"Unleashing Innovation and Entrepreneurship: Ripple Effects of Employment Protection Reforms," February 2024. (RIETI WP, Non-technical summary in Japanese)
"Innovation Choice, Product Life Cycles, and Optimal Trend Inflation" (with H. Inokuma and N. Sudo), November 2024.
"Job Tenure Jigsaw: Why Is Employment Protection Bad for Labor Market Fluidity?" July 2025.
"Foreign Direct Investment as a Long-term Capital Flow Channel: Evidence from Japan" (with N. Hirakata), August 2024. (BOJ-IMES WP, Slide in Japanese), Journal of International Economics, forthcoming.
"To Lend or Not to Lend: the Bank of Japan's ETF Purchase Program and Securities Lending" (with J. Shino and K. Takahashi). (Cited by FT 1, FT 2), Review of Asset Pricing Studies, forthcoming.
"Bank of Japan's ETF Purchase Program and Equity Risk Premium: a CAPM Interpretation," (with J. Shino and K. Takahashi), Journal of Financial Markets, 2025. (Selected as an "Outstanding Paper for Young Scholars" at the 30th Japan Finance Association Annual Conference).
"Systematic Foreign Exchange Intervention and Macroeconomic Stability: A Bayesian DSGE Approach," International Journal of Central Banking, 2024.
"Do Term Premiums Matter? Transmission via Exchange Rate Dynamics" (with K. Takahashi), Journal of International Money and Finance. 2023
"Phillips Correlation and Price-Change Distributions under Declining Trend Inflation" (with S. Kaihatsu and N. Shiraki), Journal of Money, Credit and Banking, 2023.
"Coordination in Price Setting and the Zero Lower Bound: A Global Games Approach," Macroeconomic Dynamics, 2023.
"The Announcement Effects of a Change in the Bank of Japan’s ETF Purchase Program: An Event Study" (with J. Shino and K. Takahashi), Finance Research Letters, 2022.
"Equilibrium Yield Curve, the Phillips Curve, and Monetary Policy," Journal of Money, Credit and Banking, 2022.
"Monetary Surprises and Bank Equity Valuation with Prolonged Low Interest Rates" (with Q. Chen and J. Surti), Finance Research Letters, 2022.
"Economic Consequences of Population Aging in Japan: Effects through Changes in Demand Structure," Singapore Economic Review, 2021. (WP version)
"Aging and Deflation from a Fiscal Perspective" (with H. Konishi and K. Ueda), Journal of Monetary Economics, 2020. (Cited by The Economist)
"Prudential Capital Controls or Bailouts? The Impact of Different Collateral Constraint Assumptions" (with R. Kato and T. Tsuruga), Economic Theory, 2017.
"A Macroeconomic Approach to Corporate Capital Structure," Journal of Monetary Economics, 2014.
"A Role of Accessibility in Loan Pricing: A Structural Approach" (with N. Wakamori)
"Beyond Flexibility: Pitfalls in Liberalizing Temporary Workers"
"Fiscal Projections and Debt Sustainability in Japan." (with J. Koeda, H. Miyamoto, M. Nirei, and T. Unayama), Asian Economic Policy Review, 2025.
"Predicting Downside Risks to House Prices and Macro-Financial Stability" (with A. Deghi, S. Shahid, and N. Valckx), January 2020. (Chapter 2 in April 2019 GFSR based on this paper is available here)
"Credit Misallocation and Economic Growth in Vietnam," September 2019. (Staff Report of 2017 Article IV Consultation for Vietnam based on this paper is available here)
"House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach," September 2018. (Chapter 3 in April 2018 GFSR based on this paper is available here)
"Banking in a Steady State of Low Growth and Interest Rates" (with Q. Chen and J. Surti), August 2018. (Chapter 2 in April 2017 GFSR based on this paper is available here)
"Forward Guidance as a Monetary Policy Rule," June 2016.
"Theoretical Foundations for Quantitative Easing" (with S. Kaihatsu and K. Kamada), June 2016.
"International Capital Flows and Demographics: the Role of Foreign Direct Investment" (with N. Hirakata), August 2015. (The paper was previously published as BOJ-IMES WP, "Capital Flow, Foreign Direct Investment and Home Market Effect").