Profile

Tsutomu Watanabe

Professor

Graduate School of Economics

University of Tokyo

Education

University of Tokyo, B.A. in Economics, Mar 1982

Harvard University, Ph.D. in Economics, Mar 1992

Professional Positions

Bank of Japan, 1982-1999

Hitotsubashi University, Institute of Economic Research, Associate Professor, 1999-2002

Hitotsubashi University, Institute of Economic Research, Professor, 2002-2011

University of Tokyo, Graduate School of Economics, Professor, Oct 2011-present

Columbia University, Center on Japanese Economy and Business, Research Associate, 2008-present

Kyoto University, Visiting Associate Professor, 2000

Bocconi University, Visiting Professor, 2004

Canon Institute for Global Studies, Research Director, Jan 2011-present

Research Field

Macroeconomics, International Finance, Corporate Finance


Research Theme

My main research area is monetary policy and inflation dynamics. I have published a series of papers on monetary policy when nominal interest rates are bounded at zero; in particularly, my paper on the optimal monetary policy at the zero lower bound has been widely recognized as the first paper to provide a simple description of the liquidity trap and characterize the optimal policy response to it in a setting of dynamic stochastic general equilibrium. As for inflation dynamics, I have been engaged in empirical analysis on the source of price stickiness using micro price data. I was Project Leader of a five-year JSPS Grant-in-Aid for Creative Scientific Research project commenced in 2006 on “Understand Inflation Dynamics of the Japanese Economy: An Approach Integrating Microeconomic Behaviors and Aggregate Fluctuations”.