Research

Publications

1. "Controlling Chaotic Fluctuations through Monetary Policy," with T. Asano and M. Yokoo, Studies in Nonlinear Dynamics & Econometrics, forthcoming (DOI: 10.1515/snde-2023-0015).

2. "Technology Choice, Externalities in Production, and a Chaotic Middle-Income Trap," with T. Asano and M. Yokoo, Journal of Economics 141 (1), January 2024, 29-56 (DOI: 10.1007/s00712-023-00844-9).

3. "Free Trade Agreements with Environmental Provisions Between Asymmetric Countries: Transfer of Clean Technology and Enforcement," with H. Konishi and M. Nakada, Environmental Economics and Policy Studies 26, January 2024, 1-30 (DOI: 10.1007/s10018-023-00374-0).

4. "Middle-Income Traps and Complexity in Economic Development," with T. Asano and M. Yokoo, Studies in Nonlinear Dynamics and Econometrics 27 (4), September 2023, 553-565 (DOI: 10.1515/snde-2021-0100).

5. "Financial Destabilization," with K. Hashimoto, R. Im and T. Kunieda, Journal of Mathematical Economics, December 2022, 102772 (DOI: 10.1016/j.jmateco.2022.102772).

6. "Asset Bubbles, Unemployment, and Financial Market Frictions," with K. Hashimoto, R. Im and T. Kunieda, Economic Inquiry 60 (4), October 2022, 1806-1832 (DOI: 10.1111/ecin.13101).

7. "Quasi-Periodic Motions in a Two-Class Economy with Technology Choice: An Extreme Case," with T. Asano and M. Yokoo, Nonlinear Dynamics 110, September 2022, 945-961 (DOI: 10.1007/s11071-022-07643-9).

8. "On the Two Catching-Up Mechanisms in Asian Development," with T. Kunieda, K. Okada and Y. Sawada, Asian Development Review 38, September 2021, 31-57 (DOI: 10.1142/S0116110521500074).

9. "Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility," with  M. Shintani and T. Tsuruga, Journal of International Money and Finance 92, April 2019, 153-176 (DOI:10.1016/j.jimonfin.2018.12.001).

10. "Reexamination of the Serendipity Theorem from the Stability Viewpoint," with A. Momota and T. Sakagami, Journal of Demographic Economics 85, March 2019, 43-70 (DOI:10.1017/dem.2018.21).

11. "Specializations, Financial Constraints, and Income Distribution," with T. Kunieda and K. Nishimura, International Review of Economics & Finance 56, July 2018, 3-14   (DOI: 10.1016/j.iref.2018.03.012).

12. "Unemployment, Nonstandard Employment, and Fertility: Insights from Japan’s Lost 20 Years," with J. M. Raymo, Demography 54 (6), December 2017, 2301-2329 (DOI: 10.1007/s13524-017-0614-y).

13. "A Simple Model of Contract Enforcement Institutions," with T. Kunieda and K. Okada, Pacific Economic Review 22 (3), August 2017, 410-437 (DOI: 10.1111/1468-0106.12090).

14. "Entrepreneurs, Financiers, and Boom-Bust Cycles," with T. Kunieda, Macroeconomic Dynamics 21(3), April 2017, 785-816 (DOI: 10.1017/S1365100515000681).

15. "Corruption, Financial Development, and Economic Growth: Theory and Evidence from an Instrumental Variable Approach with Human Genetic Diversity," with T. Kunieda and K. Okada, Economic Notes 45(3), November 2016, 353-392  (DOI: 10.1111/ecno.12061).

16. "Asset Bubbles, Economic Growth, and a Self-fulfilling Financial Crisis," with T. Kunieda,  Journal of Monetary Economics 82, September 2016, 70-84 (DOI: 10.1016/j.jmoneco.2016.07.001).

17. "Collateral Constraints and the Current Account: Theory and Evidence," with T. Kunieda and K. Okada,  Economic Inquiry 54(1), January 2016, 633-651 (DOI: 10.1111/ecin.12251).

