Fumitaka Nakamura/中村 史一
Fumitaka Nakamura/中村 史一
Bank of Japan (2011-)
Director and Senior Economist of Economic Research Division, Reserach and Statistics Department
nfumitaka1054 [at] gmail [dot] com [CV]
2021/7 -2024/7 International Monetary Fund/MCM-MP
2018/8 Ph.D. (Economics) The University of Wisconsin-Madison
2011/3 M.Sc. (Physics) , The University of Tokyo
2009/3 Bachelor (Physics), The University of Tokyo
Macroeconomics, Econometrics, International Economics, and Monetary Economics,
Review of the HANK Literature: Implications of Heterogeneity to Monetary Policy Transmission Mechanism (only in Japanese "HANK研究の潮流：金融政策の波及メカニズムにおける経済主体間の異質性の意義," with Yuto Iwasaki, Makoto Nakajima, and Nao Sudo), Monetary and Economic Studies (Japanese), Vol. 40 (1), pp.79-122, (2021).
The Origin of the Law of One Price Deviations: Insights from the Good-level Real Exchange Rate Volatility, Journal of International Money and Finance, 128, 102717, (2022).
Household Income, Portfolio Choice and Heterogeneous Consumption Responses to Monetary Policy Shocks, Journal of Money, Credit and Banking, 57 (8), 2131-2158, (2025).
Assessing Monetary Policy Surprises in Japan by High Frequency Identification (with Nao Sudo and Yu Sugisaki) Journal of the Japanese and International Economies, Volume 71, March 2024, 101300.
Monetary Policy Shocks and the Employment of Young, Middle-Aged, and Old Workers (with Nao Sudo and Yu Sugisaki) International Journal of Central Banking, 22 (3), 165-205, July 2026.
Adapting to the New Normal: Perspectives and Policy Challenges after the COVID-19: Pandemic Summary of the 2021 BOJ-IMES Conference (with Takuji Fueki, Ken Matsushita, Ichiro Muto, and Shunichi Yoneyama), Monetary and Economic Studies, Vol. 39 (1), pp.1-18, 2021.
Implications of Central Bank Digital Currencies for Monetary Policy Transmission (with Mitali Das, Tommaso Mancini Griffoli, Julia Otten, Gabriel Soderberg, Juan Sole, and Brandon Tan), Fintech Notes, No 2023/010.
Beyond the Floodplain: Uncovering the Spatial Spillovers of Land Price Declines after Typhoon Hagibis with Toshitaka Maruyama, Hiroaki Shirai, Nao Sudo, BOJ working paper No.26-E-7.
Exploratory Scenario Analysis Considering the Growing Presence of Domestic and Foreign Investment Funds with Yuki Konaka and Toshitaka Maruyama, BOJ working paper No.25-E-11 (Japanese version).
Digitalization, Entrepreneurship, and Wealth Inequality with Ichiro Muto, and Makoto Nirei, IMES Discussion Paper Series 24-E-1, Institute for Monetary and Economic Studies, Bank of Japan.
Household Debt and Borrower-Based Measures in Finland: Insights from a Heterogeneous Agent Model, IMF Working Paper No. 2023/262
Central Bank Digital Currencies and Financial Stability: Balance Sheet Analysis and Policy Choices (with Romain Bouis, Gaston Gelos, Paavo A Miettinen, Erlend Nier, and Gabriel Soderberg), IMF Working Paper No. 2024/226.
Finland: Financial System Stability Assessment (Macroprudential policy part), January 23, 2023, IMF Country Report No. 2023/039.
Finland: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools February 1, 2023, IMF Country Report No. 2023/063.
Costa Rica: Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, First Review Under the Resilience and Sustainability Arrangement, Request for Modification of Reform Measure Under the Resilience and Sustainability Facility, and Monetary Policy Consultation-Press Release; and Staff Report June 27, 2023, IMF Country Report No. 2023/231.
Central Bank Digital Currency—Initial Considerations November 14, 2023, Policy Paper No. 2023/048.
Costa Rica: 2023 Article IV Consultation, Fifth Review Under the Extended Arrangement Under the Extended Fund Facility, Second Review Under the Resilience and Sustainability Facility, and Request for Modification of Reform Measure, Selected Issues, December 22, 2023, IMF Country Report No. 2023/442.
Costa Rica: Selected Issues (Determinants of Card Payments Fees in a Cross-Country Analysis Part), December 22, 2023, IMF Country Report No. 2023/443.
Costa Rica: Sixth Review Under the Extended Arrangement Under the Extended Fund Facility, Third Review Under the Resilience and Sustainability Facility Arrangement, and Monetary Policy Consultation Clause, June 14, 2024, IMF Country Report No. 2024/166.
2026: FRB, FRB Boston, CFA
2025: CFA, IMF-MCM, Hitotsubashi, BOC
2024: Hitotsubashi, CFA, RIETI
2023: IMF-MCM, CEF Kuwait, Banco Central de Costa Rica, Bangko Sentral ng Pilipinas
2022: IMF-MCM, Bank of Finland
2021: Hitotsubashi, IMF-MCM
2020: TWID, Macroeconomic Workshop (Osaka University)
2019: JEA Spring Meeting, SWET, BOC-Philadelphia Fed-BOJ joint workshop,
2018: RCAST Macro-economic Analysis Workshop at University of Tokyo
· F. Nakamura, Y. Kousa, A. A. Taskin, Y. Takeichi, A. Nishide, A. Kakizaki, M. D’Angelo, P. Lefevre, F. Bertran, A. Taleb-Ibrahimi, F. Komori, S. Kimura, H. Kondo, Y. Ando, and I. Matsuda, “Topological transition in Bi1–xSbx studied as a function of Sb doping,” Physical Review B, 84, 235308, 2011
· M. Ogawa, S. Yamamoto, Y. Kousa, F. Nakamura, R. Yukawa, A. Fukushima, A. Harasawa, H. Kondoh, Y. Tanaka, A. Kakizaki, and I. Matsuda, “Development of soft X-ray time-resolved photoemission spectroscopy system with a two-dimensional angle-resolved time-of-flight analyzer at SPring-8 BL07LSU,” Review of Scientific Instruments, 83, 023109, 2012
· I. Matsuda, F. Nakamura, K. Kubo, T. Hirahara, S. Yamazaki, W. Choi, H. Yeom, H. Narita, Y. Fukaya, M. Hashimoto, A. Kawasuso, M. Ono, Y. Hasegawa, S. Hasegawa, and K. Kobayashi, “Electron compound nature in a surface atomic layer of a two-dimensional hexagonal lattice,” Physical Review B, 82, 165330, 2010
· T. Hirahara, T. Komorida, Y. Gu, F. Nakamura, H. Idzuchi, H. Morikawa, and S. Hasegawa, “Insulating conduction in Sn/Si(111): Possibility of a Mott insulating ground state and metallization/localization induced by carrier doping,” Physical Review B, 80, 235419, 2009
Journal of Money, Credit and Banking, Journal of the Japanese and International Economies, Journal of International Money and Finance.
Disclaimer: This is Fumitaka Nakamura's personal website. The views expressed on this website are those of mine and should not be interpreted as reflecting the views of International Monetary Fund.