Research Fields

Monetary Economics / Macroeconomics / Central Banking Studies / Japanese Economy / Consumer Price Index

Work in Progress

Reexamination of  Shadow Interest Rate Modeling 

Revisiting monetary policy shocks at the Monetary Policy Meetings

A Practical Application of Scanner Data to Consumer Price Index

Working Papers / Discussion Papers

1. "Revisiting Shadow Short-term Interest Rate Models: Evidence from the Ultra-Low Interest Rate Environment in Japan," Keio-IES Discussion Paper Series No. DP2026-007, March 2026 (Joint with Hiroyuki Oi and Shunichi Yoneyama).

2. "Performance of Core Inflation Indicators: A Re-examination Including Post-COVID-19 Data," Keio-IES Discussion Paper Series No. DP2026-006, March 2026 (in Japanese).

3. "Measurement Errors in the Consumer Price Index: Perspectives on Numerical Targets for Price Stability in Major Economies," BOJ-IMES Discussion Paper Series 2024-E-16, November 2024 (joint with Satoshi Kobayashi , Takeshi Shinohara , Nao Sudo , Itofumi Takeuchi).

4. "On the Source of Seasonality in Price Changes: The Role of Seasonality in Menu Costs," Keio-IES Discussion Paper Series No. DP2023-016, November 2023  (joint with Ko Munakata, Takeshi Shinohara, Nao Sudo, and Tsutomu Watanabe).

5. "Toward a More Accurate Measurement of the Consumer Price Index: Reexamination of Longstanding Unresolved Issues,"  Keio-IES Discussion Paper Series No. DP2023-001, January 2023 (in Japanese).

6. "Measuring Robot Quality: Has Quality Improvement Slowed Down?," RIETI Discussion Paper Series 21-E-054, July 2021 (joint with Ippei Fujiwara, Ryo Kimoto, and Toyoichiro Shirota).

7. "Lower-Level Substitution Bias in the Japanese Consumer Price Index: Evidence from Government Micro Data," IERDiscussion Paper Series A No.722, Institute of Economic Research, Hitotsubashi University,  June 2021.

8. "Central Bank Digital Currency and Financial System," Keio-IES Discussion Paper Series No. DP2021-010, May 2021 (in Japanese).

Short Papers / Comments

1.  “Performance of Core Indicators of Japan's Consumer Price Index,” Bank of Japan Review, 2015-E-7, 2015.

2.  “Comments on ‘Product Downsizing and Hidden Price Increases: Evidence from Japan’s Deflationary Period’ by Satoshi Imai and Tsutomu Watanabe,” Asian Economic Policy Review 9(1), 2014.

3.  “Discussion of ‘Did the Crisis Affect Inflation Expectations?’,” International Journal of Central Banking, 7(1), 2011.

4.  “Comment on ‘Defining Price Stability in Japan: A View from America,” Monetary and Economic Studies 25(S-1), Institute for Monetary and Economic Studies, Bank of Japan, 2007.

5.  “Core Indicators of Japan’s Consumer Price Index,” Bank of Japan Review, 2006-E-7, 2006.