Research

Ongoing Research Topics

• Macroeconomic Analysis of Corporate Taxation (corporate income tax competition; corporate taxation with tax evasion and avoidance)

• Financial Markets and Public Finance (public debt management and debt revenues; government portfolios and asset prices)

• Cohort Welfare Accounting (fiscal consolidation; monetary policy and mortgages; GPT transitions and cohort welfare)

Fiscal Policy

• Morimoto, K., "Child allowances and demographic regimes," March 2026, revise and resubmit at Journal of Population Economics.

• Maebayashi, N., Morimoto, K., "Policymakers' term limits and corporate income tax competition in a growing economy with international knowledge spillover," March 2025, revise and resubmit at International Review of Economics and Finance.

• Maebayashi, N., Morimoto, K., 2024, "Global corporate income tax competition, knowledge spillover, and growth," European Economic Review, vol. 164, 104723. 

• Morimoto, K., Takizawa, R., "Flexible debt policy rules and equilibrium determinacy in a small open economy," April 2023 , revise and resubmit at Jounal of Public Economic Theory.

• Hori, T., Maebayashi, N., Morimoto, K., 2023, "Tax evasion and optimal corporate income tax rates in a growing economy," Macroeconomic Dynamics, 27(3), pp. 743-769. 

• Morimoto, K., Hori, T., Maebayashi, N., Futagami, K., 2017, "Debt policy rules in an open economy,” Journal of Public Economic Theory, 19 (1), pp. 158-177.  [working paper version]  

Monetary Policy

• Morimoto, K., "Pricing the Federal Reserve's inflation response in Treasury markets," June 2026.

• Morimoto, K., "A New Keynesian theory of repo runs, endogenous haircuts, and central bank backstops," April 2026.

• Morimoto, K., 2026, "Fiscal discipline, nominal debt maturity, and the Taylor principle under flexible prices," Journal of Mathematical Economics, 103301.

• Morimoto, K., 2018, "Further results on preference uncertainty and monetary conservatism," Economics Bulletin, 38 (1), pp. 583-592.

• Morimoto, K., 2011, "Inflation inertia and optimal delegation of monetary policy," Economics Bulletin, 31 (2), pp. 1114-1124.

Asset Pricing

• Morimoto, K., Noda, A., "Green bonds and market efficiency: A beauty contest approach," September 2026.

• Hirayama, K., Morimoto, K., Noda, A., "Economic growth, financial constraints, and the evolution of financial market efficiency in Japan, 1924-2024," February 2026.

• Morimoto, K., "Debt rollover and term structure in an overlapping generations economy," January 2026, revise and resubmit at Journal of Mathematical Economics.

• Morimoto, K., Suzuki, S., 2022, "Ambiguity in a pandemic recession, asset prices, and lockdown policy," Journal of Public Economic Theory, 24(5), pp. 1039-1070. [related interview]

Financial Markets and Public Finance

• Morimoto, K., "Public debt bubbles and maturity management," July 2026.

• Morimoto, K., "Term structure, debt management, and fiscal liquidity," April 2025.

Cohort Welfare Accounting

• Morimoto, K., "The cohort incidence of general purpose technology transitions," June 2026.

• Morimoto, K., "Cohort welfare accounting with incomplete markets: Across and within cohorts," April 2026.

• Morimoto, K., "Cohort welfare accounting in policy transitions," March 2026.

Methods of Economic Dynamics

• Morimoto, K., "Recursive general equilibrium in heterogeneous-agent economies: An equilibrium-preserving approach," May 2026.

• Morimoto, K., "On a closed-form solution of the Brock-Mirman model with a finite horizon: A shadow-value interpretation," November 2025, accepted at Review of Economic Analysis.

Misc. (Game Theory, Information Economics)

• Morimoto, K., "Disclosure architecture in coordination games with heterogeneous agents," April 2026.

• Morimoto, K., "Information aggregation with conformity and biased beliefs: Static and dynamic committee design," December 2025.

• Kajitani, S., Morimoto, K., "Actionable information feedback in relative grading: Evidence from a field experiment," October 2025.

• Morimoto, K., 2021, "Information use and the Condorcet jury theorem," Mathematics, 9 (10), 1098.

• Kajitani, S., Morimoto, K., Suzuki, S., 2020, "Information feedback in relative grading: Evidence from a field experiment,"  PLoS ONE, 15(4): e0231548.