Recent Working Papers

• " Capital Flows and Wealth Distribution with Asymmetric Countries " (with Been-Lon Chen and Yunfnag Hu), October 2024  [This is a substantially revised version of "Capital Allocation and Wealth Distribution in a Global Economy with Financial Frictions" KIER Discussion Paper Mo. 1045, Octoner 2020] 

• "Preference Structures, Wealth Distribution, and Patterns of Trade in a Global Economy" (with Yasuhiro Nakamoto and Yunfang Hu) KIER Discussion Paper No. 1105，2024

• "Population Aging and Income Inequality in a Semi-Endogenous Growth Model" (wieh Hiroaki Sasaki), 2023, revision: May 2024 

• "A Heterogeneous Firm Model of Trade and Growth with country-Specific  Credit Constraints" (with Ryoji Ohdoi and Yunfang Hu) , 2023, revision: March 2024

• "Does Nonlinear Taxation Stabilize Small Open Economies?" (Been-Lon Chen and Yunfnag Hu), KIER Discussion Paper No.   997,   2018

• "Sunspot-Driven Business Cycles: An Overview" ,  KIER Discussion Paper No.  973, 2017   

 Selected Publications

Articles

• Effects of Exhaustible Resources and Declining Population on Economic Growth with Hoteling's Rule" (with HIroaki Sasaki),  International  Review of Economics and Finance,  Vol. 94, 103395, 2024

• "Pension Reforms, Population  Aging, and Retirement Decision of the Elderly in a Neoclassical Growth Model" (with Makoto Hirono) ,   Macroeconomic Dynamics  Vol.27, No.2,  275-296, 2023

• "Long-run Consequences of Population Decline in an Economy with Exhaustible Resources" (with Hiroaki Sasaki)  Econoic Modelling ,  Vol.121, 2023

• "Productive Government Expenditure and Economic Growth: A Heterogeneous-Agents Approach," (with Ryo Arawatari and Takeo Hori), Journal of Macroeconomics  Vol.75  2023

• "On the Distribtion of Income and Wealth in a Growing Economy with Endogenous Labor Supply", Economics Bulletin, Vol.43, No.1, 2023

• "Economic Growth and Structural Change: The  Case of India", in The Cultural Basis of Economic Growth in India, edited by Kazuo Mino and Tadashi Yagi,  pp. 21-63, Springer, 2022 

• "Income Taxation Rules and Stability of a Small Open Economy", (with Been-Lon Chen and Yunfang Hu) Journal of Macroeconomics 65, 2020

• "On the Nonlinear Relationship between Inflation and Growth: A Theoretical Exposition," (with Ryo Arawatari and Takeo Hori), Journal of Monetary Economics 94, 79-93, 2018,     Online Appendix

• "Fiscal Policy in a Growing Economy with Financial Frictions and Firm Heterogeneity," Japanese Economic Review 67, 3-33, 2016.

•   "Time Preference and Income Convergence in a Dynamic Hecksher-Ohlin Model," (with Taketo Kawagishi), Review of International Economics 24, 592-603, 2016.

• Heterogeneous Conformism and Wealth Distribution in a Neoclassical Growth Model," (with Yasuhiro Nakamoto), Economic Theory 62, 6989-717, 2016.

• "Welfare Implications and Equilibrium Indeterminacy in a Two-Sector Growth Model with Consumption Externalities," (with Been-Lon Chen and Yu-Shan Hsu), Macroeconomic Dynamics 19, 535-577, 2015

• "Conformism and Structural Change" (with Takeo Hori and Masako Ikefuji), International Economic Review 56, 939-961,  2015  

• A Simple Model of Endogenous Growth with Financial Frictions and Firm Heterogeneity", Economics Letters 127, 20-23, 2014

• "Capital Accumulation and Structural Change in a Small-Open Economy" (with Yunfang Hu), Pacific Economic Review 19, 634-656, 2014

• "Can Consumption Habit Spillovers be a Source of Equilibrium Indeterminacy?", (with Been-Lon Chen and Yu-Shan Hsu), Journal of Economics 109,  245-269, 2013.

• "Trade Structure and Belief-Driven Fluctuations in a Global Economy" (with Yunfang Hu), Journal of International Economics 90, 214-224, 2013.

• ."Consumption Externalities and Equilibrium Dynamics with Heterogeneous Agents",(with Yasuhiro Nakamoto) , Mathematical Social Sciences, 64(3), 225-233. 

