Research

Working Papers

1. "Market Power and Labor Shares : Evidence from Japanese Firm-Level Data"  (with Ryoya Nagao and Kento Tango).

2. "To Swing or Not to Swing? Reference Point and Professional Baseball Players."  (with Koji Yashiki).

3. "Inflation Expectations and Consumer Spending: Micro-data Evidence." (with Junichi Kikuchi and Kento Tango), under review.

4. "Subjective Monetary Policy Shocks." (with Kento Tango), under review.

5. "Time to See a Doctor: Evidence from Micro Data." (with Kento Tango).

6. "Salience Effects: Evidence from the Consumption Tax Hike in Japan."  (with Shinri Ishida), under review.

7. "Inflation Expectations and Monetary Policy under Disagreements." 2016, Bank of Japan Working Paper Series  No.16-E-1.

Work in Progress

8. "Identifying the Wealth Effects." (with Kento Tango).

9. "Households Overreaction."

Refereed Article

1. "The Transmission of Monetary Policy Shocks: Evidence from Japan." 2025 (with Ritsu Yano and Kento Tango), Journal of the Japanese and International Economies 75(101349), pp.1-10.

2. "Moneyball Revisited: Some Counter-Evidence." 2024 (with Koji Yashiki),  Economics Bulletin 44(2), pp.620-634.

3. "Information Effects of Monetary Policy in Japan." 2023 (with Yusuke Tanahara and Kento Tango), Journal of the Japanese and International Economies 70(101276), pp.1-6.

4. "Productivity and Wages in the Japanese Football League."  (with Yuta Miura), forthcoming at Singapore Economic Review.

5. "The Formation of Inflation Expectations: Micro-data Evidence from Japan." 2023 (with Junichi Kikuchi),  Journal of Money, Credit and Banking 55(6), pp.1609-1632.

6. "Expenditure Responses to the COVID-19 Pandemic." 2023 (with Junichi Kikuchi and Ryoya Nagao), Japan and The World Economy, 65, 101174, pp.1-8.

7. "The Macroeconomic Effects of Monetary Policy: Evidence from Japan," 2021, (with Ryoya Nagao and Yoshihiro Kondo), Journal of the Japanese and International Economies 61, 101149, pp.1-10.

8. "Private Information and Analyst Coverage: Evidence from Firm Survey Data." 2020, (with Maiko Koga and Tomohiro Sugo), Journal of Economic Behavior & Organization 174, pp.284-298.

9. "Heterogeneous Impacts of Abenomics on the Stock Market: A Fund Flow Analysis," 2020, (with Yoshihiro Kondo, Rui Ota, and Qing-Yuan Sui), Journal of the Japanese and International Economies 55, 101053, pp.1-10.

10. "Role of Expectations in a Liquidity Trap," 2019, (with Kohei Hasui and Yuki Teranishi), Journal of the Japanese and International Economies 52, pp.201-215.

11. "Stock Market Responses under Quantitative Easing: State Dependence and Transparency in Monetary Policy," 2016, (with Satoshi Ikeda), Pacific Economic Review, 21, pp.560-580.

12. "Policy Regime Change against Chronic Deflation? Policy Option under a Long-term Liquidity Trap," 2015, (with Ippei Fujiwara and Kozo Ueda), Journal of the Japanese and International Economies 37, pp.59-81.

13. “Monetary Policy and Inflation Expectations in Japan,” 2015 Waseda Economics Studies, 72, pp.1-12.

14. “Strategic Behavior of Federal Open Market Committee Board Members: Evidence from Members' Forecasts,” 2013, Journal of Economic Behavior & Organization 93, pp.62-70.

15. “Policy Commitment and Market Expectations: Lessons Learned from Survey Based Evidence under Japan's Quantitative Easing Policy,” 2013, (with Kozo Ueda), Japan and the World Economy 25-26, pp.102-113.

