Fields of Interest:

Open Economy Macroeconomics

Monetary Economics

International Finance

Commodity Market

Education:

University of Wisconsin - Madison (1999-2004)

Ph.D. in Economics, May 2004. Advisor Charles Engel

MS in Economics, December 2000.

The University of Tokyo, Tokyo, Japan (1989-1994)

Bachelor of Law, March 1994.

Employment:

International Monetary Fund (2004-) Economist (Reseach Department, Asia and Pacific Department)

Board of Governors (2003) Graduate Intern

University of Wisconsin (2003) part time teaching Assistant

Bank of England (2003) Graduate Intern

University of Wisonsin (1999-2003) part time Project Assistant

Nomura Securities, Co. Ltd. (1996-1999) Economist

Nomura Research Institute (1994-1996) Economist

Working Papers :

IDEAs Page

• "The Role of Nonseparable Utility and Nontradeables in International Portfolio Choice"

  • "Global Liquidity: Availability of Funds for Safe and Risky Assets" 

  • "The Value of Human Capital Wealth"   with Julian di Giovanni 

  • “International Risk Sharing: Through Equity Diversification or Exchange-Rate Hedging?” with Charles Engel 

  • "New Shocks, Exchange Rates and Equity Prices" with Pietro Cova, Massimiliano Pisani, and Alessandro Rebucci.

• "The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice"

  • "Real Exchange Rate Persistence and Systematic Monetary Policy Behaviour", with Jan J.J. Groen, 

Publication :

• • • • • • BOOK "Shifting Commodity Markets in a Globalized World"

• • • International Monetary Fund December 2017 (ISBN 9781484310328)

• • with Rabah Arezki

  • "Commodity Prices and Global Economic Activity" with Andrea Pescatori and Xueliang (Julia) Wang

 Japan and the World Economy, 2023,  Vol 66 

• • "International Risk Sharing During the Globalization Era" with Robert Flood and Nancy Marion 

 Canadian Journal of Economics, 2012, Vol 45 (2): 394-416

• • • non-technical VOX version

    • IMF WP Version

    • Revised Version (The final version is slightly different from this version.)

• • "News Shocks and Asset Price Volatility in General Equilibrium" with Pietro Cova, Massimiliano Pisani, and Alessandro Rebucci.

Journal of Economic Dynamics and Control, 2011, Vol 35(12): 2132-2149

• • • •  IMF working paper version  

• • "The International Diversification Puzzle when Goods Prices are Sticky: It’s Really about Exchange-Rate Hedging, not Equity Portfolios," with Charles Engel

          American Economic Journal: Macroeconomics, 2009, Vol 1(2): 155–88.

Earlier drafts of this paper were circulated under the title “Home Bias in Equities under New Open Economy Macroeconomics” and “Portfolio Choice and Home Bias in Equities in a Monetary Open-Economy DSGE Model.”            

• • • • IMF working paper version (For those who do not have access to AEA webpage. There is a minor revision from this version.)

      • NBER Working Paper # 12214: "Portfolio Choice in a Monetary Open-Economy DSGE Model" , (Earlier Version)

      • IMF working paper version (Earlier Version) 

Articles in Japanese

Selected Presentation:

Hitotsubashi Macro Econometric Conference (2011)

Econometric Society North American Winter Meeting (2011)

Notre Dame (2010)

CEPR, Bank of Canada, ECARES "Conference on International Risk Sharing" in Brussels (2010) 

Graduate Institute, Geneva (2010)

Vanderbilt (2010)

JEDC conference on "Frontiers in Structural Macroeconomic Modeling" in Tokyo (2010)

Bank of Japan (2010)

University of Tokyo (2010)

Hitotsubashi University (2010)

Waseda University (2010)

Board of Governors (2010)

Inter-American Development Bank (2008)

NBER summer institute IFM program (2008)

CEPR and EUI workshop in Florence (2008)

Central Bank of Chile (2008)

Midwest Macro Conference (2008)

IMF/ESRC WEF Conference on International Macro-Finance (2008)

Royal Economic Society Annual Meeting Special Session (2008)

NBER IFM spring meeting (2007)

NBER summer institute IFM program (2005)

Econometric Society North American Winter Meeting (2005)

ECB/IMF conference “Global Financial Integration, Stability and Business Cycles: Exploring the Links” (2004)

JMCB/Chicago FED conference “James Tobin Symposium” (2003)

Professional Service

Referee and Examiner:

Journal Referee

Canadian Journal of Economics, Economic Inquiry, International Economic Review, IMF Economic Review, Journal of Banking and Finance, Journal of Economic Dynamics and Control,

Journal of the European Economic Association, Journal of International Economics, Journal of Human Capital, Journal of Money Credit and Banking, Macroeconomic Dynamics, Review of Economic Dynamics, and Review of International Economics

Grant Review

the Research Grant Council (RGC) of Hong Kong

External Examiner

City University of Hong Kong,  The Graduate Institute, Geneva

Conference Organized:

Conference on International Macro-Finance ( http://www.imf.org/external/np/seminars/eng/2007/macrofin/index.htm ) 

Co-orgnized with Michael Devereux (University of British Columbia), Alessandro Rebucci (IMF), and Alan Sutherland (University of St Andrews)

IMF Sixth Jacques Polak Annual Research Conference (http://www.imf.org/external/np/res/seminars/2005/arc/index.htm )

Co-orgnized with Enrica Detragiache (Chair), Reza Baqir, Torbjorn Becker, Alex Mourmouras, Antonio Spilimbergo, and Rodney Ramcharan

Guest Editor :

Journal of Intenational Economics Vol 80(1) 2010: Special Issue on International Macro-Finance (with Michael B. Devereux, Charles Engel, Alessandro Rebucci and Alan Sutherland)

IMF staff papers Vol 56(3) 2009: Special Section: Current Account Sustainability in Major Advanced Economies