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. Sustainable International Monetary Policy Cooperation, (with Timothy Kam and Takeki Sunakawa), Accepted, Journal of Economic, Dynamics and Control.
  2. On Two Notions of Imperfect Credibility in Optimal Monetary Policies, (with Timothy Kam and Takeki Sunakawa), 2019, Economics Letters, 174, 22-25.
  3. 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.
  4. 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.
  5. Optimal Monetary Policy in Open Economies Revisited, (with Jiao Wang), 2017, Journal of International Economics, 108, 300-314
  6. 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.
  7. Purchasing Power Parity and the Taylor Rule, (with Hyeongwoo KimBruce Hansen and Masao Ogaki), 2015Journal of Applied Econometrics, 30(6), 874-903. 
  8. 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.
  9. Optimal Monetary Policy with Endogenous Entry and Product Variety(with Florin Bilbiie and Fabio Ghironi), 2014Journal of Monetary Economics 64, 1-20.
  10. Indeterminacy and Forecastability, (with Yasuo Hirose), 2014Journal of Money, Credit and Banking 46(1), 243-251.
  11. Global Liquidity Trap, (with Tomoyuki Nakajima, Nao Sudo and Yuki Teranishi), 2013, Journal of Monetary Economics 60(8), 936-949.
  12. Asymmetries in Government Bond Returns (with Lena Koerber and Daisuke Nagakura), 2013,  Journal of Banking and Finance 37(8), 3218-3226.
  13. Fiscal Multipliers and Spillovers under Global Liquidity Trap(with Kozo Ueda), 2013, Journal of Economic Dynamics and Control 37(7), 1264-1283.
  14. Financial Markets Forecasts Revisited: Are They RationalHerding or Bold?(with Hibiki Ichiue, Yoshiyuki Nakazono and Yosuke Shigemi), 2013, Economics Letters 118(3), 526-530. 
  15. Asian Financial Linkage: Macro-Finance Dissonance, (with Koji Takahashi), 2012, Pacific Economic Review 17(1), 136-159.
  16. 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.
  17. 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.
  18. A Note on Growth Expectation, 2010, Macroeconomic Dynamics 14(2), 242-256.
  19. 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.
  20. Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects, (with Naohisa Hirakata), 2009, IMF Staff Papers 56(4), 958-969.
  21. 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. 
  22. 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. 
  23. 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.
  24. Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero, 2006, Journal of the Japanese and International Economies 20(3), 434-453.
  25. 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.
  26. 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. 
  27. 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. 
  28. Is the Central Bank’s Publication of Economic Forecasts Influential? 2005, Economics Letters 89(3), 255-261.
  29. The Japanese Economic Model: JEM, (with Naoko Hara, Yasuo Hirose and Yuki Teranishi) 2004, Monetary and Economic Studies 23 (2), 61-142. 
  30. Output Composition of the Monetary Policy Transmission Mechanism in Japan, 2004, B.E. Journals in Macroeconomics: Topics in Macroeconomics 4 (1)
  31. 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), Revise and Resubmit, International Economic Review
  3. Private News and Monetary Policy: Forward Guidance or (The Expected Virtue of Ignorance), (with Yuichiro Waki)
  4. Foreign Exchange as a Tool for Capital Account Management, (with Scott Davis, Kevin Huang, and Jiao Wang)
  5. Generational War on Inflation: Optimal Inflation Rates for the Young and the Old, (with Shunsuke Hori and Yuichiro Waki)

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.