Makoto Nakajima: Home


Senior Economist
Research Department
Federal Reserve Bank of Philadelphia

Email: makoto[dot]nakajima[at]gmail[dot]com

CV (PDF)





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Publications (Refereed Journals)

Reverse Mortgage Loans: A Quantitative Analysis, with Irina Telyukova, Journal of Finance72(2), April 2017, pp. 911-950[WP version].

Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium DefaultJournal of Public Economics45, January 2017, pp. 42-64. [WP version].

Worker Flows and Job Flows: A Quantitative Investigationwith Shigeru Fujita, Review of Economic Dynamics, 22, October 2016, pp. 1-20. [WP version].

A Quantitative Analysis of Unemployment Benefit ExtensionsJournal of Monetary Economics, 59(7), November 2012, pp. 686-702. [WP version].

Rising Indebtedness and Temptation: A Welfare AnalysisQuantitative Economics, 3(2), July 2012, pp. 257-288. [WP version].

Business Cycles in the Equilibrium Model of Labor Market Search and Self-InsuranceInternational Economic Review, 53(2), May 2012, pp. 399-432. [WP version].

A Quantitative Theory of Unsecured Consumer Credit with Risk of Default, with Satyajit Chatterjee, Dean Corbae, and Jose-Victor Rios-Rull, Econometrica, 75(6), November 2007, pp. 1525-1589 (lead article). [WP version].

Publications (Book Chapters)

Housing in Retirement Across Countries, with Irina Telyukova, in Contemporary Issues in Microeconomics, 2015.

Default and Aggregate Fluctuations in Storage Economies, with Jose-Victor Rios-Rull, in Frontiers in Applied General Equilibrium Modelling, in Honor of Herbert Scarf, 2005.

Recent Working Papers


Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policywith Nils Gornemann and Keith Kuester, R&R, Econometrica.

Credit, Bankruptcy, and Aggregate Fluctuations, with Jose-Victor Rios-Rull, R&R, Review of Economic Studies.


Home Equity in Retirement, with Irina Telyukova, Submitted.

Other Highlights

Taxing the 1 Percent, a non-technical article on how to tax the richest earners, is published in FRB Philadelphia's Economic Insights, 2017 Q2 issue.