Faculty Fellow

Professor, Faculty of Economics, Keio University
Professor, Australian National University

Activities at RIETI


Macroeconomics, Monetary Economics, International Finance

Research Projects


2010 D.Phil in Economics, University of Oxford
2005 Ph.D. in Applied Economics, Osaka University


2014 - Professor, Faculty of Economics, Keio University
2011 - Present Australian National University
1993 - 2011 Bank of Japan

Selected Publications and Papers

"Optimal Monetary Policy with Endogenous Entry and Product Variety," (with Florin Bilbiie and Fabio Ghironi), 2014, Journal of Monetary Economics 64, 1-20
"Indeterminacy and Forecastability," (with Yasuo Hirose), 2014, Journal of Money, Credit and Banking 46(1), 243-251
"Global Liquidity Trap," (with Tomoyuki Nakajima, Nao Sudo and Yuki Teranishi), 2013, Journal of Monetary Economics 60(8)
"Asymmetries in Government Bond Returns," (with Lena Koerber and Daisuke Nagakura), 2013, Journal of Banking and Finance 37(8)
"Fiscal Multipliers and Spillovers under Global Liquidity Trap," (with Kozo Ueda), 2013, Journal of Economic Dynamics and Control 37(7)
"Real Exchange Rate Dynamics Revisited: A Case with Financial Market Imperfections," (with Yuki Teranishi), 2011, Journal of International Money and Finance 30(7)
"Can News be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach," (with Yasuo Hirose and Mototsugu Shintani), 2011, Journal of Money, Credit and Banking 43(1)
"A Note on Growth Expectation," 2010, Macroeconomic Dynamics 14(2)
"Dynamic Aspects of Productivity Spillovers, Terms of Trade and The ‘Home Market Effects'," (with Naohisa Hirakata), 2009, IMF Staff Papers 56(4)
"A Dynamic New Keynesian Life-Cycle Model: Societal Aging, Demographics, and Monetary Policy," (with Yuki Teranishi), 2008, Journal of Economic Dynamics and Control 32(8)


Associate Editor, Japan and the World Economy