My research spans monetary economics, international economics, carbon pricing and border carbon adjustment, financial regulation, and environmental and climate economics. Publications appear under my maiden name, Misaki Matsumura.
Working Papers
“When Firms Tax Themselves: Incentive Equivalence and the Private Cost of Internal Carbon Pricing”
Working paper, 2026
Shows both theoretically and empirically that an internal carbon price can achieve the same incentive as an external carbon tax at a lower cost for firms.
Publications
“The impact of retail e-commerce on relative prices and consumer welfare” (with Yoon J. Jo and David E. Weinstein)
Review of Economics and Statistics, 2024
Uses price data from offline retail stores matched with product-level e-commerce intensity data, with an instrumental-variables design, to quantify how the growth of retail e-commerce lowers relative prices and raises consumer welfare.
“What price index should central banks target? An open economy analysis”
Journal of International Economics, 2022
Studies optimal monetary policy for open economies facing international commodity price shocks, and derives the price index a central bank should stabilize.
“Intensive Margin of the Volcker Rule: Price Quality and Welfare” (with Sakai Ando)
Journal of Financial Intermediation, 2020
Analyzes how the Volcker Rule affects market-making quality and welfare through the intensive margin of dealer behavior. [The FinReg blog by Duke law GFMC]
“Constrained Inefficiency of Competitive Entrepreneurship” (with Sakai Ando)
Journal of Mathematical Economics, 2020
Studies the welfare properties of competitive entrepreneurship and shows how equilibrium entry can be constrained-inefficient.