Research
My research focuses on macroeconomics, international finance, monetary economics and sovereign debt and I have worked on theoretical as well as empirical projects.
In particular, many of my projects are motivated by the macroeconomic developments in Japan since the build-up and burst of its bubble economy in the late 1980s and early 1990s:
Why does an advanced economy like Japan after decades of high economic growth suddenly experience persistent economic stagnation and deflation?
Why does stagnation continue despite unprecedented monetary and fiscal expansions?
Which factors contribute to the severity of the stagnation and how does it manifest itself in the stock, housing and labor markets?
I try to analyze these questions using modern dynamic macro models that allow for the possibility of secular stagnation in equilibrium.
In addition, I'm interested in the functioning of financial markets, particulary those for sovereign debt, and the (implicit) conventions that guide the behavior of market participants.
Here is an overview of my research projects and publications. For more details, please click on the links to the papers or contact me directly. I'm looking forward to your comments.
List of publications and research projects:
Publications in peer-reviewed journals:
"Wealth Preference and Rational Bubbles", joint with Jean-Baptiste Michau (Ecole Polytechnique) and Yoshiyasu Ono (ISER, Osaka University), European Economic Review, 2023, Vol. 156 (forthcoming)
"Structural Unemployment, Underemployment, and Secular Stagnation", joint with Ken-ichi Hashimoto (Kobe University) and Yoshiyasu Ono (ISER, Osaka University), Journal of Economic Theory, 2023, Vol. 209
"Credit Booms, Debt Overhang, and Secular Stagnation", joint with Gerhard Illing (LMU University of Munich) and Yoshiyasu Ono (ISER, Osaka University), European Economic Review, 2018, Vol. 108 (C), pp. 78-104
Working papers:
"The Preference for Wealth and Inequality: Towards a Piketty Theory of Wealth Inequality", joint with Jean-Baptiste Michau (Ecole Polytechnique) and Yoshiyasu Ono (ISER, Osaka University)
"The Seniority Structure of Sovereign Debt", joint with Mark Wright (Minneapolis Fed) and Christoph Trebesch (Kiel Institute for the World Economy), NBER Working Paper No. 25793, 2019
Click here for a non-technical summary of the first part of this paper on VoxEU.
"Secular Stagnation in an Economy with Land", ISER Discussion Paper No. 1032, 2018
Work in progress:
"A Ricardian model of trade and unemployment with endogenous trade status", unpublished manuscript