Professor
Faculty of Economics, Keio University
Email: yhirose{at}econ.keio.ac.jp


Working Papers

"The Natural Rate of Interest in a Nonlinear DSGE Model" (with Takeki Sunakawa), CAMA Working Paper Series, 2017, 38/2017, Centre for Applied Macroeconomic Analysis, Australian National University.

"Monetary Policy and Macroeconomic Stability Revisited" (with Takushi Kurozumi and Willem Van Zandweghe), Research Working Papers, 2017, 17-01, Federal Reserve Bank of Kansas City.

"Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation: Comment Based on System Estimation" (with Takushi Kurozumi and Willem Van Zandweghe
), Research Working Papers, 2015, 15-17, Federal Reserve Bank of Kansas City.

"Parameter Bias in an Estimated DSGE Model: Does Nonlinearity Matter?" (with Takeki Sunakawa
), CAMA Working Paper Series, 2015, 46/2015, Centre for Applied Macroeconomic Analysis, Australian National University.

"An Estimated DSGE Model with a Deflation Steady State,"
CAMA Working Paper Series, 2014, 52/2014, Centre for Applied Macroeconomic Analysis, Australian National University.

"Identifying News Shocks with Forecast Data" (with
Takushi Kurozumi), CAMA Working Paper Series, 2012, 1/2012, Centre for Applied Macroeconomic Analysis, Australian National University.

"Time-Varying NAIRU and Potential Growth in Japan" (with Koichiro Kamada), Working Paper Series, 2002, 02-08, Research and Statistics Department, Bank of Japan.



Published Papers
(Downloadable via RePEc Author Page)

"A Review of Solution and Estimation Methods for Nonlinear DSGE Models with the Zero Lower Bound" (with Takeki Sunakawa), Japanese Economic Review, accepted.

"An Estimated DSGE Model with a Deflation Steady State,"
Macroeconomic Dynamics, forthcoming. [Working paper version]

"Changes in the Federal Reserve Communication Strategy: A Structural Investigation" (with
Takushi Kurozumi), Journal of Money, Credit and Banking, 2017, 49(1), 171-185.

"
The Zero Lower Bound and Parameter Bias in an Estimated DSGE Model" (with Atsushi Inoue), Journal of Applied Econometrics, 2016, 31(4), 630-651.

"
Indeterminacy and Forecastability" (with Ippei Fujiwara), Journal of Money, Credit and Banking, 2014, 46(1), 243-251.

"Monetary Policy and Sunspot Fluctuations in the United States and the Euro Area,"
Macroeconomic Dynamics, 2013, 17(1), 1-28.

"Do Investment-Specific Technological Changes Matter for Business Fluctuations? Evidence from Japan" (with Takushi Kurozumi)
, Pacific Economic Review, 2012, 17(2), 208-230.

"The Effects of Bank of Japan's Liquidity Provision on the Year-End Premium" (with
Shinsuke Ohyama and Ken Taniguchi), Journal of the Japanese and International Economies, 2012, 26(1), 179-185.

"
Can News Be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach" (with Ippei Fujiwara and Mototsugu Shintani), Journal of Money, Credit and Banking, 2011, 43(1), 1-29.

"Identifying the Effect of the Bank of Japan's Liquidity Facilities: The Case of Commercial Paper Operations During the Financial Turmoil" (with Shinsuke Ohyama)
, International Finance, 2010, 13(3), 461-483.

"Structural Estimation of the Output Gap: A Bayesian DSGE Approach" (with Saori Naganuma), Economic Inquiry, 2010, 48(4), 864-879.


"Learnability and Equilibrium Selection under Indeterminacy," Journal of Economic Dynamics and Control, 2008, 32(11), 3459-3477.


"Equilibrium Indeterminacy and Asset Price Fluctuation in Japan: A Bayesian Investigation," Journal of Money, Credit and Banking, 2008, 40(5), 967-999.


"Sunspot Fluctuations under Zero Nominal Interest Rates," Economics Letters, 2007, 97(1), 39-45.


"The Japanese Economic Model: JEM" (with Ippei Fujiwara, Naoko Hara, and Yuki Teranishi), Monetary and Economic Studies, 2005, 23(2), 61-142.


"A New Technique for Simultaneous Estimation of Potential Output and the Phillips Curve" (with Koichiro Kamada), Monetary and Economic Studies, 2003, 21(2), 93-112.