参加をされる予定の方は9月18日(木) 12:00 までに西村 noriko(at)kier.kyoto-u.ac.jp 宛てにご連絡ください。
またその際、ランチ（仕出し屋さんのお弁当です）とディナーに参加されるかもお伝えください。

Abstract: This study examines how college capacity constraints affect private tutoring demand. Exploiting the quasi-experimental variation of the 1995 deregulation that lifted enrollment caps on local colleges while maintaining Seoul college restrictions, we build a two-sided equilibrium model where colleges choose seat allocations and students compete through tutoring investment. Counterfactual simulations suggest nationwide deregulation would decrease overall tutoring rates by 50%, from 38.6% to 20.0%.

Abstract: This paper develops an analytical framework for heterogeneous agent models with household-level heterogeneity in labor productivity and wealth returns, accommodating both growth and business cycle dynamics. I establish the existence of moment-recursive competitive equilibrium (MRCE), where aggregate dynamics depend only on aggregate capital and wealth-idiosyncratic state covariances. The framework yields three key insights: (i) distributional covariances create state-dependent aggregate dynamics through novel channels; (ii) idiosyncratic return risks are priced via their wealth covariance; (iii) equilibrium outcomes are invariant to individual beliefs about aggregates, eliminating expectation formation concerns. This framework enables unified analysis of growth, business cycles, inequality dynamics, and their interactions.