Professor:
Graduate School of Economics
School of International and Public Policy
Asian Public Policy Program
Hitotsubashi University
2-1 Naka, Kunitaci, Tokyo 186-8601 Japan
Publications
“Looking from Gross Domestic Income: Alternative View of Japan’s Economy,” Japan and the World Economy, Vol. 64, 2022.
“The Impact of Regime Change on the Influence of the Central Bank's Inflation Forecasts: Evidence from Japan,” International Journal of Central Banking, Vol. 17, No. 4, 2021 (with Masazumi Hattori, Steven Kong and Frank Packer).
“Chronic Deflation in Japan,” Asian Economic Policy Review, Vol. 9, No. 1, 2014 (with Kenji Nishizaki and Yoichi Ueno).
Reprinted in Examining Heisei Japan Vol. III, pp.120-134, (supervised by Shinichi Kitaoka, edited by Takao Komine), Japan Publishing Industry for Culture, 2023.
“Another Look at Global Disinflation,” Journal of the Japanese and International Economies, Vol. 23, No. 2, 2009.
“Monetary Factors and Inflation in Japan,” Journal of the Japanese and International Economies, Vol. 22, No. 3, 2008 (with Katrin Assenmacher-Wesche and Stefan Gerlach).
“Land as Production Input and Collateral: Land Investment by Japanese Firms,” Journal of Real Estate Finance and Economics, Vol. 35, Issue 4, 2007 (with Towa Tachibana).
“Firm Investment, Monetary Transmission and Balance-Sheet Problems in Japan: An Investigation Using Micro-Data,” Japan and the World Economy, Vol.17, Issue 3, 2005 (with Takashi Nagahata).
“Forbearance Lending: The Case of Japanese Firms,” Bank of Japan Monetary and Economic Studies, Vol.21, No.2, 2003 (with Keiichiro Kobayashi and Yumi Saita).
“Financial Liberalization, the Wealth Effect, and the Demand for Broad Money in Japan,” Bank of Japan Monetary and Economic Studies, Vol.16, No.1, 1998.
Working Papers
"Individual Trend Inflation," BOJ IMES Discussion Paper, No. 2022-E-14, 2022 (with Frank Packer and Shunichi Yoneyama).
“Going Cashless: Evidence from Japan’s Point Reward Program,” CARF Working Paper, CARF-F-52, 2021 (with Toshiaki Shoji and Tsutomu Watanabe).
“Inflation Targeting and Monetary Policy Activism,” BOJ IMES Discussion Paper, No. 2008-E-13, 2008 (with Yuki Teranishi).
“Time-Varying Exchange Rate Pass-Through: Experiences of Some Industrial Countries,” BIS Working Paper, No. 202, 2006.
“Equilibrium Land Prices of Japanese Prefectures: A Panel Cointegration Analysis,” BOJ Working Paper, No. 04-E-9, 2004 (with Takashi Nagahata , Yumi Saita and Towa Tachibana).
“Sectoral Credit Shifts in Japan: Causes and Consequences of Their Decline in the 1990s,” BOJ Research and Statistics Department Working Paper, No.01-16, 2001 (with Yumi Saita).
“Modeling and Forecasting Inflation in Japan,” IMF Working Paper, WP/01/82, 2001.
“Firm Investment and Balance-Sheet Problems in Japan,” IMF Working Paper WP/99/111, 1999.
Other Writings
"Japan’s Narrowing Options on Monetary Easing," East Asia Forum, 21 August 2021.
"Measuring Potential Growth in Japan: Some Practical Caveats," Bank of Japan Review, No. 10-E-1, 2010 (with Takuji Fueki, Ichiro Fukunaga, Hibiki Ichiue and Toyoichiro Shirota).
“Non-Performing Loans and the Real Economy: Japan’s Experience,” in Investigating the Relationship between the Financial and Real Economy, BIS Paper, No. 22, 2005 (with Nobuo Inaba, Takashi Kozu and Takashi Nagahata).