18. "Overconfidence, Underconfidence, and Welfare," with T. Asano and T. Kunieda, Journal of Institutional and Theoretical Economics171(2), June 2015, 372-384 (DOI: 10.1628/093245615X14273596659161).

19. "Taxing Capital is a Good Idea: The Role of Idiosyncratic Risk in an OLG Model," with R. Hiraguchi, Journal of Economic Dynamics and Control 52, March 2015, 258-269 (DOI:10.1016/j.jedc.2014.12.003).

20. "Credit Market Imperfections and Macroeconomic Instability," with T. Kunieda, Pacific Economic Review 19(5), December 2014, 592-611 (DOI: 10.1111/1468-0106.12085).

21. "Corruption, Capital Account Liberalization, and Economic Growth: Theory and Evidence," with T. Kunieda and K. Okada, International Economics Volume 139, October 2014, 80–108 (DOI: 10.1016/j.inteco.2014.03.001).

22. "Natural Capital Investment under Knightian Uncertainty," with T. Asano, Environment and Development Economics 19(05), October 2014, 529-547 (DOI: 10.1017/S1355770X13000661).

23. "Finance and Inequality: How Does Globalization Change Their Relationship?" with T. Kunieda and K. Okada, Macroeconomic Dynamics 18(05), July 2014, 1091-1128 (DOI: 10.1017/S1365100512000843).

24. "Complex Behavior in a Piecewise Linear Dynamic Macroeconomic Model with Endogenous Discontinuity," with T. Asano and T. Kunieda, Journal of Difference Equations and Applications 18(11), November 2012, 1889-1898 (DOI: 10.1080/10236198.2011.601301).

25. "Asset Bubbles, Credit Market Imperfections, and Technology Choice," with T. Matsuoka, Economics Letters 116(1), July 2012, 52-55 (DOI: /10.1080/10236198.2011.601301) .

26. "Endogenous Growth and Fluctuations in an Overlapping Generations Economy with Credit Market Imperfections," with T. Kunieda, Asia-Pacific Journal of Accounting and Economics 18(3), December 2011, 333-357 (DOI:10.1080/16081625.2011.9720887).

27. "Optimal Pricing and Quality Choice of a Monopolist under Knightian Uncertainty," with T. Asano, International Journal of Industrial Organization 29 (6), November 2011, 746-754 (DOI:10.1016/j.ijindorg.2011.04.002).

28. "Risk and Uncertainty in Health Investment," with T. Asano, European Journal of Health Economics 12(1), 2011, 79-85 (DOI: 10.1007/s10198-010-0238-2).

29. "Dynamic Game Model of Endogenous Growth with Consumption Externalities," with K. Hori, Journal of Optimization Theory and Applications 145(1), 2010, 93-107, (DOI: 10.1007/s10957-009-9631-3).

30. "Time Patience and Specialization Patterns in the Presence of Asset Trade," with Y. Ono, Journal of Money, Credit and Banking 42, 2010, 93-112 (DOI: 10.1111/j.1538-4616.2009.00279.x).

31. "International Asset Trade, Capital Income Taxation, and Specialization Patterns," with K. Futagami, A. Kaneko and Y. Ono, Journal of Public Economic Theory 10, 2008, 743 - 763 (DOI: 10.1111/j.1467-9779.2008.00384.x).

32. "International and Intergenerational Aspects of Capital Income Taxation in an Endogenously Growing World Economy," with Y. Iwamoto, Review of International Economics 16, 2008, 383-399 (DOI:10.1111/j.1467-9396.2007.00719.x).

33. "The Role of Expectations in a Specialization-driven Growth Model with Endogenous Technology Choice," with S. Kuwahara, Division of Labor & Transaction Costs 2, 2006, 55-69 (DOI: 10.1142/S0219871106000287).

34. "Environmental Transfers against Global Warming: A Credit-based Program," with N. Matsueda and K. Futagami,  International Journal of Global Environmental Issues 6, 2006, 47-72 (DOI: 10.1504/IJGENVI.2006.009400).

