Publications

Notes

High markups reduce pass-through of cost-push shocks, but only when the shocks are disinflationary, (with E. Kharroubi, R. Spigt, D. Igan, E. Zakrajsek), 2024, VoxEU column.
Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchases, (with Junnosuke Shino and Mitsuru Katagiri), 2023, SUERF Policy Brief No. 691.
Boosting the Green Transition: Greenhouse gas emissions and bank lending, (with Junnosuke Shino) 2023, SUERF Policy Brief No. 597.
Global supply chain disruptions: evolution, impact, outlook, 2022, BIS Bulletin No. 61.

Refereed Journals

Nowcasting Economic Activity with Mobility Data (with Y. Oh, Matsumura, K. and Sugou, T.), Journal of the Japanese and International Economies, forthcoming.
Identifying Quantitative and Qualitative Monetary Policy Shocks (with Nakashima, K. and Shibamoto, M.) (Previously circulated as Identifying Unconventional Monetary Policy Shocks.), International Journal of Central Banking, forthcoming.
Franchise Value Matters: The Drivers of Bank Risk Taking in the Post-Basel III Era (previously circulated as Bank Risk Taking and Financial Stability: Evidence from Japan's Loan Market) (with T. Kawamoto, T. Matsuda, and Y. Tamanyu), 2023, International Journal of Central Banking, Vol. 19 No. 5.
Do term premiums matter? Transmission via Exchange Rate Dynamics. (with Katagiri, M.) (Previously circulated as "The Effects of Unconventional Monetary Policy in an Open Economy" or "Unconventional Monetary Policy, Term Premiums and Exchange Rates."), 2023, Journal of International Money and Finance, Vol. 139, 102947.
The Announcement Effects of a Change in the Bank of Japan's ETF Purchase Program: An Event Study (with Mitsuru Katagiri and Junnosuke Shino). 2022, Finance Research Letters, 50.
Counteracting large-scale asset purchase program: the Bank of Japan’s ETF purchases and securities lending, " (with Kou Maeda and Junnosuke Shino), 2022, Economic Analysis and Policy, 75, pp 563-576.
Corporate debt and unconventional monetary policy: The risk-taking channel with bond and loan contracts (with Takaoka, S.), 2022, (Previously circulated as "Differential Effects of Unconventional Monetary Policy on Syndicated Loan Contracts), Journal of Financial Stability, 60.
The Time Has Come for Banks to Say Goodbye: New Evidence on Banks' Roles and Duration Effects in Relationship Terminations (with Nakashima, K.), 2020. Journal of Banking and Finance, 115.
The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data (with Nakashima, K.), 2018. Journal of Financial Stability, 39, pp.46-65.
Asian Financial Linkage: Macro‐Finance Dissonance (with Fujiwara, I.), 2012. Pacific Economic Review, 17(1), pp.136-159.