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HIRAYAMA, Kenjiro
Professor Emeritus
Research Keywords
International Stock Price Co-movement, Return and Volatility Spillovers, History of Monetary Theory
Research Interests
My research interests are two-fold. First, I have been investigating international stock price co-movement in the past twenty years or so. Global linkages of economic and financial transactions have caused stock prices of most countries to move ever more closely. Recently, high-frequency data (such as minute-by-minute data) are available to examine real-time interactions between markets that are open simultaneously. Second, I am also involved in a study of the development of monetary economics. Money is almost non-existent in the realm of microeconomics, but it wreaks havoc on the real economy such as during the Global Financial Crisis of 2007-9. Money is neutral in theory, but it does seem to have real effects, given the short-term rigidity of prices and wages. Historical development of monetary theory is my second area of research interest.