Japanese version of my website is here (武藤一郎、日本銀行).

I. Academic Background

• Ph.D., Economics, Kobe University, 2008.

• M.A., Economics, Brown University, 2001.

• B.A., Economics, University of Tokyo, 1997.

II. Professional Positions at the Bank of Japan

• Research and Statistics Department, Associate Director-General, 2024-present.

• Aomori Branch, General Manager, 2022-2024

• Institute for Monetary and Economic Studies, Associate Director-General, Head of Economic and Financial Studies Division, 2020-2022.

• Research and Statistics Department, Head of Price Statistics Division, 2018-2020.

• Institute for Monetary and Economic Studies, Director and Senior Economist, Head of Economic Studies Group, 2017-2018.

• Monetary Affairs Department, Director and Senior Economist, Deputy Head of Policy Planning Division, 2015-2017.

• Financial System and Bank Examination Department, Director, 2013-2015.

• Research and Statistics Department, Director and Head of Macro Modeling, 2011-2013. 

• International Department, Deputy Director, Director, 2008-2011.

• Institute for Monetary and Economic Studies, Economist, Associate Director, Deputy Director, 2005-2008.

• Monetary Affairs Department, Economist, 2002-2005.

• Research and Statistics Department, Economist, 1997-2000.

III. Field of Interest

• Macroeconomics, Monetary Policy, New Keynesian Models, Phillips Curve, Expectation Formation, Adaptive Learning

IV. IDEAS/Repec

        http://ideas.repec.org/e/pmu159.html

V. Working Papers

• Digitalization, Entrepreneurship, and Wealth Inequality (with Fumitaka Nakamura and Makoto Nirei), IMES Discussion Paper, No. 2024-E-1, 2024.

• Automation and Nominal Rigidities (with Takuji Fueki, Shinnosuke Katsuki, and Yu Sugisaki), IMES Discussion Paper, No. 2023-E-1, 2023.

• A Historical Evaluation of Financial Accelerator Effects in Japan's Economy (with Hitoshi Fuchi and Hiroshi Ugai), Bank of Japan Working Paper, No. 05-E-8, 2005.

• Forward-looking Models and Monetary Policy in Japan (with Koichiro Kamada), Bank of Japan Research and Statistics Department Working Paper, No. 00-7, 2000.

VI. Journal Publications

• Monetary Policy, Labor Force Participation, and Wage Rigidity (with Hiroyuki Kubota, Yuto Iwasaki, and Mototsugu Shintani), Journal of Economic Dynamics and Control, Vol. 175, Article 105085, 2025.

• Productivity Slowdown in Japan’s Lost Decades: How Much of It Can Be Attributed to Damaged Balance Sheets? (with Nao Sudo and Shunichi Yoneyama), Oxford Bulletin of Economics and Statistics, Vol. 85(1), pp. 159-207, 2023.

• Final Demand-Intermediate Demand Aggregation System of Japan's Producer Price Index  (with Moegi Inoue, Atsushi Kawakami, Izumi Takagawa, Shogo Nakano, and Ayako Masujima), Monetary and Economic Studies, Vol. 39, pp. 143-189, 2021.

• Missing Wage Inflation? Estimating the Natural Rate of Unemployment in a Nonlinear DSGE Model (with Yuto Iwasaki and Mototsugu Shintani), European Economic Review, Vol. 132, Article 103626, 2021.

• An Empirical Study on the New Keynesian Wage Phillips Curve: Japan and the US (with Kohei Shintani),  The B.E. Journal of Macroeconomics (Contributions), Vol. 20(1), 2020.

• The role of the reference rate in an interbank market with imperfect information, Global Finance Journal, Vol. 34, pp. 16-31, 2017.

• Loan interest rate pass-through and changes after the financial crisis: Japan's evidence (with Tomiyuki Kitamura and Ikuo Takei), Journal of the Japanese and International Economies, Vol. 42, pp. 10-30, 2016.

