Kengo Nutahara Graduate School of Economics, University of Tokyo   Akamon General Research Building 4th Floor Room 433, Graduate School of Economics, University of Tokyo 7-3-1 Hongo, Bunkyo-ku, Tokyo, 113-0033 Japan   ee67003@mail.ecc.u-tokyo.ac.jp   http://www.kengonutahara.com/           JEL Areas: E0 : Macroeconomics and Monetary Economics: General