(Financial stability)
[New] `Procyclical Leverage and Crisis Probability in a Macroeconomic Model of Bank Runs' with Hidehiko Matsumoto, accepted at Journal of Political Economy Macroeconomics [working paper]
`Bank Runs, Prudential Tools and Social Welfare in a Global Game General Equilibrium Model' Journal of Financial Stability, 72, June 2024. [working paper]
`Adverse Selection, Lemons Shocks and Business Cycles' Journal of Monetary Economics, 115: 94-112, November 2020 [working paper, SSRN]
`Asset Bubbles and Global Imbalances' with Toan Phan, American Economic Journal: Macroeconomics, 11(3): 209-251, July 2019 [working paper]
`Bank Leverage and Social Welfare' with Lawrence Christiano, American Economic Review: Papers and Proceedings, 106(5): 560-564(5), May 2016
`Toxic Asset Bubbles' with Toan Phan, Economic Theory, 61(2): 241-271, February 2016. [working paper]
`Leverage Restrictions in a Business Cycle Model' with Lawrence Christiano, in Macroeconomic and Financial Stability: Challenges for Monetary Policy, Conference Volumn, XVI Annual Conference of the Central Bank of Chile (Central Bank of Chile: Santiago, 2014). [working paper, technical appendix]
(Monetary policy)
[New] `Monetary Policy over the Lifecycle' with R. Anton Braun, Review of Economic Dynamics, 56, April 2025. [open access]
`Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States' with Shangshang Li, Sophocles Mavroeidis, and Francesco Zanetti, American Economic Journal: Macroeconomics, 16 (2): 250-86, April 2024. [working paper]
`Monetary Policy, Inflation and Rational Asset Price Bubbles' Journal of Money, Credit and Banking, 54(6): 1569-1603, September 2022. [working paper, technical appendix].
`Slow Post-Financial Crisis Recovery and Monetary Policy' with Takushi Kurozumi, American Economic Journal: Macroeconomics, 11(4): 82-112, October 2019. [working paper]
`Optimal Inflation Rates with the Trending Relative Price of Investment' Journal of Economic Dynamics and Control, 56: 20-33, July 2015. [working paper, technical appendix.]
`Government Policy, Credit Markets and Economic Activity' with Lawrence Christiano, in The Origins, History, and Future of the Federal Reserve: A Return to Jekyll Island, edited by Michael D. Bordo and William Roberds, Cambridge University Press, New York, 2013. [working paper]
(Real economy)
`The Effects of Barriers to Technology Adoption on Japanese Prewar and Postwar Economic Growth' with Yasuko Morita, Journal of the Japanese and International Economies, 55, March 2020 [working paper]
`The Effects of Demographic Changes on the Real Interest Rate in Japan' with Masashi Saito, Japan and the World Economy, 32: 37-48, November 2014. [working paper]
'The Saving Rate in Japan: Why It Has Fallen and Why It Will Remain Low?', with R. Anton Braun and Douglas H. Joines, International Economic Review, 50(1): 291-321, February 2009. [working paper]