Let me inform you of the following research seminar.

Date: December 4  (Thu.)  , 2025 
Time: 5:20PM-6:50PM
Venue: 11th Floor, Bldg.No.2 Meeting Room B
Speaker: Yoshihisa Shono (RIETI)
Organizer: Takuya Hasebe
Language: English

Title:
Marketization, Structural Change, and Business Cycle Volatility
Abstract:
I construct a three-sector general equilibrium model consisting of a goods sector, a service sector, and home production to examine how the home production share affects business cycle volatility. Under a standard CES specification, I show that a decline in the home production share dampens business cycle volatility through two channels: the home production share channel and the market composition channel. The calibrated model predicts that overall structural change accounts for 40% of the decline in U.S. business cycle volatility after WWII, and that 30% of the impact of overall structural change is attributed to the reduction in the home production share.