. 【 Display / hide

  • Early modern metalwork (in Japanese)

    Koji Nomura

    Wave (Denki Shimbun) (The Denki Shimbun)   2023.10

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

  • ”Increased Risks to Energy Security due to Restrained Electricity Price Increases” (in Japanese)

    Koji Nomura

    Energy Policy Report (Energy Forum Inc.)   2023.10

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

  • 24-month price escalation (in Japanese)

    Koji Nomura

    Wave (Denki Shimbun) (The Denki Shimbun)   2023.09

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

  • Roots of income generation (in Japanese)

    Koji Nomura

    Wave (Denki Shimbun) (The Denki Shimbun)   2023.08

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

  • ”German Companies are Moving Production Abroad" (in Japanese)

    Koji Nomura

    Energy Policy Report (Energy Forum Inc.)   2023.07

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

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Presentations 【 Display / hide

  • "Assessing Energy Conservatiion from a Macroeconomic Perspective - Half a Century of Experience and Future challenges" (in Japanese)

    Koji Nomura

    50th Anniversary of the Foundation, 


    Public lecture, seminar, tutorial, course, or other speech, Jyukankyo Research Institute inc.

  • "Growth Accounting in Bhutan"

    Koji Nomura

    Development of Growth Accounting Framework and SAM for Bhutan (online) , 


    Public lecture, seminar, tutorial, course, or other speech, Ministry of Finance, Royal Government of Bhutan

  • "Risks to Japan's Economy from the "GX Basic Policy" - Energy Conservation, Green Jobs, and ESG Investment" (in Japanese)


    (連合会館) , 


    Public lecture, seminar, tutorial, course, or other speech, JTUC-RENGO

  • "Recent Trends in RUEC and Its Changing Factors in Major Industrialized Countries" (in Japanese)

    Koji Nomura

    RITE ALPS IV Economic Analysis Working Group, 


    Oral presentation (general), RITE

  • "Will Steel Carbon Neutrality Increase "Competitiveness"? ---To Avoid Falling into the Groupthink" (in Japanese)

    Koji Nomura

    Second Meeting of Steel Carbon Neutrality Study (Tokyo) , 


    Oral presentation (invited, special), The Iron and Steel Institute of Japan

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Works 【 Display / hide

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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











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Social Activities 【 Display / hide

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Academic Activities 【 Display / hide

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Committee Experiences 【 Display / hide

  • 2023.12

    Committee member, Carbon Neutral Action Plan Third Party Evaluation Committee (Keidanren)

  • 2023.10

    Committee Member, Committee on Measuring Infrastructure Stock, Cabinet Office, Government of Japan

  • 2023.07

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

  • 2023.06

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

  • 2023.06

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

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