Faculty of Economics, Keio University
Email: yhirose{at}

Working Papers

"The Natural Rate of Interest in a Nonlinear DSGE Model" (with Takeki Sunakawa), 2019, TCER Working Paper Series, E-128, Tokyo Center for Economic Research.

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

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

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

Published Papers
(Downloadable via RePEc Author Page)

"Identifying News Shocks with Forecast Data" (with Takushi Kurozumi), Macroeconomic Dynamics, forthcoming. [Working paper version] [Appendix]

"Monetary Policy and Macroeconomic Stability Revisited" (with Takushi Kurozumi and Willem Van Zandweghe), Review of Economic Dynamics, 2020, 37, 255-274.

"An Estimated DSGE Model with a Deflation Steady State," Macroeconomic Dynamics, 2020, 24(5), 1151-1185.

"Review of Solution and Estimation Methods for Nonlinear Dynamic Stochastic General Equilibrium Models with the Zero Lower Bound"
(with Takeki Sunakawa), Japanese Economic Review, 2019, 70(1), 51-104.

"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.