Faculty Fellow

Professor, Faculty of Economics, Gakushuin University

Activities at RIETI


Banking Regulations, Corporate Finance, Monetary Policy, Aggregate Productivity

Research Projects


2009 Ph.D. in Economics, Hitotsubashi University
1990 M.A. in Economics, Northwestern University
1984 B.A. in Economics, Kyoto University


2013 Professor, Gakushuin University
2011 Principal Economist, Policy Research Institute, Ministry of Finance
2010 Visiting Researcher, Yale University
2004 Professor, Gakushuin University
2003 Associate Professor, Gakushuin University
1999 Associate Professor, Nagoya City University
1998 Senior Economist, Economic Planning Agency
1996 Associate Professor, Hitotsubashi University
1994 Ministry of Finance
1984 Economic Planning Agency

Selected Publications and Papers


  • The Economy of Intangibles: Intangible Asset Investment and Productivity Growth in Japan (in Japanese), co-edited with T. Miyagawa and S. Asaba, University of Tokyo Press, Tokyo, 2016.
  • Microeconomic Analysis of Financial Crises (in Japanese), University of Tokyo Press, Tokyo, 2010. (awarded the Nikkei Best Economics and Management Books Prize in 2010.)
  • Effectiveness and Limitations of Monetary Policy in Japan (in Japanese) (with S. Sugihara and T. Mihira), Toyo Keizai Shimposha, Tokyo, 2001.

Working Papers

Papers Published in Refereed Journals

  • Complementarity and Substitutability between Tangible and Intangible Capital: Evidence from Japanese Firm-level Data (with D. Miyakawa, M. Takizawa, K. Yamanouchi), Singapore Economic Review, forthcoming, 2020.
  • "Natural Disasters, Damage to Banks, and Firm Investment," (with D. Miyakawa, T. Uchino, M. Hazama, A. Ono, U. Uchida, and I. Uesugi), International Economic Review: 57 (4), 1335-1370, 2016.
  • "International Transmission of the 2007–2009 Financial Crisis: Evidence from Japan," (with M. Takizawa and K. Tsuru), Japanese Economic Review: 67 (3), 295-328, 2016.
  • "Financial Shocks, Bankruptcy, and Natural Selection," (with U. Uchida, D. Miyakawa, A. Ono, T. Uchino, and I. Uesugi), Japan and the World Economy: 36, 123-135, 2015.
  • "The Impact of Demand Shock on the Employment of Temporary Agency Workers: Evidence from Japan during the Global Financial Crisis," (with M. Takizawa and K. Tsuru), Seoul Journal of Economics, 28(3), 265-283, 2015.
  • "Fiscal Sustainability in Japan," (with M. Sakuragawa), Journal of the Japanese and International Economies: 25(4), 434-446, 2011.
  • "Managerial Entrenchment and Antitakeover Provisions in Japan," (with M. Takizawa and K. Tsuru), Seoul Journal of Economics: 24(3) 287-331, 2011.
  • "Fiscal Sustainability of Japan: A Dynamic Stochastic General Equilibrium Approach," (with M. Sakuragawa), Japanese Economic Review: 61(4) 517-537, 2010.
  • "Ownership Structure and the Risk-Return Profiles of Japanese Stocks," (with H. Murase and I. Samikawa), Corporate Ownership and Control: 7(1) 9-17, 2009.
  • "The Transmission Mechanism of Monetary Policy in Japan: Evidence from Banks' Balance Sheets," Journal of the Japanese and International Economies: 20(3) 380-405, 2006.
  • "Corporate Governance and Research and Development: Evidence from Japan," (with M. Tomiyama and T. Miyagawa), Economics of Innovation and New Technology: 13(2) 141-64, 2004.
  • "Growth Opportunities, Collateral and Debt Structure: The Case of the Japanese Machine Manufacturing Firms," Japan and the World Economy: 15(3) 275-97, 2003.

Contribution to Books

  • "Intercity Transportation Infrastructure, Interfirm Transaction, and Firm Performance: Impacts of the Disruption of a Highway due to the Tohoku Earthquake in Japan," (in Japanese), (with H. Uchida, I. Uesugi, A. Ono, and D. Miyakawa), in N. Yanagawa ed., Science of Infrastructure, Toyo Keizai Shimposha, Tokyo, 57-80, 2018.
  • "Costs and Benefits of the 2% CPI Target," (in Japanese), Nikkei ed. The Bank of Japan under Governor Kuroda: Economic Analysis of Super Monetary Easing, Nikkei Publishing, Tokyo, 37-59, 2018.
  • "The Going-Public Decision and Post-IPO Performance: Evidence from Japan," (in Japanese), (with M. Takizawa), in T. Miyagawa, S. Asaba, and K. Hosono eds., The Economy of Intangibles: Intangible Asset Investment and Productivity Growth in Japan, University of Tokyo Press, Tokyo, 253-286, 2016.
  • "Do Bank Shocks Affect Firm Activities: A Survey," (with D. Miyakawa), in T. Watanabe, I. Uesugi, and A. Ono eds., The Economics of Interfirm Networks, Advances in Japanese Business and Economics, 4, 237-260, 2015, Springer.
  • "Consolidation of Banks in Japan: Causes and Consequences," (with K. Sakai, and K. Tsuru), T. Ito and A. K. Rose (eds.) Financial Sector Development in the Pacific Rim, NBER East Asian Seminar on Economics 18, 265-309, 2009, the University of Chicago Press.