Research 

Publications

• Financial Contagion in a Two-Country Model 

Journal of Money, Credit and Banking, 54(7) (October 2022): 2149-2172

• Asset Prices and Standing Facilities in a Monetary Economy

Journal of Economic Dynamics and Control, 135 (February 2022): 104302

• Banking Crises and Liquidity in a Monetary Economy   (with Makoto Watanabe) 

      Journal of Economic Dynamics and Control, 108 (November 2019): 103724

• The Politics of Financial Development and Capital Accumulation  (with Katsuyuki Naito and Keigo Nishida) 

      Macroeconomic Dynamics, 23(1) (January 2019): 358-383

• Banks and Liquidity Crises in Emerging Market Economies

      Journal of Economic Dynamics and Control, 94 (September 2018): 43-62

• Sunspot Bank Runs in Competitive Versus Monopolistic Banking Systems

      Economics Letters, 118(2) (February 2013): 247–249

• Imperfect Interbank Markets and the Lender of Last Resort

     Journal of Economic Dynamics and Control, 36(11) (November 2012): 1673–1687

• Asset Bubbles, Credit Market Imperfections, and Technology Choice   (with Akihisa Shibata) 

     Economics Letters, 116(1) (July 2012): 52-55.

• Monetary Policy and Banking Structure

     Journal of Money, Credit and Banking, 43(6) (September 2011): 1109-1129.

Working Papers

• Banking Crises and Central Bank Digital Currency in a Monetary Economy (with Makoto Watanabe), June 2025

• A Monetary Equilibrium with the Lender of Last Resort (with Makoto Watanabe), May 2023

• Incomplete Deposit Contracts, Banking Crises, and Monetary Policy (with Yasuhiro Nakamoto)

• Bank Panics and Volatility of Asset Prices

• Temporary Bubbles and Discount Window Policy

• Liquidity, Interbank Market, and Capital Formation