Hiroshi Teruyama
Hiroshi Teruyama
Macroeconomics, Labor Economics, Japanese Economy
Graduate School of Economics, the University of Tokyo

About my research

My research interest is an empirical analysis of Japan’s macroeconomy and labor market. Currently, the Japanese labor market is changing dramatically. The Japanese employment practices, such as lifetime employment system and seniority wage system, and the low and stable unemployment rates seem to be disappearing. However, such changes do not result in an active and efficient job-change market. Rather, wages do not rise despite labor shortages, and the number of non-regular workers with unstable employment is increasing. To clarify the essence and causes of such Japanese labor market problems and to consider effective solutions, I am conducting an empirical research using micro and macro data of the Japanese labor market.

Selected publications


[Books] KITAGAWA, Akiomi, Soichi OHTA, and Hiroshi TERUYAMA, The Changing Japanese Labor Market: Theory and Evidence, Springer, 2018, ISBN: 9789811071584.


[Publications in Journals] TERUYAMA Hiroshi, Yasuo GOTO, and Sebastien LECHEVALIER, “Firm-level labor demand for and macroeconomic increases in non-regular workers in Japan,” Japan and the World Economy 48, 90—105 2018.


[Publications in Journals] HIJZEN, Alexander, Ryo KAMBAYASHI, Hiroshi TERUYAMA, and Yuji GENDA, “The Japanese labour market during the global financial crisis and the role of non-standard work: A micro perspective,” Journal of the Japanese and International Economies 38, 260—281 2015.


[Working Papers] MIZOBATA, Hirokazu, and Hiroshi TERUYAMA, “ Factor adjustments and liquidity management: Evidence from Japan’s two lost decades and financial crises,’’ KIER Discussion Paper 1043, 2020.


[Working Papers] TERUYAMA, Hiroshi, and Hiroyuki TODA, “Wage profiles in the Japanese dual labor market,’’ KIER Discussion Paper 961, 2017.


[Working Papers] TERUYAMA, Hiroshi, and Hiroyuki TODA, “ Polarization and persistence in the Japanese labor market,’’ KIER Discussion Paper 957, 2017.