Research

Publications:  

• "Aging and Inflation – Regional Evidence from Japan and the US" joint with Jaewoo Lee and Jungjin Lee. Accepted at Economics Letters.

• "Public Investment and Labor Market Flexibility" joint with Chun-Hung Kuo. Accepted at Economics Bulletin.

• ”Government Debt and Monetary Policy Perspectives in Japan” Accepted at The Economists’ Voice.

• "Time Aggregation and Unemployment Volatility" joint with Noritaka Kudoh. Accepted at Economics Bulletin.

• "Do General Equilibrium Effects Matter for Labor Market Dynamics?  " joint with Noritaka Kudoh. Economic Modelling. 2023 Vol. 119, 106108.

• "A Note on Population Aging and Effectiveness of Fiscal Policy" joint with Naoyuki Yoshino. Macroeconomic Dynamics. 2022 Vol 26(6), 1679-1689.

• "Countercyclical Fiscal Policy and Gender Employment Gap: Evidence from the G-7 Countries" joint with Bernardin Akitoby and Jiro Honda. IZA Journal of Labor Policy. 2022. Vol.12, no.1. 

• "How does population aging affect the effectiveness of fiscal stimulus over the business cycle?  " joint with Jiro Honda. Journal of Macroeconomics. 2021  Vol. 68 (lead article).

• "Mitigating Long-term Unemployment in Europe" joint with Nujin Suphaphiphat. IZA Journal of Labor Policy. 2021. 11:3.

• "Effects of a banking crisis on credit growth in developing countries" joint with Raksmey Uch and Makoto Kakinaka. Finance Research Letters. 2021 Volume 43, 102004.

• "Employment and Hours over the Business Cycle in a Model with Search Frictions" joint with Noritaka Kudoh and Masaru Sasaki. Review of Economic Dynamics. 2019 Volume 31, 436-461 (Working Paper).

• "Fiscal Stimulus and Unemployment Dynamics" joint with Chun-Hung Kuo. The B.E. Journal of Macroeconomics (Contributions Tier). 2019 Vol. 19 (2).

• "Declined Effectiveness of Fiscal and Monetary Policies Faced with Aging Population in Japan" joint with Naoyuki Yoshino, Japan and the World Economy. 2017 Volume 42, 32-44.

• "The Effectiveness of the Negative Interest Rate Policy in Japan" joint with Naoyuki Yoshino and Farhad Taghizadeh-Hesary, Credit and Capital Markets. 2017 Vol. 50, No. 2, 189-212.

• "Growth and Non-Regular Employment" The B.E. Journal of Macroeconomics (Contributions Tier). 2016, Vol.16(2), 523-554.

• "Choice of inflation targeting: Some international evidence" joint with Shakhzod Ismailov and Makoto Kakinaka, North American Journal of Economics and Finance. 2016 Volume 36, 350–369.

• "Cyclical behavior of real wages in Japan" Economics Letters. 2015, 56-59. 

• "Fiscal Stimuli in the Form of Job Creation Subsidies" joint with Chun-Hung Kuo, Journal of Macroeconomics. 2015 Volume 43, 267–284.

• "Effects of Fiscal Stimulus on the Labor Market" joint with Ryuta Ray Kao, Public Policy Review. 2015 Vol. 11, 277-302.

• "Inflation and inflation uncertainty: The case of Cambodia, Lao PDR, and Vietnam" joint with Bora Buth and Makoto Kakinaka, Journal of Asian Economics. 2015 Volume 38, 31–43.

• "An Estimated Search and Matching Model of the Japanese Labor Market" joint with Ching-Yang Lin, Journal of the Japanese and International Economies. 2014 Volume 32, 86–104.

• "Fiscal stimulus and labor market dynamics in Japan," joint with Ryuta Ray Kato, Journal of the Japanese and International Economies. 2013 Vol. 30, 33-58.  

• "The Ins and Outs of the Long-Run Unemployment Dynamics," Applied Economics Letters. 2013 Vol. 20, Issue 7, 615-620.

• "Bank risk and non-interest income activities in the Indonesian banking industry," joint with Wahyu Yuwana Hidayata and Makoto Kakinaka, Journal of Asian Economics. 2012 Vol. 23 Issue 4, 335-343.

• "Gross Worker Flows and Unemployment Dynamics in Japan," joint with Ching-Yang Lin, Journal of the Japanese and International Economies.  2012 Vol. 26 Issue 1, 44-61. 

