特任教授 / Project Professor 吉田 二郎YOSHIDA, Jiro
Courses in AY 2025
- 5113260 Real Estate Finance and Economics
Education & Employment
PhD (Finance and Real Estate), University of California, Berkeley
MS (Real Estate), MIT
BEngi (Urban Engineering), University of Tokyo
2009 - present
Assistant/Associate/Professor, Pennsylvania State University, Smeal College of Business
2007 - 2009
Assistant Professor, The University of Tokyo, Graduate School of Economics
- 2002
Deputy Director, Development Bank of Japan
Research Fields
Finance, Real Estate Economics
Dr. Jiro Yoshida is the King Faculty Fellow and Professor of Business at Pennsylvania State University, Project Professor of Economics at the University of Tokyo, Affiliate at Stanford US-Asia Technology Management Center, Research Associate at the Columbia University Center on Japanese Economy and Business, Academic Fellow at the Hoyt Institute, and Senior Fellow at the Policy Research Institute of the Japanese Ministry of Finance. He is also a member of the Penn State University Faculty Senate, the Editorial Board of Real Estate Economics, the Board of Directors of the International Real Estate Society, and the Board of Directors of the Asian Real Estate Society. He has visited MIT, Bank of Japan, Hitotsubashi University, and UC Berkeley, worked at the Development Bank of Japan, and served on the board of the American Real Estate and Urban Economics Association, a committee of the Japanese National Land Council. Dr. Yoshida's research on real estate finance, macroeconomics, and asset pricing has been published in top journals such as the Journal of Finance, Review of Economics and Statistics, Real Estate Economics, Journal of Money, Credit and Banking, Journal of Financial Stability, and Regional Science and Urban Economics. He is the recipient of the 2007 AREUEA Dissertation Award (1st place) and several prestigious fellowships, including the Fulbright Award, Real Estate Research Institute Grant, and Japan Society for the Promotion of Science Grants. His work has also been featured in major media outlets, including the BBC, Forbes, WIRED, the New York Times, the Wall Street Journal, the Guardian, Freakonomics Radio, and the Nikkei. He holds a B.Engi. from the University of Tokyo, an MS from MIT, and an MS and PhD from the University of California, Berkeley.
Dr. Jiro Yoshida is the King Faculty Fellow and Professor of Business at Pennsylvania State University, Project Professor of Economics at the University of Tokyo, Affiliate at Stanford US-Asia Technology Management Center, Research Associate at the Columbia University Center on Japanese Economy and Business, Academic Fellow at the Hoyt Institute, and Senior Fellow at the Policy Research Institute of the Japanese Ministry of Finance. He is also a member of the Penn State University Faculty Senate, the Editorial Board of Real Estate Economics, the Board of Directors of the International Real Estate Society, and the Board of Directors of the Asian Real Estate Society. He has visited MIT, Bank of Japan, Hitotsubashi University, and UC Berkeley, worked at the Development Bank of Japan, and served on the board of the American Real Estate and Urban Economics Association, a committee of the Japanese National Land Council. Dr. Yoshida's research on real estate finance, macroeconomics, and asset pricing has been published in top journals such as the Journal of Finance, Review of Economics and Statistics, Real Estate Economics, Journal of Money, Credit and Banking, Journal of Financial Stability, and Regional Science and Urban Economics. He is the recipient of the 2007 AREUEA Dissertation Award (1st place) and several prestigious fellowships, including the Fulbright Award, Real Estate Research Institute Grant, and Japan Society for the Promotion of Science Grants. His work has also been featured in major media outlets, including the BBC, Forbes, WIRED, the New York Times, the Wall Street Journal, the Guardian, Freakonomics Radio, and the Nikkei. He holds a B.Engi. from the University of Tokyo, an MS from MIT, and an MS and PhD from the University of California, Berkeley.
"Japan’s Economic Pivot: Can Productivity and Innovation Save the Day?" Medium (December 2024)
https://medium.com/@worldsalon/japans-economic-pivot-can-productivity-and-innovation-save-the-day-93e9326be5c5
"Tourism and the Yen: A Double-Edged Sword for Japan," Medium (December 2024)
https://medium.com/@worldsalon/tourism-and-the-yen-a-double-edged-sword-for-japan-20de2a16260e
"Japan’s Real Estate Puzzle: High Prices, Low Demand," Medium (December 2024)
https://medium.com/@worldsalon/japans-real-estate-puzzle-high-prices-low-demand-f740ddcf88ac
"The Future of Japan’s Workforce: Immigration, Automation, and Opportunity," Medium (December 2024)
https://medium.com/@worldsalon/the-future-of-japans-workforce-immigration-automation-and-opportunity-a00b03161b86
"Real Estate in Japan: A Tale of Two Markets," Medium (December 13, 2024)
https://medium.com/@worldsalon/real-estate-in-japan-a-tale-of-two-markets-543857144740
"Japan’s Economic Crossroads: Aging Society, Digitalization, and the Yen," Medium (December 9, 2024)
https://medium.com/@worldsalon/japans-economic-crossroads-aging-society-digitalization-and-the-yen-a90ea5ceb4ec
"Fireside Chat: Japanese Economic Tsunami," YouTube Video (August 11, 2024)
https://youtu.be/RhBWuFhqlGk?si=i5OP6zhahpof-uwj
"Japan's Housing Market - International Comparisons Reaffirm Housing Supply Advantages," The Nikkei Economics Classroom Column (September 29, 2023).