16. “Financial Markets Forecasts Revisited: Are They Rational, Stubborn or Jumpy?” 2013, (with Ippei Fujiwara, Hibiki Ichiue, and Yosuke Shigemi), Economics Letters 118(3), pp.526-530.

17. “Heterogeneity and Anchoring in Financial Markets,” 2012, Applied Financial Economics 22(21), pp.1821-1826.

Discussion Paper

1. "Development of Study on Current Account Imbalances and Foreign Sectors in Macro-econometric Models," (with Shogo Tanaka, Keita Oikawa, and Okuda, Takanori), 2011, RIETI Policy Discussion Paper Series 11-P-017 (in Japanese).

2. "Macro-econometric Models and the Outline of the MEAD-RIETI Model," (with Mitsuhiro Fukuyama, Keita Oikawa, and Masayoshi Yoshihara), 2010, RIETI Discussion Paper Series 10-J-045 (in Japanese).

Conference Presentations

1. Econometric Society World Congress (Virtual), August 19, 2020. ("The Formation of Inflation Expectations: Micro-data Evidence from Japan")

2. Japanese Economic Association, Spring Meeting (Virtual), May 31, 2020. ("The Salient Effect: Evidence from the Consumption Tax Hike in Japan")

3. Japanese Economic Association, Spring Meeting, Musashi University, Tokyo, June 9, 2019.

4. IAAE General Assembly Meeting 2017, Sapporo, June 27, 2017.

5. Third Annual CIGS End of Year Macroeconomics Conference, Tokyo, December 27, 2016.

6. The Society for Computational Economics: 22nd International Conference, Computing in Economics and Finance, Bordeaux, France, June 27, 2016.

7. The 6th Conference jointly organized by Bank of Japan and the University of Tokyo, Bank of Japan, Tokyo, November 26, 2015. 

8. TCER Conference ``Abenomics'', University of Tokyo, Tokyo, March 7, 2014.

9. Japanese Economic Association, Autumn Meeting, Kanagawa University, Kanagawa, September 14, 2013.

10. Japanese Economic Association, Spring Meeting, Toyama University, Toyama, June 22, 2013.

11. The 7th Biennial Conference of the Hong Kong Economic Association, Lignnan University, Hong Kong, December 13, 2012.

12. Association of Behavioral Economics and Finance, 6th Meeting, Aoyama Gakui University, Tokyo, December 9, 2012.

13. Japanese Economic Association, Autumn Meeting, Kyushu Sangyo University, Fukuoka, October 8, 2012.

14. Japanese Economic Association, Spring Meeting, Hokkaido University, Hokkaido, June 23, 2012.

15. Japanese Economic Association, Autumn Meeting, University of Tsukuba, Ibaraki, October 29, 2011.

16. “Zero Bound on Interest Rates and New Directions in Monetary Policy” Conference, Wilfrid Laurier University, Waterloo, Ontario, Canada, October 7, 2011.