35. "Long-run Specialization," with Y. Ono, Review of International Economics 14, January 2006 (DOI: 10.1111/j.1467-9396.2006.00557.x).

36. "Credit Constraints and the Current Account: A Test for the Japanese Economy," with T. Kunieda, Journal of International Money and Finance 24, December 2005 (DOI:10.1016/j.jimonfin.2005.08.013).

37. "Fiscal Spending, Relative Price Dynamics, and Welfare in a World Economy," with Y. Ono, Review of International Economics 13, May 2005 (DOI: 10.1111/j.1467-9396.2005.00500.x).

38. "Endogenous Growth Cycles in an Overlapping Generations Model with Investment Gestation Lags," with A. Kitagawa, Economic Theory 25, April 2005 (DOI: 10.1016/j.econlet.2012.01.009).

39. "Budget Deficits and Economic Growth," with K. Futagami, Public Finance 53, 1998 (Published in 2003).

40. "Strategic Interactions in a Growth Model with Infrastructure Capital," Metroeconomica 53, November 2002  (DOI: 10.1111/1467-999X.00151).

41. "Government Spending, Interest Rates, and Capital Accumulation in a Two-Sector Model," Canadian Journal of Economics 34, No.4 with Y. Ono, November 2001  (DOI: 10.1111/0008-4085.00105).

42. "Long Gestation in an Overlapping Generations Economy: Endogenous Cycles and Indeterminacy of Equilibrium," Journal of Mathematical Economics 35, No.1, with A. Kitagawa, February 2001  (DOI: 10.1016/S0304-4068(00)00060-4).

43. "Growth and Welfare Effects of Monetary Expansion in an Overlapping-generations Economy," Japanese Economic Review 51, No.3, with K. Mino, September 2000  (DOI: 10.1111/1468-5876.00160).

44. "Growth Effects of Bubbles in an Endogenous Growth Model,"Japanese Economic Review 51, No.2, with K. Futagami, June 2000  (DOI: 10.1111/1468-5876.00148).

45. "Welfare Effects of Bubbles in an Endogenous Growth Model," Research in Economics 53, with K. Futagami, December 1999  (DOI: 10.1006/reec.1999.0205).

46. "Foreign Tax Credit and the Current Account," International Tax and Public Finance 6, with Y. Iwamoto, May 1999  (DOI: 10.1023/A:1008761113667).

47. "Intrinsic Bubbles, Target Zones, and Investment under Uncertainty,"  Journal of Economic Research 3, No.2, November 1998.

48. "Capital Mobility in the World Economy: An Alternative Test,"  Journal of International Money and Finance 17, No.5, with M. Shintani, October 1998 (DOI:10.1016/S0261-5606(98)00033-3).

49. "Keeping One Step Ahead of the Joneses: Status, the Distribution of Wealth, and Long Run Growth," Journal of Economic Behavior and Organization 36, with K. Futagami, July 1998  (DOI: 10.1016/S0167-2681(98)00072-9).

50. "Monetary Policy, Overlapping Generations, and Patterns of Growth," Economica 62, No.246, with K. Mino, May 1995  (DOI: 10.2307/2554902).

51. "Fundamentals Uncertainty, Bubbles, and Exchange Rate Dynamics," Journal of International Economics 38, No.3/4, with S. Ikeda, May 1995  (DOI: 10.1016/0022-1996(94)01352-S).

52. "A Cointegration Test of the Optimal Seigniorage Model,,” Economics Letters 44, No.4, with Y. Fukuta, April 1994  (DOI: 10.1016/0165-1765(94)90117-1).

53. "Dynamic Analysis of an Endogenous Growth Model with Public Capital," Scandinavian Journal of Economics 95, No.4, with K. Futagami and Y. Morita, December 1993  (DOI: 10.2307/3440914).

54. "Endogenous Economic Growth Theory," in Japanese, Economic Studies Quarterly 44, No.5, December 1993.

55. "The Long-run Effects of Subsidies for Investment on Foreign Asset Holdings," in Japanese, Economic Review 44, January 1993.

