Profesor
Faculty of Economics, University of Tokyo
kaoki (at) e.u-tokyo.ac.jp
Recent Papers
Inflation, Money Demand and Portfolio Choice (with Alex Michaelides and Kalin Nikolov), Revised, April 2022.
Understanding Japanese Household Portfolios (with Alex Michaelides and Kalin Nikolov), May 2021.
Monetary and Financial Policies in Emerging Markets (with Gianluca Benigno and Nobuhiro Kiyotaki), First Version: December 2015, This Version: December 2020.
Prolonged Low Interest Rates and Banking Stability (with Ko Munakata and Nao Sudo), November 2019
Consumers' Price Beliefs, Central Bank Communication, and Inflation Dynamics (with Hibiki Ichiue and Tatsushi Okuda), September 2019.
Structural Reforms, Innovation and Economic Growth (with Naoko Hara and Maiko Koga), Bank of Japan Working Paper Series, No.17-E-2, April 2017.
Household Portfolios in a Secular Stagnation World: Evidence from Japan (with Alexander Michaelides and Kalin Nikolov), Bank of Japan Working Paper Series No. 16-E-4, March 2016.
Long-Term Interest Rates and Bank Loan Supply (with Arito Ono, Shinichi Nishioka, Kohei Shintani and Yosuke Yasui), Bank of Japan Working Paper Series, No.16-E-2, March 2016.
Relative Prices and Inflation Stabilisation, Japanese Economic Review, 66-1, pp35-59, March 2015.
Bubbles, Banks and Financial Stability (with Kalin Nikolov), Journal of Monetary Economics, 74, pp33-51, September 2015.
Financial Disintermediation and Financial Fragility (with Kalin Nikolov), February 2015.
Safe Asset Shortage and Asset Price Bubbles (with Tomoyuki Nakajima and Kalin Nikolov), Journal of Mathematical Economics, 53, pp164-174, August 2014.
Identification of Structural Shocks under the Zero Lower Bound on Nominal Interest Rates (with Yoichi Ueno), Bank of Japan Working Paper Series, No.12-E-8, November 2012.
Asset Portfolio Choice of Banks and Inflation Dynamics (Joint work with Nao Sudo), Bank of Japan Working Paper Series, No.12-E-5, July 2012.
Capital Flows and Asset Prices (Joint work with Gianluca Benigno and Nobuhiro Kiyotaki), CEP Discussion Paper No 921, April 2009.
Adjusting to Capital Account Liberalization (with Gianluca Benigno and Nobuhiro Kiyotaki), First Version: April, 2006, This Version: June, 2009.