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           arXiv:1501.05400, Charles D. Brummitt and T. Kobayashi, Physical Review E, in press.

Published Papers:

   A. Financial networks 

3. "A model of financial contagion with variable asset returns may be replaced with a simple threshold model of cascades", T. Kobayashi,
     Economics Letters 124, 113-116, 2014. (open access) [PDF[Matlab files
(Supported by KAKENHI 25780203 and 24243044)

     Scientific Reports 4, no. 3834, 2014. (open access)  [Matlab files(Supported by KAKENHI 25780203 and 24243044)
     -- The efficacy of individual immunization has ambiguous effects on the level of systemic risk.

     European Physical Journal B, 2013, 86, 10, 434. (open access) (Supported by the Japan Securities Scholarship Foundation, KAKENHI 25780203 and 24243044)
     -- The level of systemic risk will decrease if financial institutions hold anti-correlated assets.  
     -- The most infective financial institution need not be the safest.
    B. Monetary policy

     Macroeconomic Dynamics, 2013, 17 (3), 681-693.  [W.P. version(Supported by KAKENHI 21243027)
   -- We show how E-stability condition changes with the level of trend inflation. 
    - NK model.

    Journal of Economic Dynamics and Control, 2011, 35, (8), 1245-1272(Supported by the Zengin Foundation and KAKENHI 21243027)
    -- There arises a policy effect through the "effective supply", which I call the "credit rationing channel".
       Credit crunch is most likely to occur after a credit boom.
     - Nonlinear DGE model with flexible prices (without any approximation).

   The B.E. Journal of Macroeconomics: 2010, Vol. 10 : Iss. 1 (Topics), Article 30. [published version] [Matlab files (Supported by KAKENHI 21243027)
   -- An "irreversibility constraint" is imposed on the policy rate. 
      The standard regression will incorrectly support the AR(1) form when the central bank has an aversion for policy reversals.
    - Numerical DP.

8. "Announcements and the effectiveness of monetary policy: A view from the US prime rate,"
   Journal of Banking & Finance, 2009, 33, (12), 2253-2266. (Supported by the Zengin Foundation and KAKENHI 17730138)
   -- The adjustment of the US prime rate has been virtually flexible since February 1994. Why?
    - Numerical DP.  

   International Journal of Central Banking, 2008, 4, (3), 77-118. (Supported by KAKENHI 17730138)
   -- How should central banks conduct monetary policy under incomplete interest rate pass-through?
      An endogenous loss function is derived.
    - NK model.

6. "Optimal monetary policy and the role of hybrid inflation-price-level targets,"
   Applied Economics, 2005, 37, (18), 2119-2125.
5. "A model of monetary unification under asymmetric information,"
   International Review of Economics & Finance, 2005, 14, (1), 1-15.
4. "Hybrid inflation-price-level targeting in an economy with output persistence,"
   Scottish Journal of Political Economy, 2004, 51, (5), 641-653.
3. "Monetary policy uncertainty and interest rate targeting,"
   Journal of Macroeconomics, 2004, 26, (4), 725-735.
2. "On the relationship between short- and long-term interest rates,"
   International Finance, 2004, 7, (2), 261-286.
1. "Multiplicative uncertainty in a model without inflationary bias,"
   Economics Letters, 2003, 80, (3), 317-321.


 Last updated: May 31, 2015.