Research

Interests

International Finance, Macroeconomics and Monetary Economics

Publications

1. Asian Financial Linkage: Macro-Finance Dissonance, (with Koji Takahashi), Pacific Economic Review (accepted)
2. Real Exchange Rate Dynamics Revisited: A Case with Financial Market Imperfections, (with Yuki Teranishi), 2011, Journal of International Money and Finance 30(7)
3. Comments: People's Republic of China as an Engine of Growth for Developing Asia, 2011, Asian Economic Papers 10(2)
4. Can News be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach, (with Yasuo Hirose and Mototsugu Shintani), 2011, Journal of Money, Credit and Banking 43(1)
5. A Note on Growth Expectation, 2010, Macroeconomic Dynamics 14(2)
6. The Zero Lower Bound and Monetary Policy in a Global Economy: A Simple Analytical Investigation, (with Nao Sudo and Yuki Teranishi), 2010, International Journal of Central Banking 6(1)
7. Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects, (with Naohisa Hirakata), 2009, IMF Staff Papers 56(4)
8. A Dynamic New Keynesian Life-Cycle Model: Societal Aging, Demographics, and Monetary Policy,(with Yuki Teranishi), 2008, Journal of Economic Dynamics and Control 32(8) 
9. Japanese Monetary Policy during the Collapse of the Bubble Economy: A View from Policy-Making under Uncertainty, (with Naoko Hara, Naohisa Hirakata, Takeshi Kimura, and Shinichiro Watanabe) 2007, Monetary and Economic Studies 25(2) 
10. Is there a direct effect of money? Money’s role in an estimated monetary business cycle model of the Japanese economy, 2007, Japan and the World Economy 19(3)
11. Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero, 2006, Journal of the Japanese and International Economies 20(3)
12. Monetary Policy at the Zero Interest Bound: A Model Comparison Exercise, (with Peter McAdam and John Roberts) 2006, Journal of the Japanese and International Economies 20(3)
13. Effectiveness of State Contingent Monetary Policy under the Liquidity Trap, (with Naoko Hara and Kentaro Yoshimura) 2006, Journal of the Japanese and International Economies 20(3) 
14. Monetary Policy under the Zero Bound on Interest Rates: What Have We Learned and to What End, (with Naoko Hara, Naohisa Hirakata, Shinichiro Watanabe and Kentaro Yoshimura) 2005, International Finance 8(3) 
15. Is the central bank’s publication of economic forecasts influential? 2005, Economics Letters 89(3)
16. The Japanese economic model: JEM, (with Naoko Hara, Yasuo Hirose and Yuki Teranishi) 2004, Monetary and Economic Studies 23 (2) 
17. Output composition of the monetary policy transmission mechanism in Japan, 2004, B.E. Journals in Macroeconomics: Topics in Macroeconomics 4 (1)
18. A statistical forecasting method for inflation forecasting: Hitting every VAR and forecasting under model uncertainty, (with Maiko Koga) 2004, Monetary and Economic Studies 22 (1)

Conference Summary

1. Foreword, (with Michel Juillard, Shigenori Shiratsuka and Toshiaki Watanabe), forthcoming, Journal of Economic Dynamics and Control
2. Frontiers in Monetary Theory and Policy: Summary of 2008 International Confererence organized by the Institute for Monetary and Economics Studies of the Bank of Japan, (with Kazuo Fukuga, Ichiro Muto, Yosuke Shigemi and Wataru Takahashi), 2008, Monetary and Economic Studies 26 

Works in Progress

1. Financial Stability in Open Economies, revise and resubmit, Journal of International Economics, (with Yuki Teranishi)
2. Global Liquidity Trap, revise and resubmit, Journal of Monetary Economics, (with Tomoyuki Nakajima, Nao Sudo and Yuki Teranishi)
3. Export Shocks and the Zero Bound Trap, revise and resubmit, Macroeconomic Dynamics
4. Fiscal Multipliers and Spillovers under Global Liquidity Trap, revise and resubmit, Journal of International Money and Finance, (with Kozo Ueda)
5. The Bubble, Overinvestment, Reduction in Working Hours, and the Lost Decade, (with Lawrence Christiano) - in Japanese
6. Global Impact of Chinese Growth, (with Keisuke Otsu and Masashi Saito)
7. Optimal Monetary Policy with Endogenous Entry and Product Variety, (with Florin Bilbiie and Fabio Ghironi), formerly circulated as Re-thinking Price Stability in an Economy with Endogenous Firm Entry: Real Imperfections under Product Variety
8. How Much Asymmetry is there in Bond and Exchange Rate Returns? (with Lena Koerber and Daisuke Nagakura)
9. Indeterminacy and Forecastability, (with Yasuo Hirose)
10. Financial Markets Forecasts Revisited: Are They Rational, Herding or Bold? (with Hibiki Ichiue, Yoshiyuki Nakazono and Yosuke Shigemi)

Software Components

• Expectation Shock Simulation with DYNARE, (with Heedon Kang) 2006, QM&RBC Codes 163