Ippei Fujiwara

click to Japanese Web Site


Current Position


Faculty of Economics, Keio University

Crawford School of Public Policy, Australian National University

Associate Editor: European Economic Review

Research Fellow: Centre for Economic Policy Research (CEPR)

Fellow: Asian Bureau of Finance and Economic Research (ABFER)

Organizer: Virtual East Asia Macroeconomic Seminar series (VEAMS)

Deputy Director: Center for Applied Macroeconomic Analysis (CAMA), Australian National University

International Advisory Board Member: Asian Bureau of Economic Research (ABER), Australian National University

Advisory Board Member: Macroeconomics, Growth and History Centre (MaGHiC), University of Kent

Research Associate: Globalization Institute, Federal Reserve Bank of Dallas

Fellow: Euro Area Business Cycle Network (EABCN)

Fellow: Tokyo Center for Economic Research (TCER)

Japan Director: Australia-Japan Research Centre (AJRC), Australian National University

Faculty Fellow: Research Institute of Economy, Trade and Industry (RIETI)


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

Home Page at KEIO

Home Page at ANU



PURE (KRIS: Keio Researchers Information System)

Google Scholar Citations

Curriculum Vitae



Macroeconomics, International Finance, and Monetary Economics


  1. The Delphic forward guidance puzzle in New Keynesian models, (with Yuichiro Waki), accepted, Review of Economic Dynamics.

  2. Foreign Exchange as a Tool for Capital Account Management, (with Scott Davis, Kevin Huang, and Jiao Wang), 2021, Journal of Monetary Economics, 117, 473-488.

  3. Fiscal Forward Guidance: A Case for Selective Transparency, (with Yuichiro Waki), 2020, Journal of Monetary Economics, 116, 236–248.

  4. Sustainable International Monetary Policy Cooperation, (with Timothy Kam and Takeki Sunakawa), 2019, Journal of Economic, Dynamics and Control, 106.

  5. On Two Notions of Imperfect Credibility in Optimal Monetary Policies, (with Timothy Kam and Takeki Sunakawa), 2019, Economics Letters, 174, 22-25.

  6. 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.

  7. 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.

  8. Optimal Monetary Policy in Open Economies Revisited, (with Jiao Wang), 2017, Journal of International Economics, 108, 300-314

  9. 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.

  10. Purchasing Power Parity and the Taylor Rule, (with Hyeongwoo Kim, Bruce Hansen and Masao Ogaki), 2015, Journal of Applied Econometrics, 30(6), 874-903.

  11. 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.

  12. Optimal Monetary Policy with Endogenous Entry and Product Variety, (with Florin Bilbiie and Fabio Ghironi), 2014, Journal of Monetary Economics 64, 1-20.

  13. Indeterminacy and Forecastability, (with Yasuo Hirose), 2014, Journal of Money, Credit and Banking 46(1), 243-251.

  14. Global Liquidity Trap, (with Tomoyuki Nakajima, Nao Sudo and Yuki Teranishi), 2013, Journal of Monetary Economics 60(8), 936-949.

  15. Asymmetries in Government Bond Returns (with Lena Koerber and Daisuke Nagakura), 2013, Journal of Banking and Finance 37(8), 3218-3226.

  16. Fiscal Multipliers and Spillovers under Global Liquidity Trap, (with Kozo Ueda), 2013, Journal of Economic Dynamics and Control 37(7), 1264-1283.

  17. Financial Markets Forecasts Revisited: Are They Rational, Herding or Bold?, (with Hibiki Ichiue, Yoshiyuki Nakazono and Yosuke Shigemi), 2013, Economics Letters 118(3), 526-530.

  18. Asian Financial Linkage: Macro-Finance Dissonance, (with Koji Takahashi), 2012, Pacific Economic Review 17(1), 136-159.

  19. 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.

  20. 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.

  21. A Note on Growth Expectation, 2010, Macroeconomic Dynamics 14(2), 242-256.

  22. 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.

  23. Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects, (with Naohisa Hirakata), 2009, IMF Staff Papers 56(4), 958-969.

  24. 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.

  25. 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.

  26. 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.

  27. Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero, 2006, Journal of the Japanese and International Economies 20(3), 434-453.

  28. 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.

  29. 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.

  30. 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.

  31. Is the Central Bank’s Publication of Economic Forecasts Influential? 2005, Economics Letters 89(3), 255-261.

  32. The Japanese Economic Model: JEM, (with Naoko Hara, Yasuo Hirose and Yuki Teranishi) 2004, Monetary and Economic Studies 23 (2), 61-142.

  33. Output Composition of the Monetary Policy Transmission Mechanism in Japan, 2004, B.E. Journals in Macroeconomics: Topics in Macroeconomics 4 (1)

  34. 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. Aging and the real interest rate in Japan: A labor market channel, (with Shigeru Fujita)

  2. Generational War on Inflation: Optimal Inflation Rates for the Young and the Old, (with Shunsuke Hori and Yuichiro Waki)

  3. Exchange Rate Disconnect and the General Equilibrium Puzzle, (with Yu-Chin Chen and Yasuo Hirose)

  4. A Technology-Gap Model of Premature Deindustrialization, (with Kiminori Matsuyama)

  5. Measuring Robot Quality: Has Quality Improvement Slowed Down?, (with Ryo Kimoto, Shigenori Shiratsuka and Toyoichiro Shirota)

  6. Robot penetration and task changes, (with Kosuke Arai and Toyoichiro Shirota)

  7. Competition and the Phillips Curve, (with Kiminori Matsuyama)

Software Components

Referee Service

Reviewer for: American Economic Journal: Macroeconomics; Canadian Journal of Economics; European Economic Review; International Economic Review; International Journal of Central Banking; Journal of Applied Econometrics; Journal of Economic Dynamics and Control; Journal of Economic Theory; Journal of International Economics; Journal of International Money and Finance; Journal of Macroeconomics; Journal of Monetary Economics; Journal of the European Economic Association; Journal of Money Credit and Banking; Journal of Political Economy; Macroeconomic Dynamics; Review of Economic Dynamics; ARC Grant Proposal; ESRC Grant Proposal; SNF Grant Proposal, and others.