Faculty Fellow (until June 30, 2010)

Professor, Graduate School of Economics, The University of Tokyo

Activities at RIETI


Public Economics, Macroeconomics


1991 Ph.D., Economics, Osaka University
1984 B.A., Economics, Kyoto University


2005-present Professor, Department of Economics, The University of Tokyo
2002-2005 Professor, Department of Economics, Hitotsubashi University
1994-1996 Senior Economist, Institute of Fiscal and Monetary Policy, Ministry of Finance
1993-1997 Guest Research Officer, Institute for Posts and Telecommunications Policy, Ministry of Posts and Telecommunications
1991-1993 Visiting Scholar, Department of Economics, Boston University
1991-2002 Associate Professor, Institute of Economic Research, Kyoto University
1990 Visiting Fellow, Australia-Japan Research Centre, Australian National University
1990-1991 Assistant Professor, Department of Economics, Osaka University
1987-1990 Research Associate, Institute of Social and Economic Research, Osaka University

Selected Publications and Papers

"The Fiscal Investment and Loan Program in Transition," Journal of the Japanese and International Economies, Vol. 16, No. 4, December 2002, pp. 583-604.
"Do Borders Matter? Evidence from Japanese Regional Net Capital Flows," International Economic Review, Vol. 41, No. 1, February 2000, pp. 241-269 (with Eric van Wincoop).
"Foreign Tax Credit and the Current Account," International Tax and Public Finance, Vol. 6, No. 2, May 1999, pp. 131-148 (with Akihisa Shibata).
"Japan's Saving Rate is Indeed Lower Than Professor Hayashi Revealed," Japan and the World Economy, Vol. 8, No. 1, March 1996, pp. 35-41.
"Effective Tax Rates and Tobin's q," Journal of Public Economics, Vol. 48, No. 2, July 1992, pp. 225-237.
"Testing for a Unit Root in Japanese GNP," Japan and the World Economy, Vol. 4, No. 1, May 1992, pp. 17-37 (with Hideyuki Kobayashi).
"Capital Income Taxation and the Current Account in a Small Open Economy," Journal of International Money and Finance, Vol. 10, No. 4, December 1991, pp. 480-496 (with Akihisa Shibata).
"The Japanese Tax Reform and the Cost of Capital," Ricerche Economiche, Vol. 45 Nos. 2/3, April/September 1991, pp. 307-327.
"Distributional Considerations of Producers' Profit in a Commodity Tax Design Problem," Economics Letters, Vol. 35, No. 4, April 1991, pp. 423-428 (with Hideo Konishi).