Ippei Fujiwara 
                                                                  click to Japanese Web Site
Current Position

D.Phil in Economics, Nuffield College, University of Oxford 
Ph.D in Applied Economics, Osaka University
B.A. in Political Science, Waseda University

ippei.fujiwara {[(at)]} keio.jp
ippei.fujiwara {[(at)]} anu.edu.au

Curriculum Vitae



International Finance, Macroeconomics, and Monetary Economics


  1. On Two Notions of Imperfect Credibility in Optimal Monetary Policies, (with Timothy Kam and Takeki Sunakawa), 2019, Economics Letters, 174, 22-25.
  2. The Optimal Degree of Monetary-Discretion in a New Keynesian Model with Private Information(with Yuichiro Waki and Richard Dennis), 2018, Theoretical Economics, 13(3), 1319-1367.
  3. Dealing with Time-Inconsistency: Inflation Targeting vs. Exchange Rate Targeting(with Scott Davis and Jiao Wang), 2018, Journal of Money, Credit and Banking, 50(7), 1369-1399.
  4. Optimal Monetary Policy in Open Economies Revisited, (with Jiao Wang), 2017, Journal of International Economics, 108, 300-314
  5. Financial Frictions and Policy Cooperation:A Case with Monopolistic Banking and Staggered Loan Contracts, (with Yuki Teranishi), 2017, Journal of International Economics, 104, 19-43.
  6. Purchasing Power Parity and the Taylor Rule, (with Hyeongwoo KimBruce Hansen and Masao Ogaki), 2015Journal of Applied Econometrics, 30(6), 874-903. 
  7. Policy Regime Change against Chronic Deflation: Policy Option under Long-Term Liquidity Trap(with Kozo Ueda and Yoshiyuki Nakazono), 2015, Journal of the Japanese and International Economies, 37, 59-81.
  8. Optimal Monetary Policy with Endogenous Entry and Product Variety(with Florin Bilbiie and Fabio Ghironi), 2014Journal of Monetary Economics 64, 1-20.
  9. Indeterminacy and Forecastability, (with Yasuo Hirose), 2014Journal of Money, Credit and Banking 46(1), 243-251.
  10. Global Liquidity Trap, (with Tomoyuki Nakajima, Nao Sudo and Yuki Teranishi), 2013, Journal of Monetary Economics 60(8), 936-949.
  11. Asymmetries in Government Bond Returns (with Lena Koerber and Daisuke Nagakura), 2013,  Journal of Banking and Finance 37(8), 3218-3226.
  12. Fiscal Multipliers and Spillovers under Global Liquidity Trap(with Kozo Ueda), 2013, Journal of Economic Dynamics and Control 37(7), 1264-1283.
  13. Financial Markets Forecasts Revisited: Are They RationalHerding or Bold?(with Hibiki Ichiue, Yoshiyuki Nakazono and Yosuke Shigemi), 2013, Economics Letters 118(3), 526-530. 
  14. Asian Financial Linkage: Macro-Finance Dissonance, (with Koji Takahashi), 2012, Pacific Economic Review 17(1), 136-159.
  15. Real Exchange Rate Dynamics Revisited: A Case with Financial Market Imperfections, (with Yuki Teranishi), 2011, Journal of International Money and Finance 30(7), 1562-1589.
  16. Can News be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach, (with Yasuo Hirose and Mototsugu Shintani), 2011, Journal of Money, Credit and Banking 43(1), 1-29.
  17. A Note on Growth Expectation, 2010, Macroeconomic Dynamics 14(2), 242-256.
  18. The Zero Lower Bound and Monetary Policy in a Global Economy: A Simple Analytical Investigation, (with Nao Sudo and Yuki Teranishi), 2010, International Journal of Central Banking 6(1), 103-134.
  19. Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects, (with Naohisa Hirakata), 2009, IMF Staff Papers 56(4), 958-969.
  20. A Dynamic New Keynesian Life-Cycle Model: Societal Aging, Demographics, and Monetary Policy,(with Yuki Teranishi), 2008, Journal of Economic Dynamics and Control 32(8), 2398-2427. 
  21. Japanese Monetary Policy during the Collapse of the Bubble Economy: A View from Policy-Making under Uncertainty, (with Naoko Hara, Naohisa Hirakata, Takeshi Kimura, and Shinichiro Watanabe) 2007, Monetary and Economic Studies 25(2), 89-128. 
  22. Is there a direct effect of money? Money’s role in an estimated monetary business cycle model of the Japanese economy, 2007, Japan and the World Economy 19(3), 329-337.
  23. Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero, 2006, Journal of the Japanese and International Economies 20(3), 434-453.
  24. Monetary Policy at the Zero Interest Bound: A Model Comparison Exercise, (with Peter McAdam and John Roberts) 2006, Journal of the Japanese and International Economies 20(3), 305-313.
  25. Effectiveness of State Contingent Monetary Policy under the Liquidity Trap, (with Naoko Hara and Kentaro Yoshimura) 2006, Journal of the Japanese and International Economies 20(3), 364-379. 
  26. Monetary Policy under the Zero Bound on Interest Rates: What Have We Learned and to What End, (with Naoko Hara, Naohisa Hirakata, Shinichiro Watanabe and Kentaro Yoshimura) 2005, International Finance 8(3), 471-508. 
  27. Is the Central Bank’s Publication of Economic Forecasts Influential? 2005, Economics Letters 89(3), 255-261.
  28. The Japanese Economic Model: JEM, (with Naoko Hara, Yasuo Hirose and Yuki Teranishi) 2004, Monetary and Economic Studies 23 (2), 61-142. 
  29. Output Composition of the Monetary Policy Transmission Mechanism in Japan, 2004, B.E. Journals in Macroeconomics: Topics in Macroeconomics 4 (1)
  30. A Statistical Forecasting Method for Inflation Forecasting: Hitting Every VAR and Forecasting under Model Uncertainty, (with Maiko Koga) 2004, Monetary and Economic Studies 22(1), 123-142.

