1. "Policy Uncertainty and Cost of Delaying Reform: The Case of Aging Japan" [paper]
    Review of Economic Dynamics, forthcoming. 
  2. "Can Guest Workers Solve Japan's Fiscal Problems?" [paper]
    (joint with Selahattin Imrohoroglu and Tomoaki Yamada)
    Economic Inquiry, July 2017, Vol.55: No.3, pp.1287-1307.

  3. "A Life Cycle Model of Trans-Atlantic Employment Experiences" [paper]
    (joint with Lars Ljungqvist and Thomas J. Sargent) 
    Review of Economic Dynamics, April 2017, Vol.25, pp.320-349.

  4. "When Do We Start? Pension Reform in Aging Japan"
    (based on Nakahara Prize lecture)
    Japanese Economic Review, March 2017, Vol.68:No.1, pp. 26-47.

  5. "Achieving Fiscal Balance in Japan" [paper
    (joint with Selahattin Imrohoroglu and Tomoaki Yamada)
    International Economic Review, February 2016, Vol. 57:No. 1, pp. 117-154.

  6. "Pension Reform and Individual Retirement Accounts in Japan" [paper
    Journal of The Japanese and International  Economies, December  2015, Vol. 38, pp. 111-126.

  7. "Fiscal Cost of Demographic Transition in Japan"   [paper]
    Journal of Economic Dynamics and Control, May 2015, Vol. 54, pp. 37-58.

  8. "A Life Cycle Model of Unemployment and Disability Insurance"   [paper
    Journal of Monetary Economics,  November 2014, Vol. 68, pp. 1-18.

  9. "Sustainable Social Security : Four Options" [paper]
    Review of Economic Dynamics, November 2014, Vol. 17:No.4, pp.756-779.

  10. "Social Security Reforms: Benefit Claiming, Labor Force Participation and Long-run Sustainability" [paper(joint with Selahattin Imrohoroglu)
    American Economic Journal: Macroeconomics, July 2012, Vol. 4:No.3, pp.96-127.

  11. "Hiring Subsidies, Job Creation and Job Destruction" [paper]
    (joint with Aysegul Sahin and Joseph Song)
    Economics Letters, December 2011, Vol. 111:No. 3, pp.248-251.

  12. "Macroeconomic and Redistributional Effects of Consumption Taxes in the United States"  (based on an invited lecture) [paper]
    Japanese Economic Review, March 2011, Vol. 62:No. 1, pp. 63-81.

  13. "Why Small Businesses Were Hit Harder by the Recent Recession" [paper
    (joint with Aysegul Sahin, Anna Cororaton and Sergiu Laiu)
    Current Issues in Economics and Finance, July 2011, Vol. 17: No. 4.

  14. "Labor-dependent Capital Income Taxation" [paper] [additional doc]
    Journal of Monetary Economics,  November 2010, Vol. 57: No. 8, pp. 959-974.

  15. "Short-run Fiscal Policy: Welfare, Redistribution and Aggregate Effects in the Short and Long-run" [paper]
    Journal of Economic Dynamics and Control, October 2010, Vol. 34: No. 10, pp. 2109-2125.

  16. "Individual Retirement Accounts, Saving and Labor Supply" [paper]
    Economics Letters, August 2010, Vol. 108: No. 2, pp. 197-200.  

  17. "Labor Supply Elasticity and Social Security Reform" [paper] 
    (joint with Selahattin Imrohoroglu)
    Journal of Public Economics, August 2009, Vol. 93: No. 7-8, pp. 867-878.

  18. "Taxing Capital? Not a Bad Idea After All!" [paper] [additional doc.  
    (joint with Juan Carlos Conesa and Dirk Krueger)
    American Economic Review, 2009, Vol. 99: No. 1, pp.25-48.

  19. "U.S. Tax Policy and Health Insurance Demand: Can a Regressive Policy Improve Welfare?" [paper] [additional doc.]  
    (joint with Karsten Jeske)
    Journal of Monetary Economics, March 2009, Vol. 56: No.2, pp. 210-221.

  20. "Entrepreneurship, Taxation and Capital Investment" [paper]
    Review of Economic Dynamics, January 2008, Vol. 11: No. 1, pp. 44-69.

  21. "Global Demographic Trends and Social Security Reform" [paper]
    ( joint with Orazio Attanasio and Gianluca Violante)
    Journal of Monetary Economics, January 2007, Vol. 54: No. 1, pp. 144-198.

  22. "Quantifying the Effects of the Demographic Transition in Developing Economies" [paper]
    (joint with Orazio Attanasio and Gianluca Violante)
    The B.E. Journals in Macroeconomics,
    Advances in Macroeconomics, April 2006, Vol. 6: No. 1, Article 2.


  1. "Macroeconomic Model Analysis: Demographic Aging and Social Security Reform" (in Japanese)
    In Trends in Modern Economics, Japanese Economic Association, August 2017, Chapter 3, pp. 65-98. 

  2. "Global Demographic Trends: Consumption, Saving and International Capital Flows" [paper][appendix]
    (joint with Orazio Attanasio, Andrea Bonfatti and Guglielmo Weber) 
    Handbook of the Economics of Population Aging , edited by John Piggott and Alan Woodland, North Holland, Amsterdam, November 2016, Vol. 1 A, Chapter 4.

  3. "Financing Medicare: A General Equilibrium Analysis" [paper]
    (joint with Orazio Attanasio and Gianluca Violante)
    In Demography and the Economy, edited by John Shoven, University of Chicago Press, 2011.


  1. "Fiscal and Labor Market Policies in a Dual Economy" [Download
    (joint with Julen Esteban-Pretel)

  2. "Global Demographic Trends, Capital Mobility, Saving and Consumption in Latin America and Caribbean (LAC)" [paper](joint with Orazio Attanasio, Andrea Bonfatti and Guglielmo Weber) Also as IDB Working Paper Series 586 [LINK]

  3. "Saving in China" [in progress](joint with Orazio Attanasio and Guglielmo Weber) 

  4. "Aging Japan and Capital Movements" [in progress]
    (joint with Andrea Bonfatti and Selahattin Imrohoroglu)


  • "Practicing Dynare"
    (joint with Francisco Barillas, Riccardo Colacito, Christian Matthes, Thomas Sargent and Yongseok Shin)
     [available at Tom Sargent's webpage]