Research

Publications in English (peer-reviewed):

• "Should the Fiscal Authority Avoid Implementation Lag?" (with Hidekazu Niwa and Takayuki Tsuruga) Oxford Bulletin of Economics and Statistics, accepted, 2024.

• "Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint," (with Eiji Okano and Kazuyuki Inagaki) Journal of International Financial Markets, Institutions & Money, Vol.91, 101953, 2024.

• "The Consumption Multiplier of Government Spending: The Role of Substitutability between Government Spending and Leisure," (with Yuhki Hosoya and Mai Yamada) Economics Letters, Vol.235, 111557, 2024.

• "The Effects of Money-financed Fiscal Stimulus in a Small Open Economy," (with Eiji Okano) IMF Economic Review, accepted, 2023.

• "The Importance of Default Risk Awareness in Conducting Monetary and Fiscal Policies," (with Eiji Okano) Eurasian Economic Review, 10, pp. 361–392, 2020.

• "Optimal Monetary Policy in an Estimated Local Currency Pricing Model," (with  Eiji Okano, Hiroshi Gunji and Tomomi Miyazaki) Advances in Econometrics, 28, pp.39-79, 2012.

Publications in Japanese (peer-reviewed):

• "Pledgeability and Credit Misallocation," Review of Monetary and Financial Studies, 31, pp.20-31, 2010 (in Japanese).

• "Effects of Fiscal Policy Focusing on the Differences between Government Consumption, Public Investment, and Government Employment," (with Kazuki Hiraga) Zaisei Kenkyu, 5, pp.141-156, 2009 (in Japanese).

Other Publications:

• "What is fiscal sustainability?―Transversality condition, Domar condition, the Fiscal Theory of the Price Level," (with Toshiya Hatano) Public Policy Review, Vol.19, No.3, 2023.

• "Revisiting UV Curve and Wage Phillips Curve from the DSGE View,"  (with Kazuhiro Teramoto) The Japanese Journal of Labour Studies,  June 2017(No.683), pp.23-43, 2017 (in Japanese).

Working Papers:

• • "Optimal Monetary and Fiscal Policy Rules, Welfare Gains and Exogenous Shocks in an Economy with Default Risk," (with Eiji Okano) BCAM Working Papers, 1902, Birkbeck Centre for Applied Macroeconomics, 2019, submitted.

  • "Why Has the Efficacy of Fiscal Policy Declined in Japan? -A DSGE Approach," Keio/Kyoto Global COE Discussion Paper Series, 2012-008, 2012 (in Japanese). 

Book Chapters:

• "The Effects of Fiscal Policy under Financial Market Imperfections: Government Spending or Government Lending," (with Tetsuaki Takano) in N. Yoshino, K. Kameda, M. Nakahigashi, and M. Nakata, eds., Challenges and Directions of the Japanese Economy - Theoretical and Empirical Analysis of Economic Policy, Chapter 3, pp.43-71, 2015, Keio University Press (in Japanese).

• "The Role of Complementarity between Government Spending and Labor in Government Spending Multiplier: Evidence from Japan," (with Takao Fujii) in T. Nakamura, H.  Adachi, and Y. Osumi, eds., Studies in Medium-Run Macroeconomics, Chapter 12, pp.281-295, World Scientific Publishing, 2015.

Book:

• • "Analysis of Fiscal Policy with DSGE models," Mitsubishi Economic Research Institute, 2011 (in Japanese).