Works in Progress

  1. Fiscal Forward Guidance: A Case for Selective Transparency(with Yuichiro Waki), Revise/Reject, Journal of Monetary Economics.
  2. Declining Trends in the Real Interest Rate and Inflation: Role of Aging, (with Shigeru Fujita
  3. Private News and Monetary Policy: Forward Guidance or (The Expected Virtue of Ignorance), (with Yuichiro Waki)
  4. Sustainable International Monetary Policy Cooperation, (with Timothy Kam and Takeki Sunakawa)

Software Components

Competitive Grants

  • Japan Society for the Promotion of the Science, Grant-in-Aid for Scientific Research (A), 2018-2020: 15H01939 (Chief Investigator), "Government Debt as Global Liquidity," JPY 27,700,000
  • Japan Society for the Promotion of the Science, Grant-in-Aid for Scientific Research (A), 2015-2017: 15H01939 (Co-Investigator), "International Policy Cooperation after the Global Financial Crisis," JPY 26,000,000
  • Australian Research Council (ARC), Discovery Projects (2014-2016): DP140102941 (Chief Investigator), "Optimal Policy under the Global Liquidity Trap," AUD 267,350 [RELINQUISHED]
  • Department of Foreign Affairs and Trade (DFAT), Australia--Japan Foundation Grant (2014): "Japan Update," AUD 20,000.
  • Department of Foreign Affairs and Trade (DFAT), Australia--Japan Foundation Grant (2013): "Japan Update," AUD 27,500.
  • Japanese Bankers Association, Research Grant (2015): 1427, "Imperfect Credibility on Monetary Policy," JPY 800,000.
  • Murata Science Foundation, Murata Science Foundation Research Grant (2012-2013): H24-13, "Financial Stability in Open Economy," JPY 1,000,000.