(Working papers)
(Working papers)
`Towards a Macroeconomic Model of Banking Crises' with Hidehiko Matsumoto, IMES Discussion Paper No. 2025-E-17, December 2025.
`Why Aging Induces Deflation and Secular Stagnation' with R. Anton Braun, IMES Discussion Paper No. 2022-E-15, October 2022. Submitted.
`Digital Money as a Unit of Account and Monetary Policy in Open Economies' IMES Discussion Paper No. 2020-E-15, December 2020. Submitted.
`Financial Interconnectedness, Amplification, and Cross-Border Activity' with Mayumi Ojima and Koji Takahashi, Bank of Japan Working Paper Series No.19-E-11, June 2019. Submitted.
`Lemons Shocks and Credit Spreads' October 2013, available at SSRN.
`Adjustment Costs or Financial Frictions?' February 2010, available at SSRN.