Research

Publication:

• "COVID-19 Uncertainty Index in Japan: Newspaper-Based Measures and Economic Activities," (joint work with Taiki Ono) International Review of Economics & Finance Vol.93, Part A, 390-403. [WP version]

• "Social pressure in football matches: An event study of 'Remote Matches' in Japan," (joint work with Shota Araki) Applied Economics Letters Vol.30, No.11, 1522-1525, 2023.  (VOX column article) [WP version]

• "On the relationship between fiscal multipliers and population aging in Japan: Theory and empirics," Economic Modelling Vol.108, Article 105772, March 2022. [WP version: "Fiscal multipliers in the most aged country: Empirical evidence and theoretical interpretation," HIAS-E-100, Hitotsubashi Institute for Advanced Study, Steptember, 2020.]

• "An Effect of Population Aging on the Effectiveness of Fiscal Policy: Analysis using a panel VAR model," (Joint work with Hidekazu Niwa) Public Policy Review Vol.17 No.3, November 2021.

• "Regime Switches in Japan's Fiscal Policy: Markov-Switching VAR Approach," (joint work with Jun-Hyung Ko) The Manchester School Vol.87, Issue 5 September, 724-749, 2019.

• "The Effects of Anticipated Fiscal Policy Shock on Macroeconomic Dynamics in Japan," The Japanese Economic Review Vol.68 No.3 September, pp.364-393, 2017.

• "An Equilibrium Foundation of the Soros Chart," (joint work with Takashi Kano) Journal of the Japanese and International Economies Vol.37 September, pp.21-42, 2015.

• "Fiscal sustainability and regime shifts in Japan," (joint work with Jun-Hyung Ko) Economic Modelling Vol.46 April, pp.364-375, 2015.

• "State-Dependent Effects of Fiscal Policy in Japan: Do Rule-of-thumb Households Increase the Effects of Fiscal Policy?" Journal of Macroeconomics Vol.43 March, pp.49-61, 2015.

• "External shocks and Japanese business cycles: Evidence from a sign-restricted VAR model," Japan and the World Economy Vol.30 May, pp.59-74, 2014. 

• "Fiscal Policy under the Debt Feedback Rule: The Case of Japan," (joint work with Jun-Hyung Ko) Economics Bulletin Vol.31 No.3, pp.2373-2387, 2011.

Working paper:

• "Nonlinear Effects of Uncertainty Shocks: State-dependency and Asymmetry," (joint work with Shiro Yuasa) RCESR Discussion Paper Series, DP22-6, December 2022.

• "Central Bank Information Effects in Japan: The Role of Uncertainty Channel," (joint work with Ryo Matsumoto and Taiki Ono) HIAS-E-126, Hitotsubashi Institute for Advanced Study, Hitotsubashi University, November 2022.

• "Signaling Effects of Fiscal Announcements," (Joint work with Leonardo Melosi and Francesco Zanetti) FRB of Chicago Working Paper No. 2022-38.

• "Forecasting GDP growth using stock returns in Japan: A factor-augmented MIDAS approach," HIAS-E-118, Hitotsubashi Institute for Advanced Study, March, 2022.

• "Empirical Analysis on the Effects of Japanese Fiscal Policy under the Effective Lower Bound," HIAS-E-97, Hitotsubashi Institute for Advanced Study, March, 2020.

• "Forecasting Public Investment Using Daily Stock Returns," HIAS-E-88, Hitotsubashi Institute for Advanced Study, August, 2019.

• "How does hyperinflation shock the economy?: Panel VAR Approach," (joint work with Jun-Hyung Ko) TCER Working Paper Series, E-90, February, 2015.