https://www.dropbox.com/scl/fi/ruesofevmepmhgu87vbwb/Yoshida-2023-Nikkei-Japan-s-Housing-Market.pdf?rlkey=6ywov201p38g9g2ilizna15xg&dl=0
Comments on global inflation and the central banks' dilemma, BBC Business Matters (June 21, 2023)
https://www.bbc.co.uk/programmes/w172yzrlgwtdzbd
"Why are there millions of empty houses in Japan?" BBC The Inquiry (May 29, 2023)
https://www.bbc.co.uk/sounds/play/w3ct4wcw
Comments on Japan's stock market rally, BBC Newsday. (May 18. 2023)
https://www.bbc.co.uk/sounds/play/w172z06yccz21l2
"The Seeds Of Deflation – Sewn By The Fed," Forbes. (May 6, 2023).
https://www.forbes.com/sites/greatspeculations/2023/05/06/the-seeds-of-deflation--sewn-by-the-fed/?sh=c629b8446d65
"Have We Been Measuring Housing Inflation All Wrong?," The Washington Post. (November 21, 2022).
https://www.washingtonpost.com/business/have-we-been-measuring-housing-inflation-all-wrong/2022/11/21/09fd9490-6999-11ed-8619-0b92f0565592_story.html
"What Can Be Done About the Global Housing Crisis? Plenty," WIRED, April 2022.
https://www.wired.com/story/housing-crisis-rental-idea/amp
"Ep 16: Japanese Housing Policy with Jiro Yoshida" on UCLA Housing Voice Podcast. (December 8th, 2021 )
https://www.lewis.ucla.edu/2021/12/08/16-japanese-housing-with-jiro-yoshisa/
Major Publications
Real Estate Markets in Japan (forthcoming). In the Oxford Handbook of the Japanese Economy. Oxford University Press.
Japanese Housing Market (forthcoming). In the Oxford Research Encyclopedia of Economics and Finance. Oxford University Press.
How Property Rents and Expenses Depreciate: A Case of Tokyo Office Properties (with Kawai, K., Geltner, D., & Shimizu, C., 2024, Journal of Real Estate Research, 1–36).
Amazon is coming to town: Sequential information revelation in the housing market (with Y. Chen and S. Wilkof, 2023, Real Estate Economics)
The Impact of Bank of Japan’s Exchange-Traded Fund Purchases (with Hattori, T., 2022, Forthcoming, the Journal of Financial Stability)
Yield Curve Control (with Takahiro Hattori, 2023, International Journal of Central Banking 19(5):403-438)
Cash to Spend: IPO Wealth and House Prices (with Hartman-Glaser, B. and Thibodeau, M., 2022, Real Estate Economics).
Housing Rents and Inflation Rates (with Ambrose, B. W., & Coulson, N. E., 2022). Journal of Money, Credit and Banking, 12971.
The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases (with Hattori, T. 2022) in Handbook of Real Estate and Macroeconomics.
Estimating Housing Rent Depreciation for Inflation Adjustments (with Lopez, L., 2022), Regional Science and Urban Economics 95, 103733
Land scarcity, high construction volume, and distinctive leases characterize Japan’s rental housing markets (Brookings Institution Report, 2021)
The Economic Depreciation of Real Estate: Cross-Sectional Variations and Their Return Implications, 2020, Pacific-Basin Finance Journal 61: 101290.
Reassessing Taylor Rules Using Improved Housing Rent Data (with Ambrose, B. W., & Coulson, N. E., 2018). Journal of Macroeconomics 56, 243-257.
Energy Efficiency and Green Building Markets in Japan (with Junichiro Onishi and Chihiro Shimizu, 2017) in N. Edward Coulson, Cliff Lipscomb, and Yongsheng Wang (Eds.), Energy Efficiency and the Future of Real Estate Palgrave Macmillan. ISBN: 978-1-137-57445-9.
Credit Rationing, Income Exaggeration, and Adverse Selection in the Mortgage Market (with Ambrose, B. W., & Conklin, J.). Journal of Finance, 71(6), 2637-2686. DOI #: 10.1111/jofi.12426.
Product Market Competition and Corporate Real Estate Investment under Demand Uncertainty (with Ambrose, B. W., & Diop, M.). Real Estate Economics, http://dx.doi.org/10.1111/1540-6229.12150.
The Effects of Orientation and Elongation on the Price of the Homes in Central Pennsylvania (with Fadaei, S., Rahimi, S., & Iulo, L. D.). Proceedings from ICCCBE 2016. The International Society for Computing in Civil and Building Engineering.
The Repeat Rent Index (with Ambrose, B. W., & Coulson, N. E., 2015). Review of Economics and Statistics 97(5), 939-950 (second lead article).
The Rent Term Premium for Cancellable Leases (with Seko, M., Sumita, K., 2015). Journal of Real Estate Finance and Economics. DOI: 10.1007/s11146-015-9528-x.
The Effects of Multiple Green Factors on Condominium Prices (with Sugiura, A., 2015). Journal of Real Estate Finance and Economics, 50(3), 412-437.
Architecture: A Missing Piece in Real-estate Studies of Sustainable Houses (with Shahrzad F. and L. Iuloa., 2015) Procedia Engineering, 118, 813-818.
On Demand: Cross-country Evidence from Commercial Real Estate Asset Markets (with Ott, S., Riddiough, T. J., Yi, H., 2008). International Real Estate Review, 11(1), 1-37.