56. "Fundamentals-dependent Bubbles in Stock Prices," Journal of Monetary Economics 30, No.1, with S. Ikeda, October 1992  (DOI: 10.1016/0304-3932(92)90049-8).

57. "Spill-over Effects of Supply-side Changes in a Two-country Economy with Capital Accumulation," Journal of International Economics 33, No.1/2, with Y. Ono, August 1992   (DOI: 10.1016/0022-1996(92)90053-M).

58. "Capital Income Taxation and the Current Account in a Small Open Economy," Journal of International Money and Finance 10, No.4, with Y. Iwamoto, December 1991  (DOI: 10.1016/0261-5606(91)90001-Z).

59. "Testing the Optimal Seigniorage Model in the Five Developed Countries," in Japanese, JCER Economic Journal, No.21, May 1991.

研究プロジェクト

• 特別推進研究「経済危機と社会インフラの複雑系分析」（2011年度～2015年度） （研究分担者）

• 基盤研究(B)「金融市 場の発展とマ クロ経済の不安定の関係について」（2009年度 ‐2011年度） （研究代表者）

• 基盤研究(A)「不完全な金融市場下での経済パフォーマンスと金融財政 政策に関する理論・実 証分析」（2016年度 ‐2019年度） （研究代表者）

その他の論文

• 「インフレーション、財政赤字および経常収支」、 大阪大学経済学、 第40巻 第1･2号、1990年、9月.

• 「公債の中立命題：展望」、　大阪大学経済学 第40巻、 第3･4号、1991年、3月.

• "Current Account Effects of Increases in Government Spending with Endogenous Time Preference," OCU Economic Review 27, No.1, January 1992.

• 「日本における公債の中立命題の検証」、 経済学雑誌　第93巻、 第2号、 日高政浩と共著 1992年、7月.

• "On the Possibility of Hyperinflations and Hyperdeflations," OCU Economic Review 28, No.1, January 1993.

• "Optimal Accumulation of Private and Public Capital in an Endogenous Growth Model," Ritsumeikan Economic Review 42, No.5, with K. Futagami and Y. Morita, December 1993.

• 「国際資本所得課税」、　フィナンシャル・レビュー 31号、 1994年、 1月.

• 「財政政策と経済成長」、 公共投資の経済波及効果に関する調査、 1996年､3月.

• 「経済学における微分 ゲーム理論の応用について」、 経済学雑誌 第98巻、 第3号、竹田之彦と共著、1997年、11月.

• 「世代会計と公共投資」、 公共投資の長期的・短期的経済効果の研究、1998年3月.

• 「人的資本蓄積、外部効果および経済成長」、 フィナンシャル・レビュー、 1998年月.

Discussion Papers and Mimeographs

• 「９大学経 済学研究科及び附置研究所の研究業績比較調査（2015年）」、（二神孝一、 神谷和也、芹澤成弘との共著）、2016年6月．

• 「５大学経 済学研究科及び附置研究所の研究業績比較調査（2014年）」、（二神孝一、 神谷和也、芹澤成弘との共著）、2015年4月．

• 「主要経済 系部局の研究業績比較（2009 年）」、(二神孝一、神谷和也、太田聰一、澤田康幸、 芹澤成弘との共著）、 2011年1月．

• "Capital Income Taxation and Specialization Patterns: Investment Tax vs. Saving Tax," with Y. Ono, March 2006.

• "Financial Cycles," with I. Ide, May 2003.

• "Environmental Pollution Control in a Multi-Agent Endogenous Growth Model," September 2000.

• "International Pollution Control and Long-Run Growth: Nonlinear Strategies and the Indeterminacy of Equilibria," August 2000.

• "The Fluctuations in Investment, Saving and the Current Account in the Japanese Economy," with T. Okumura, December 1996.

Book Review

•  河合正弘著 『国際金融論』、 1994、 東京大学出版会、Economic Studies Quarterly 45, December 1994.

•  P. Aghion and P. Howitt, 1998, Endogenous Growth Theory, MIT Press, 『エ コノミックス』第2号、2000年、4月.