• "A Dynamic Model of Conflict and Appropriation," (  with Wolfgang Eggart and Junichi Itata), Journal of Economic Behavior & Organization, 78, (1-2), 167-182, 2011

• ""Equilibrium Dynamics in Discrete-Time Endogenous Growth Models with Social Constant Returns," (with Kazuo Nishimura, Koji Shimomura, and Ping Wang), Economic Theory, . 34(1), 1-23, 2008

•  "A Variety-Expansion Model of Growth with External Habit Formation," (with Junko Doi), Journal of Economic Dynamics and Control, . 32( 10), 3, 2007 

• "Growth And Bubbles With Consumption Externalities," Japanese Economic Review, 59(1), 33-53, 2008 

•  "Generalized Taylor Rule and Determinacy of Growth Equilibrium," (with Seiys Fujidski) Economics Bulletin,  5(11), 1-7, 2007

• "Technology, Preference Structure, And The Growth Effect of Money Supply,"  (with Junichi Itaya) , Macroeconomic Dynamics, 11(5), 589-612, 2007 

• "Voracity vs. Scale Effect in a Growing Economy without Secure Property Rights," Economics Letters, 93(2), 278-284, 2006

• "Occupational Choice and Dynamic Indeterminacy," (with Koji Shimomura and Ping Wang), Review of Economic Dynamics, 8(1),138-153, 2005.

• "Technological Spillovers and Patterns of Growth with Sector-Specific R&D," (with Junko Doi), Journal of Macroeconomics, 27(4), 557-578, 2005 

• "Weitman's Rlue with Maket Distortions",  Japan and the World Economy, 16(3), 317-329,  2004

• "Interest-Rule and Multiple Equilibria with Endogenous Growth" (with Junichi Itaya),  Economics Bulletin, 5(6), pages 1-6, 2004

• "Inflation, Transaction Costs and Indeterminacy in Monetary Economies with Endogenous Growth" (with Jun-ichi Itaya), Economica,  70, 1-20, 2003.

• "Optimal Taxation in Dynamic Economies with Increasing Returns", Japan and the World Economy,  13(3),235-253, 2001

• "Indeterminacy and Endogenous Growth with Social Constant Returns," Journal of Economic Theory,  97(1),  203-222, 2001

• "Growth and Welfare Effects of Monetary Expansion in an Overlapping-generations Economy," (with Akihisa Shibata), Japanese Economic Review, 51(3), 07-430, 2000

• "Non-Separable Utility Function and Indeterminacy of Equilibrium in a Model with Human Capital," Economics Letters, 62(3), 311-317, 1999

• "Long-Run Effects of Monetary Expansion in a Two-Sector Model of Endogenous Growth," Journal of Macroeconomics, 19(4), 35-655, 1997

• "Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation," International Economic Review, 37(1), 227-251, 1996

• "Public Capital and Patterns of Growth in the Presence of Threshold Externalities," (with Koichi Futagami), Journal of Economics, vol. 61(2), 123-146, 1995.

• Monetary Policy, Overlapping Generatopms. amd Patters of Growth" (with Akihisa Shibata), Economica, 62(261), 179-194, 1995

•  "Threshold Eternalities and Cyclical Growth in a Stylized Model of Capital Accumulation," (with Koichi Futagami), Economics Letters, 41(1),99-105. 1993

• 1990. "Reputational Constraint and Signalling Effects in a Monetary Policy Game," (with Shunichi Tsutsui), Oxford Economic Papers,  42(3), 603-619, 1990.

• "Nonlinear Strategies in Dynami Duopolistic Competition with Sticky Prices", (with Shunichi Tsustui), Journal of Economic Theory,  52(1), 36-161, 1990

• "Income Taxation and Endogenous Growth," Economics Letters, 31(4), 325-329, 1989

• "The Long-Run Effects of Income Taxation under Endogenous Technical Progress," Economics Letters, 27(4), 367-370, 1988

• "On the Homogeneity of Value Function of the Optimal Control Problem,"  Economics Letters, 11(1-2), 149-154, 1983.

Books

• The Cultural Basis of Economic Growth in India, edited by Kazuo Mino and Tadashi Yagi, Springer, 2022

• Growth and Business Cycles with Equilibrium Indeterminacy, Springer-Nature, 2017

• 『マクロ経済学』培風館　Macroeconomics  (in Japanese) 2013