Link to SSRN here
Under Review
Pida-Reese, Jedediah T. Did the Plaza Accord Cause Japan’s Real Estate Bubble?. R&R with major revisions at Contemporary Economic Policy.
Abstract: In 1985 the international exchange rate intervention known as “The Plaza Accord” was carried out between the G-5 countries, the US, Japan, Germany, France, and the UK. In this study I employ the synthetic control method (SCM) to examine if there was a causal effect of The Plaza Accord on residential housing prices in Japan. Following the agreement Japan experienced a bubble in urban real estate and the stock market, which burst and was followed by the period known as “The Lost Decade,” characterizing Japan’s stagnant economic growth through the 90s into the 2000s. I find small and insignificant effects of the Plaza Accord on real housing prices in the several years following it, providing evidence that the Accord did not exacerbate the bubble.
Working Papers
Pida-Reese, Jedediah T. Taisho Japan’s Transition to an Open Access Order.
Abstract: Following the promulgation of the 1889 Constitution, Imperial Japan became a constitutional monarchy. A market economy had been developing since the opening of the country’s borders, and codification of incorporation in 1893 and 1899 opened broadly economic access for the entire population. Power and rents in the political sphere, however, continued to be dominated by personal privilege based on regional affiliation or one’s birth status during the Meiji Period (1869-1911). The Taisho Period (1912-1925) represented a transitionary period for Imperial Japan, where political access and competition became fierce and rivalrous, resulting in a commoner prime minister in 1918, party cabinets from 1924 to 1932, and universal suffrage in 1925. Using the framework developed by North et. al (2009), in this paper I seek to explain why Japan’s parliamentary democratic transition took place during the Taisho Period.
Pida-Reese, Jedediah T. The Use of Knowledge in the East Japan Earthquake and Tsunami.
Abstract: Dispersed, decentralized knowledge plays a vital role not only in the economy (Hayek 1945), but also in disaster response and recovery. In this paper, I first seek to illustrate that in the wake of East Japan Earthquake and Tsunami Disaster (EJET), the national government of Japan could not effectively coordinate its resources, nor take into account the needs of all those afflicted by the disaster due to the knowledge problem they faced; and second, the second-best solution to this was decentralized local aid and rescue efforts provided by local governments, NGOs/NPOs, local businesses, and local community efforts known as machizukuri, or community development. I take a case study approach and explain that the mechanisms by which decentralized recovery efforts are effective are through social capital, social entrepreneurship, and minimization of uncertainty.
Pida-Reese, Jedediah T. Meiji Japan’s Transition to Imperial Democracy.
Abstract: In 1869 Japan underwent the “Meiji Restoration.” This event led to the disposition of the samurai warlord dictator, the shogun, and restored the emperor as the sovereign authority. Surrounding the emperor, however, was a group of oligarchs that largely controlled the political institutions and policies of the country until the creation of the 1889 Meiji constitution. Using the frameworks of North, Wallis, and Weingast (2009) and Acemoglu and Robinson (2006), I draw on key propositions from each to explain the democratization of Meiji Japan.
Pida-Reese, Jedediah T. A Synthetic Control Analysis of Arizona Instituting Constitutional Carry.
Abstract: Many states require a license to concealed carry a handgun. However, since 2010, 23 states have transitioned from “shall-issue” permit status to “constitutional” or permitless carry status. Arizona became a permitless carry state in 2010. I seek to find if there is a causal relationship between Arizona instituting permitless carry and their violent/property crime rates using synthetic control methods. However, I find insignificant results, and that there is no treatment effect of permitless carry on both crime rates.