The effectiveness of consumption taxes and transfers as insurance against idiosyncratic risk, Journal of Money, Credit, and Banking, 52, 505-530, 2020. (with Shuhei Takahasi).
Why prices don't respond sooner to a prospective sovereign debt crisis, Review of Economic Dynamics, 29, 235-255, 2018. (with R. Anton Braun).
The optimum quantity of debt for Japan, Journal of the Japanese and International Economies, 46, 17-26, 2017. (with Shuhei Takahashi).
Constrained inefficiency and optimal taxation with uninsurable risks, Journal of Public Economic Theory, 18, 1-28, 2016. (with Piero Gottardi and Atsushi Kajii).
Optimal taxation and debt with uninsurable risks to human capital accumulation, American Economic Review, 105, 3443-3470, 2015. (with Piero Gottardi and Atsushi Kajii).
Safe asset shortages and asset price bubbles, Journal of Mathematical Economics, 53, 164-174, 2014. (with Kosuke Aoki and Kalin Nikolov).
Global liquidity trap, Journal of Monetary Economics, 60, 936-949, 2013. (with Ippei Fujiwara, Nao Sudo, and Yuki Teranishi).
Countercyclical idiosyncratic risk: an aggregation result and application to optimal monetary policy, Journal of the European Economic Association, 10, 1450-1470, 2012. (with R. Anton Braun).
Collateral constraint and news driven cycles, Macroeconomic Dynamics, 16, 752-776, 2012. (with Keiichiro Kobayashi and Masaru Inaba).
Monetary Policy with imperfect unemployment insurance, Journal of Economic Dynamics and Control, 34, 365-387, 2010.
Liquidity trap and optimal monetary policy in open economies, Journal of the Japanese and International Economies, 22, 1-33, 2008.
Asset price fluctuations in Japan: 1980-2000, Japan and the World Economy, 20, 129-153, 2008.
Unemployment and indeterminacy, Journal of Economic Theory, 126, 314-327, 2006.
Monetary policy with sticky prices and segmented markets, Economic Theory, 27, 163-177, 2006.
Money and prices under uncertainty, Review of Economic Studies, 72, 223-246, 2005. (with Herakles Polemarchakis).
A business cycle model with variable capacity utilization and demand disturbances, European Economic Review, 49, 1331-1360, 2005.
Catch-up in turn in a multi-country international trade model with learning-by-doing and invention, Journal of Development Economics, 72, 117-138, 2003.
Sunspot fluctuations in asset prices and business cycles in Japan over 1986-1999, Japanese Economic Review, 54, 253-274, 2003.