• Macroeconomic Impact of Population Aging in Japan: A Perspective from an Overlapping Generations Model (with Takemasa Oda and Nao Sudo), IMF Economic Review, Vol. 64(3), pp. 408-442, 2016.

• What explains the recent fluctuations in Japan's output? A structural factor analysis of Japan's industrial production (with Yusuke Kumano and Akihiro Nakano), Journal of the Japanese and International Economies, Vol. 34, pp. 135-153, 2014.

• Productivity Growth, Transparency, and Monetary Policy, Journal of Economic Dynamics and Control, Vol. 37(1), pp. 329-344, 2013.

• A Note on Expectational Stability under Non-zero Trend Inflation (with Teruyoshi Kobayashi), Macroeconomic Dynamics, Vol. 17(3), pp. 681-693, 2013.

• Rebalancing China's Economic Growth: Some Insights From Japan's Experience (with Tomoyuki Fukumoto), China & World Economy, Vol. 20(1), pp. 62-82, 2012.

• Monetary Policy and Learning from the Central Bank's Forecast, Journal of Economic Dynamics and Control, Vol. 35(1), pp. 52-66, 2011.

• Estimating a New Keynesian Phillips Curve with a Corrected Measure of Real Marginal Cost: Evidence in Japan, Economic Inquiry, Vol. 47(4), pp. 667-684, 2009.

VII. Journal Publications in Japanese

• The Economics of Climate Change: Introduction of Major Studies in the US and Europe, Monetary and Economic Studies (Japanese Version), Vol. 41(3), pp.87-121, 2022.

• Adaptive Learning and Monetary Policy, Monetary and Economic Studies (Japanese Version), Vol. 27(4), pp.125-176, 2008.

• Empirical Studies on the New Keynesian Phillips Curve: A Survey (with Takayuki Tsuruga), Monetary and Economic Studies (Japanese Version), Vol. 27(2), pp.65-100, 2008.

• Forward-looking Models and Monetary Policy in Japan (with Koichiro Kamada), Monetary and Economic Studies (Japanese Version), Vol. 19(3), pp.103-144, 2000.

VIII. Other Articles

• Rebasing of the Services Producer Price Index to the Base Year 2015: Main features of the rebasing and price developments of the 2015 base index, Bank of Japan Research Papars, June. 18, 2019.

• Missing Wage Inflation? Downward Wage Rigidity and the Natural Rate of Unemployment, (with Yuto Iwasaki and Mototsugu Shintani), Bank of Japan Research Laboratory, No. 18-E-3, 2018.

• Developments in the Natural Rate of Interest in Japan, (with Shigeaki Fujiwara, Yuto Iwasaki, Kenji Nishizaki and Nao Sudo), Bank of Japan Review (Supplementary Paper Series for the "Comprehensive Assessment"), No. 16-E-12, 2016.

• Data Analysis for Monitoring Japan's Real Estate Market, (with Yuichiro Ito and Yasutaka Takizuka), Bank of Japan Review, No. 15-E-2, 2015.

• What are the Characteristics of Japan's Aggregate Wage Dynamics?: An Empirical Study on the New Keynesian Wage Phillips Curve for Japan and the US (with Kohei Shintani), Bank of Japan Research Laboratory, No. 14-E-2, 2014. 

IX. Dissertation

• Inflation Dynamics and Monetary Policy: New Keynesian Analysis  approved by Kobe University, 2008.

X.  Conference Organizations

• New Dimensions and Frontiers in Central Banking: 2022 BOJ-IMES Conference, May 25-27th, 2022 (IMES Newsletter).

