Macroeconomics, Japanese Economy
- Heterogeneity across Agents and Sustainability of the Japanese Economy (November 22, 2021 - April 30, 2024)
- Economic Growth and Fluctuations Under Population Decline (August 5, 2019 - July 31, 2021)
- Heterogeneity across Agents and Economic Growth (July 3, 2017 - March 31, 2019)
- Sustainable Growth and Macroeconomic Policy (May 11, 2015 - March 31, 2017)
- Issues Faced by Japan's Economy and Economic Policy Part III: Heterogeneity among economic agents (May 20, 2013 - March 31, 2015)
- Issues Faced by Japan's Economy and Economic Policy Part II: Population decrease, sustained growth, economic welfare (April 1, 2012 - March 31, 2013)
- Issues Faced by Japan's Economy and Economic Policy: Demand, productivity, and sustained growth (April 1, 2011 - March 31, 2012)
- The Japanese Economy under Low Fertility and Aging Population: From the perspectives of economic growth, productivity, labor force, and prices (December 22, 2009 - March 31, 2011)
- Economic Growth under Conditions of Low Fertility and Aging Population (Until December 31, 2009)
1978 Ph.D. Yale University
1974 B.A. University of Tokyo
2017 - Honorary President, Policy Research Institiute, Ministry of Finance
2016 - 2022 Professor, Faculty of Economics, Rissho University
2013 - present Member, Council on Wages and Employment, Cabinet Office, Japan
2011 Member, Council on the Tax and the Social Security Reform, Cabinet Office, Japan
2010 - 2017 Chairman, Fiscal System Council, Ministry of Finance
2009 - 2011 Dean, Faculty of Economics, University of Tokyo
2008 - 2009 Member, Council on Economic and Fiscal Policy, Cabinet Office, Japan
2008 Chairman, Council on the Social Security Reform, Cabinet Office, Japan
2001 - 2006 Member, Council on Economic and Fiscal Policy, Cabinet Office, Japan
1995 Visiting Scholar, Department of Economics, University of Sienna
1993 - 2016 Professor, Faculty of Economics, University of Tokyo
1991 Nissan Fellow, St. Antony's College, Oxford University
1988 - 1993 Associate Professor, Faculty of Economics, University of Tokyo
1982 - 1988 Associate Professor, Institute of Social and Economic Research, Osaka University
1978 - 1982 Assistant Professor, State University of New York, Albany
Selected Publications and Papers
Books and Monographs
- Reconstruction of Macroeconomics ―― Methods of Statistical Physics, and Keynes’ Principle of Effective Demand, Springer, 2022.
- Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics, Springer, 2020 (with Hideaki Aoyama and Yuji Aruka).
- Macro-Econophysics, Cambridge University Press, 2017 (with Hideaki Aoyama, Yoshi Fujiwara, Yuichi Ikeda, Hiroshi Iyetomi, and Wataru Souma).
- Deflation (in Japanese), Tokyo: Nikkei publishing Co., 2013.
- Japan's Lost Decade, Revised and Expanded Edition, I-House Press, 2008.
- Reconstructing Macroeconomics: A Perspective from Statistical Physics and CombinatorialStochastic Processes, Cambridge University Press, 2007 (with Masanao Aoki).
- Macroeconomics and the Japanese Economy, Oxford: Oxford University Press, 1995.
- "Micro-foundations for macroeconomics: New set-up based on statistical physics," The European Physical Journal Special Topics 225, 2016, pp3337-3344, (DOI) 10.1140/epjst/e2016-60163-8.
- "Deflation/Inflation Dynamics: Analysis based on Macro Prices," CIRJE Discussion Papers CIRJE-F-959, February 2015 (with Hideaki Aoyama, Yoshi Fujiwara, Hiroshi Iyetomi).
- "Stochastic macro-equilibrium: a microfoundation for the Keynesian economics," Journal of Economic Interaction and Coordination, Vol.10, 1, 2015, pp31-55, (DOI) 10.1007/s11403-014-0142-4.