• "Unemployment and Labor Force Participation in Japan," joint with Makoto Kakinaka, Applied Economics Letters. 2012 Vol. 19 Issue 11, 1039-1043.

• "Productivity Growth, On-the-Job Search, and Unemployment," joint with Yuya Takahashi, Journal of Monetary Economics. 2011 Vol. 58, Issues 6–8, 666–680.

• "Cyclical Behavior of Unemployment and Job Vacancies in Japan,” Japan and the World Economy. 2011 Vol. 23, 214-225.

• "Efficiency in a Search and Matching Model with Training Costs," Economic Modelling. 2011 Vol. 28, 1838-1841.

• "Cyclical Behavior of a Matching Model with Capital Investment," The B.E. Journal of Macroeconomics. 2011 Vol. 11: Iss. 1 (Topics), Article 2.

• "Real Shock or Nominal Shock? Exchange Rate Movements in Cambodia and Lao PDR," joint with Seiha Ok and Makoto Kakinaka, Singapore Economic Review. 2010 Volume 55(4), 685-703.

• "R&D, Unemployment, and Labor Market Policies," Japan and the World Economy. 2010 August, Vol. 22(3), 198-205.

• "Cyclical Shocks in a Model of Equilibrium Unemployment," joint with Yoshimasa Shirai, The Japanese Economic Review. 2010 June, Vol. 61(2), 282-288.

• "Job Flows and Unemployment in an Equilibrium Unemployment Model with Firm-Specific Skill Training," joint with Yoshimasa Shirai, The Japanese Economic Review.  2006 December, Volume 57(4), 547-561.

Comments:

•  Comment on “The Long-Term Impacts of the 1998 Nagano Winter Olympic Games on Economic and Labor Market Outcomes”, Asian Economic Policy Review, 2016 Volume 11, Issue 1, pages 68–69, January 2016.

Book Chapters:

• "Growth Impact of Public Investment and the Role of Infrastructure Governance"(with N. Gueorguiev, J. Honda, A. Baum, and S. Walker) In Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, edited by G. Schwartz, M. Fouad, T. Hansen, and G. Verdier. Washington, DC: International Monetary Fund, 2020.

IMF Working Papers:

• "Countercyclical Fiscal Policy and Gender Employment Gap: Evidence from the G-7 Countries" (with Bernardin Akitoby and Jiro Honda) January 2019.

• "Case Studies in Tax Revenue Mobilization in Low-Income Countries" (With A. Bernardin, J. Honda, K. Primus, and S. Mouhamadou) May 2019.

• "Exploring the Output Effect of Fiscal Policy Shocks in Low Income Countries" (with Jiro Honda and Mina Taniguchi) January 2020.

• "Would Population Aging Change the Output Effects of Fiscal Policy?" (with Jiro Honda) June 2020. 

• "Mitigating Long-term Unemployment in Europe" (with Nujin Suphaphiphat) August, 2020.

• "For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation" (with A. Berg, L. Bounader, N. Gueorguiev, K. Moriyama, R. Nakatani, L-F. Zanna) July 2021.

Recent Research Papers:  

• "Extensive vs. Intensive Margin in Japan" (with Makoto Kakinaka) September 2012.

• "An Estimated DSGE Model with Fiscal Policy and Unemployment" (with Chun-Hung Kuo) November 2014.

• "Quantitative Easing and the Labor Market in Japan"  (with Chun-Hung Kuo) February 2016.

• "Unemployment and Wage Rigidity in Japan: A DSGE Model Perspective" (with Chun-Hung Kuo) May 2016.

• "Uncertainty Shocks and Labor Market Dynamics in Japan" June 2016.

• "Revisiting the Public Debt Stability Condition: the Domar Condition" (with Naoyuki Yoshino) May 2020.

• "General Equilibrium Effects and Labor Market Fluctuations" (with Noritaka Kudoh) March 2021.

• "Robots and Unemployment"  (with Noritaka Kudoh) May 2021.

• ”Aging and Inflation – Regional Evidence from Japan and the US” (with Jaewoo Lee and Jungjin Lee) June 2023.

Work In Progress:

• "A Three-State Search-Matching Model of Labor Market Fluctuations" (with Noritaka Kudoh)

• "Growth and Unemployment: The Role of Extensive and Intensive Job Creation" (with Noritaka Kudoh)

• "Unemployment Multipliers in G7 countries" (with Chun-Hung Kuo)