• Adapting to the New Normal: Perspectives and Policy Challenges after the COVID-19 Pandemic: Summary of the 2021 BOJ-IMES Conference, (with Takuji Fueki, Ken Matsushita, Fumitaka Nakamura, and Shunichi Yoneyama),  Monetary and Economic Studies, Vol. 39, pp.1-17, 2021 (Japanese Version is here). (IMES Newsletter)

• Central Banking in a Changing World: Summary of the 2018 BOJ-IMES Conference, Monetary and Economic Studies, Vol. 36, pp.1-16, 2018 (Japanese Version is here). (IMES Newsletter)

• Frontiers in Monetary Theory and Policy: Summary of the 2008 International Conference, (with Ippei Fujiwara, Kazuo Fukuda, Yosuke Shigemi, and Wataru Takahashi),  Monetary and Economic Studies, Vol. 26, pp.1-24, 2008 (Japanese Version is here).

XI. Presentations 

2025 Bankof Korea International Conference  (2025/6/2-3, discussant), Policy Forum at Hitotsubashi University (2025/1/30), Hitotsubashi University (2023/6/20), SWET 2022 (2022/8/7), Policy Forum at Hitotsubashi University (2022/1/21), Nowcast (2019/8/14), Rokko Forum at Kobe University (2018/11/15), 2018 Japanese Economic Association Annual Fall Meeting (2018/9/9), 2018 BOJ-IMES International Conference "Central Banking in a Changing World" (2018/5/31), Korea University (2018/5/14), RCAST Macroeconomic Analysis Workshop at University of Tokyo (2018/4/20), Federal Reserve Board (2018/4/11), Federal Reserve Bank of St. Louis (2018/4/10), Monetary Economics Seminar of Kobe University (2016/5/7), RIETI (2015/7/24), Financial Stability Workshop for Central Bankers at Bank of Korea (2014/11/5), Japanese Bankers Association (2014/7/3), 2014 Japanese Economic Association Annual Spring Meeting (2014/6/14), Monetary Economics Seminar of Kobe University (2014/6/13), Macro-Finance, Monetary Economics and International Finance Workshop  at University of Tokyo (2014/5/21), 2013 Japanese Economic Association Annual Spring Meeting (2013/6/22), 5th ESRI-CEPREMAP Joint Workshop "Applicability of DSGE Model for Policy Analysis" (2013/2/19), Federal Reserve Bank of St. Louis (2012/8/1), Rokko Forum at Kobe University (2012/2/8), China & World Economy Conference at Chinese Academy of Social Sciences (2011/9/22), People's Bank of China (2010/5/6), 17th Central Banking Seminar at the Bank of Korea (2009/10/21), Learning Week Conference 2008 at Federal Reserve Bank of St. Louis (2008/7/9), University of Oregon (2007/10/26), Federal Reserve Bank of St. Louis (2007/10/24), 2006 Advanced Workshop for Central Bankers at Northwestern University (2006/9/11), Monetary Policy Workshop and Macroeconomics Workshop at University of Tokyo (2008/4/18), Macroeconomics Workshop at Osaka University (2008/4/11), 5th Modern Monetary Economics Summer Institute at Kobe University (2007/8/25), 2007 Japanese Economic Association Annual Spring Meeting (2007/6/3), 8th Macroeconomics Conference at Keio University (2007/3/2), Monetary Economics Seminar of Kobe University (2006/9/30), Institute for Monetary and Economic Studies (2006/8/31,2007/5/10,2007/11/30,2018/4/3).

XII. Referee Service 

Applied Economics Letters; Economics Bulletin; Economic Inquiry; Economic Modelling; Economics and Business Letters; Empirical Economics; International Journal of Central Banking; Journal of Asian Economics; Journal of Economic Dynamics and Control; Journal of the Japanese and International Economies; Journal of Macroeconomics; Journal of Money, Credit and Banking; Macroeconomic Dynamics; Oxford Bulletin of Economics and Statistics; Oxford Economic Papers; Quarterly Review of Economics and Finance; SN Business & Economics; The B.E. Journal of Macroeconomics; Theoretical Economics; The World Economy.

XIII. Citations of My Papers  

Google Scholar Citation

XIV. Other Activity 

University of Tokyo Executive Management Program (EMP), 6th round participant.

XV. E-mail 

ichirou.mutou at boj.or.jp

last update: June 20, 2025