17. Japanese Economic Association, Spring Meeting, Kumamoto Gakuen University, Kumamoto, May 21, 2011.

18. The 12th Macroeconomics Conference, Hitotsubashi University, Tokyo, December 18, 2010.

19. Japanese Federation of Statistical Science Associations, Waseda University, Tokyo, September 6, 2010.

Seminar Presentations

1. IMES, Bank of Japan, August 31, 2022.

2. ESRI International Workshop, October 18, 2021.

3. DSGE Workshop, November 23, 2019.

4. Japan Center for Economic Research (JCER), Tokyo, April 17, 2018.

5. University of Tokyo, Tokyo, February 2, 2018.

6. Senshu University, Tokyo, December 9, 2017.

7. Osaka University, Osaka, March 14, 2017.

8. Workshop on Econometrics, Keio University, Tokyo, December 6, 2016.

9. The 7th Seminar on Time Series and Financial Engineering, Tokyo University of Science, Tokyo, March 25, 2016.

10. Kanagawa University, Kanagawa, November 19, 2015. 

11. The 6th Seminar on Time Series and Financial Engineering, Tokyo University of Science, Tokyo, March 7, 2015.

12. Institute for Monetary and Economic Studies, Bank of Japan, November 4, 2014.

13. Japan Securities Research Institute, Tokyo, October 7, 2014.

14. Waseda University, Tokyo, September 29, 2014.

15. Waseda University, Tokyo, May 17, 2014.

16. Kanagawa University, Kanagawa, March 3, 2014.

17. Gakushuin University, Tokyo, February 3, 2014.

18. RIETI (Research Institute of Economy, Trade and Industry), Tokyo, Januray 27, 2014.

19. Japan Securities Research Institute, Tokyo, Januray 24, 2014.

20. Yokohama City University, Kanagawa, Januray 23, 2014.

21. Monetary Economics Conference, Ritsumeikan University, Tokyo, September 13, 2013.

22. The 10th Modern Monetary Economics Summer Institute (MME SI) in Kobe, Kobe University, Hyogo, September 3, 2013.

23. Summer Workshop on Economic Theory 2013, Hokkaido University, August 11, 2013.

24. The 5th Seminar on Time Series and Financial Engineering, Tokyo University of Science, Tokyo, June 29, 2013.

25. Shandong University, China, March 15, 2013.

26. Economic Theory and Policy Workshop, Aoyama Gakuin University, January 26, 2013.

27. DSGE Conference 2012, Hiroshima University, December 16, 2012.

28. The 4th Seminar on Time Series and Financial Engineering, Waseda University, Tokyo, June 30, 2012.

29. The 3rd Seminar on Time Series and Financial Engineering, Waseda University, Tokyo, June 25, 2011.

30. The 2nd Seminar on Time Series and Financial Engineering, Waseda University, Tokyo, June 26, 2010.

31. Institute for Monetary and Economic Studies, Bank of Japan, December 7, 2009.

32. The 1st Seminar on Time Series and Financial Engineering, Waseda University, Tokyo, June 27, 2009.

Awards

• Association of Behavioral Economics and Finance, 15th Meeting, December 11, 2020. ("Risk Premium in Foreign Exchange Rates: Evidence from Firm Survey").

• Association of Behavioral Economics and Finance, 15th Meeting, December 11, 2020. ("Fear of COVID-19 Contagion: The Idiosyncratic Effects of an Aggregate Pandemic Shock").

• Statistics in Sports, Japan Statistical Society, Virtual, December, 2020. ("プロ野球における運が監督の意思決定に与える影響").

• Association of Behavioral Economics and Finance, 14th Meeting, Virtual, December 13, 2020. ("The Salient Effect: Evidence from the Consumption Tax Hike in Japan").

• Association of Behavioral Economics and Finance, 14th Meeting, Virtual, December 12, 2020. ("Time to See a Doctor: Expenditure at Retirement in Japan").

• Statistics in Sports, Japan Statistical Society, Virtual, December, 2019. ("プロ野球の打撃における参照点依存性の検証").

• Association of Behavioral Economics and Finance, 12nd Meeting, Virtual, December 8, 2018. ("The Formation of Inflation Expectations: Micro-data Evidence from Japan").

Grants

1. Yucho Foundation (FY2020)

2. Grant-in-Aid for Young Scientists (FY2019 - FY2021)

3. Yokohama Academic Foundation (FY2018)

4. Tokyo Center for Economic Research (FY2018)

5. The Kikawada Foundation (FY2018 - FY2019)

6. Yokohama Academic Foundation (FY2016)

7. Zengin Foundation (FY2016)

8. Grant-in-Aid for Young Scientists(B) (FY2015 - FY2018)

9. The Seimeikai Foundation (FY2013)

10. Grant-in-Aid for Research Activity start-up (FY2013 - FY2014)

11. Grant-in-Aid for JSPS Fellows (FY2011 - FY2012)