Research
Publications
Strategic limitation of market accessibility: search platform design and welfare (with Chris Teh and Chengsi Wang), Journal of Economic Theory, 216 (2024), 105798. Supplementary document
Endogenous cycles in collateralized credit (with Vyacheslav Arbuzov, Yu Awaya and Hiroki Fukai), Journal of Money, Credit and Banking, 56-2-3 (2024), 627-646. Supplementary document
Marketmaking middlemen (with Pieter Gautier and Bo Hu), RAND Journal of Economics, 54-1 (2023), 83-103
Rational bubbles and middlemen (with Yu Awaya and Kohei Iwasaki), Theoretical Economics, 17-4 (2022), 1559-1587
A model of collateral: endogenizing the borrowing constraint (with Yu Awaya and Hiroki Fukai), International Economic Review, 62-3 (2021), 1131-1151
Multiproduct intermediaries (with Andrew Rhodes and Jidong Zhou), Journal of Political Economy, 129-2 (2021), 421-464. Supplementary document
Middlemen: a directed search equilibrium approach, BE Journal of Macroeconomics (Advances), 20-2 (2020), 1-37
Banking crises and liquidity in a monetary economy (with Tarishi Matsuoka), Journal of Economic Dynamics and Control, 108 (2019), 1-22
Middlemen: the visible market makers, Japanese Economic Review, 69-2 (2018), 156-170
Competition in the presence of individual demand uncertainty (with Marc Möller), RAND Journal of Economics, 47-2 (2016), 273-292
Collective versus decentralized wage setting and the efficient allocation of resources (with Xiaoming Cai, Pieter Gautier, and Coen Teulings), Labour Economics, 26 (2014), 34-42
Liquidity constraints in a monetary economy (with Leo Ferraris), International Economic Review, 53 (2012), 255-277
Collateral fluctuations in a monetary economy (with Leo Ferraris), Journal of Economic Theory, 146 (2011), 1915-1940
A model of merchants, Journal of Economic Theory, 145 (2010), 1865-1889
Advance purchase discounts versus clearance sales (with Marc Möller), Economic Journal, 547 (2010), 1125-1148
Featured in Guardian, Time, Independent, The Economist, Spiegel, El Pais, la Repubblica, de Morgen, BBC4 (Interview)
Collateral secured loans in a monetary economy (with Leo Ferraris), Journal of Economic Theory, 143 (2008), 405-424
Inflation, price competition, and consumer search technology, Journal of Economic Dynamics and Control, 32 (2008), 3780-3806
Working Papers
New empirical findings about the interaction between Public Employment Agency and private search effort (with Christian Holzner), March 2024
Collateral vs credit history: welfare and incentives (with Yu Awaya and Hiroki Fukai), February 2024
A model of supply chain finance (with Bo Hu and Jun Zhang), November 2023
Money is the root of asset bubbles (with Yu Awaya and Kohei Iwasaki), January 2024
A monetary equilibrium with the lender of last resort (with Tarishi Matsuoka), February 2024
Price equilibrium with selling constraints (with Jose-Luis Moraga-Gonzales), July 2023
Intermediation services and search frictions (with Christian Holzner), November 2020
Overbooking in markets with rationing (with Xinying Fu and Pieter Gautier), September 2015
Refundability and price: empirical analysis on the airline industry (with Seongman Moon), September 2013, Data file (Excel format), Program files (STATA files), Empirical Appendix
Hot and spicy: ups and downs on the price floor and ceiling at Japanese supermarkets (with Kenn Ariga and Kenji Matsui), December 2010