last updated: September 1, 2015
Assistant Professor, Osaka School of International Public Policy , Osaka University
Old teaching info
Ph.D. (Economics), Boston University
Curriculum Vitae (Feb 2015): PDF file
- Prof. Marianne Baxter, Boston University
- Prof. Robert G. King, Boston University
- Prof. François Gourio, Federal Reserve Bank of Chicago
- Prof. Raymond Riezman, University of Iowa
Fields of Interest
Macroeconomics and International Economics
"Development Accounting and International Trade"
"Capital Heterogeneity as a Source of Comparative Advantage: Putty-Clay Technology in a Ricardian Model"
- Current version (August 2015, ISER discussion paper, No. 944)
- Highlights: TFP measurement depends on trade, geography, trade policy, and general equilibrium effects.
- I conduct development accounting which incorporates Ricardian international trade.
- Standard development accounting overestimates technology difference by 30%.
- Gains from trade are larger for small countries.
- Geography changes welfare up to 20%, and trade policies change welfare up to 10%.
- These gains from trade are considerably smaller if general equilibrium effects are not considered.
"Trade Costs and Business Cycle Transmission in a Multi-country, Multi-sector Model"
- Current version (July 2015, ISER discussion paper, No. 940)
- Previous title: "Investment Uncertainty, Capacity Constraint, and International Trade: Putty-Clay in a Ricardian Model"
- Highlights: Heterogeneity in capital goods is a source of comparative advantage.
- Larger variation in capital goods leads to higher industry-level productivity.
- Cross-country industry-level data shows heterogeneity-based comparative advantage.
- A model with fixed cost describes sorting among capital goods.
- The most productive production units export, the moderately serve domestic market, and the least do not operate.
- Current version (Nov 2012; First version Nov 2009)
- Presented in 2010 Econometric Society World Congress
- Highlights: Trade cost shock is important for explaining cross-country business cycle facts.
- Trade costs fluctuate a lot over time.
- I introduce trade cost shocks to a multi-country, multi-sector busienss cycle model.
- The model replicates key trade and business cycle facts.
- Trade cost shocks help to account for the association between bilateral trade and comovement.
"The World Has More Than Two Countries: Implications of Multi-Country International Real Business Cycle Models"
- Current version (Apr 2014; First version Jul 2008)
- Presented in 2009 North American Summer Meeting of the Econometric Society
- Slides (Jun 2009)
- Highlights: Popular two-country models miss an important mechanism of determining cross-country correlations.
- A positive productivity shock in one country will stimulate investment in the country that has experienced the shock.
- It reduces internal investment in the other countries, which will then simultaneously experience a slump.
- Cross-country correlations of international real business cycle models depend critically on the number of countries in the models.
Published and forthcoming papers
"Trade in Polarized America: the Border Effect between Red States and Blue States" (with Miwa Matsuo), Economic Inquiry, July 2015, 53(3): 1647-1670.
- Published version (Dec 2014)
- Working paper version (Oct 2014; First version Apr 2012)
- Separate appendix
- Highlights: Red and Blue states in the U.S. are de facto trade block.
- We estimate a "border" effect between Red and Blue states in the U.S.
- A significant border effect is found for 2000s, while not for 1990s.
- The effect appears mainly for consumption goods, not heavy manufacturing products.
"U.S.-Canada Border Effect between 1993 and 2007: Smaller, Less Asymmetrical, and Declining" (with Miwa Matsuo), Review of World Economics, May 2015, 151(2): 291-308.
- Published version (Mar 2015)
- Working paper version (Feb 2014)
- Highlights: The U.S.-Canada border effect is dissolving.
- We reexamine the U.S.-Canada border effect puzzle in terms of methodology and data.
- Updated methodology suggests that the border effect in 1993 was 20% smaller than the conventional wisdom.
- The border effect declined by 22% between 1993 and 2007.
- The magnitude of the asymmetry of the border effect is also found to be smaller and shrunk.
"Inventory-Theoretic Money Demand and Relative Price Dynamics"(with Nao Sudo), Journal of Money, Credit, and Banking, Mar-Apr 2013, 45(2-3): 299-326.
"Aggregate Returns to Social Capital: Estimates Based on the Augmented Augmented-Solow Model"
(with Yasuyuki Sawada), Journal of Macroeconomics,
Sep 2009, 31(3): 376-93.
- Published version
- Previous title "Inventory-Theoretic Model of Money Demand, Multiple Goods, and Price Dynamics"
- Institute for Monetary and Economic Studies Discussion Paper, (Bank of Japan, Aug 2008)
- A brief review and critique in Economic Logic blog
- Highlights: Demand factors affect price response.
- We construct a two-goods inventory-theoretic money demand model.
- In a monetary contraction, the decline in the prices of low cash-intensity goods outpaces that of high cash-intensity goods.
- In a monetary contraction, the decline in the prices of durables outpaces that of non-durables.
- In a monetary contraction, the decline in the prices of luxuries outpaces that of necessities.
- The model's predictions are consistent with the U.S. data.
- Published version
- Earlier working paper version (CIRJE discussion paper, University of Tokyo, Apr 2006)
- Data set is uploaded on CIRJE.
- Highlights: Aggregate returns of social capital is about 20%.
- We calculate aggregate returns of social capital by using the augmented-Solow model.
- The estimated output elasticity is about 10%.
- The estimated annual depreciation rate is about 10%.
- The aggregate return is higher for developing countries.
Publication in Japanese
"Kokusai Boueki-ron no Kinnenn no Shinten: Ishitsuteki Kigyou no Boueki Koudou ni Kansuru Riron to Jisshou"
(in Japanese; "A Survey on Recent Theoretical and Empirical International Trade Literature"), 2013, Kinyu Kenkyu
32 (2): 1-61.