Research

Working Papers

  • The Effects of Borrowing Limits on Hours Worked and Welfare, November 2021.

Work in Progress

  • Inflation and State-Dependent Wage Setting under Imperfect Insurance

Published and Forthcoming Papers

  • Debt Overhang and Lack of Lender's Commitment (with Keiichiro Kobayashi and Tomoyuki Nakajima), Journal of Money, Credit, and Banking, forthcoming.

  • Understanding International Differences in the Skill Premium: the Role of Capital Taxes and Transfers (with Ken Yamada), Journal of Economic Dynamics and Control, 143, 104511, October 2022 (previous title: The Impact of Taxes and Transfers on Skill Premium).

  • A Note on the Uniqueness of Steady-State Equilibrium under State-Dependent Wage Setting, Macroeconomic Dynamics, 26 (2), 533-544, March 2022.

  • Uninsured Idiosyncratic Risk and the Government Asset Laffer Curve (with Tomoyuki Nakajima), Journal of Macroeconomics, 71, 103391, March 2022.

  • The Uniqueness of Steady-State Equilibrium under State-Dependent Pricing: The Case of Deflation, Economics Letters, 209, 110136, December 2021.

  • Government Debt and Macroeconomy: Introduction of Analysis Based on Heterogeneous Household Model, Financial Review (in Japanese), June 2021.

  • Time-Varying Wage Risk, Incomplete Markets, and Business Cycles, Review of Economic Dynamics, 37, 195-213, 2020.

  • The Effectiveness of Consumption Taxes and Transfers as Insurance against Idiosyncratic Risk (with Tomoyuki Nakajima), Journal of Money, Credit, and Banking, 52(2-3), 505-530, 2020.

  • The Optimum Quantity of Debt for Japan (with Tomoyuki Nakajima), Journal of the Japanese and International Economies, 46, 17-26, 2017.

  • State Dependency in Price and Wage Setting, International Journal of Central Banking, 13(1), 151-189, 2017.

  • Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations: Comment, American Economic Review, 104(4), 1446-1460, 2014.

  • Is the Distance to Default a Good Measure in Predicting Bank Failures? A Case Study of Japanese Major Banks (with Kimie Harada and Takatoshi Ito), Japan and the World Economy, 27, 70-82, 2013.