The below information is as of September 30, 2009. It may differ from the current information.



Faculty Fellow (until September 30, 2009)

Assosiate Professor, Institute of Economic Research, Kyoto University

Activities at RIETI



Research Projects


1999 Ph.D., Economics, the University of Chicago
1994 M.A., Economics, Kyoto University
1992 B.A., Psychology, Kyoto University


2003-present Associate Professor, Institute of Economic Research, Kyoto University
1999.7 Assistant Professor, Department of Economics, Brown University

Selected Publications and Papers

Working Papers
"Collateral Constraint and News-driven Cycles," RIETI Discussion Paper 07-E-013, April 2007 (with Keiichiro Kobayashi and Masaru Inaba).

"Optimal monetary policy with imperfect unemployment insurance," November, 2005.

Papers Published in Refereed Journals
"Asset price fluctuations in Japan: 1980-2000," Japan and the World Economy, forthcoming.

"Liquidity trap and optimal monetary policy in open economies," Journal of the Japanese and International Economies, forthcoming.

"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.