Taketo Kawagishi Graduate School of Economics, Kyoto University   Graduate School of Economics, Kyoto University Yoshida Honmachi Sakyo-ku Kyoto, 606-8501 Japan   kawagishi.taketo.23n@st.kyoto-u.ac.jp             JEL Areas: D9 : Intertemporal Choice and Growth: General E : Macroeconomics and Monetary Economics