- "Equilibrium distribution of labor productivity: a theoretical model," Journal of Economic Interaction and Coordination, November 2013, (DOI) 10.1007/s11403-013-0118-9 (with Hideaki Aoyama and Hiroshi Iyetomi).
- "Non-Self-Averaging in Macroeconomic Models: A Criticism of Modern Micro-founded Macroeconomics," Journal of Economic Interaction and Coordination, Vol.7, 1, 2012, pp1-22 (with Masanao Aoki).
- "What causes business cycles? Analysis of the Japanese industrial production data," Journal of The Japanese and International Economies, Vol.25 2011, pp246-272 (with Hiroshi Iyetomi, Yasuhiro Nakayama, Hideaki Aoyama, Yoshi Fujiwara, Yuishi Ikeda and Wataru Souma).
- "Productivity dispersion: facts, theory, and implications," Journal of Economic Interaction and Coordination, Vol.5, No.1, 2010. (with Hideaki Aoyama, Hiroshi Iyetomi and Yoshi Fujiwara).
- "The General Theory: Toward the Concept of Stochastic Macro-Equilibrium," in B. Bateman, T. Hirai, and M. Marcuzzo eds. The Return to Keynes, p.148-165, Cambridge, Massachusetts and London: The Belknap Press of Harvard University Press, 2010.
- "Labour Productivity Superstatistics," Progress of Theoretical Physics Supplement, No.179, 2009. (with Hideaki Aoyama, Hiroshi Iyetomi and Yoshi Fujiwara).
- "Japan's Lost Decade: What Have We Learned and Where Are We Heading?," Asian Economic Policy Review, 2, p.186-203, 2007.
- "Stock Prices and the Real Economy: Power Law versus Exponential Distributions," Journal of Economic Interaction and Coordination, Vol., No.1, p.45-73, 2006. (with Masanao Aoki).
- "The Long Stagnation and Monetary Policy in Japan—— A Theoretical Explanation," in Monetary Policy and Unemployment —— The US, Euro-area, and Japan, Willi Semmler, p.133-165, London and New York: Routledge, 2005. (with Masanao Aoki and Toshihiro Shimizu).
- "Uncertainty, Policy Ineffectiveness, and Long Stagnation of the Macroeconomy," Japan and the World Economy, 2005.
- "The Role of Demand in Macroeconomics," Japanese Economic Review Vol. 54, No. 1, p.1-27, 2003.
- "Demand Creation/Saturation and Economic Growth," Journal of Economic Behavior and Organization, 48(2), 2002, p.127-154 (with M. Aoki).
- "Growth and Fluctuations: the Post-war Japanese Experience," in Lionello F. Punzo ed., Cycles, Growth and Structural Change, London:Routledge, 2001.
- "La Politique Économique Face À La Stagnation De L'Économie" Economie Internationale, 84-4, p.13-34, 2000.
- "Potential Growth Rate of the Japanese Economy" (in Japanese) Tokyo: Keizai Kenkyu, 50(3), p.228-237, July, 1999.
- "Causes of the Long Stagnation of Japan during the 1990's: Financial or Real?" Journal of the Japanese and International Economies, 13, p.118-200, 1999 (with T. Motonishi).
- "The Great Depression in Japan: Why Was It So Short?" in Trevor Dick ed., Business Cycles since 1820: New International Perspectives from Historical Evidence, Cheltenham: Edward Elgar, 1998 (with T. Iwami and T. Okazaki).
- "High Economic Growth and Its End in Japan: An Explanation by a Model of Demand-led Growth," in M. Okabe ed., The Structure of the Japanese Economy, London: Macmillan, 1995.
- "Monetary Policy and the Real Economy in Japan," in Kenneth Singleton ed., Japanese Monetary Policy, Chicago University Press, 1992.
- "On the Equilibrium Yen Dollar Rate," American Economic Review, 80(3), June 1990.
- "An Analysis of Female Labor Supply, Housing Demand and the Saving Rate in Japan," European Economic Review, 33, 1989 (with F. Ohtake).
- "Postwar Business Cycles in Japan: A Quest for the Right Explanation," Journal of Japanese and International Economies, 1(4), December 1987 (with F. Ohtake).
- "Financial Volatility and the q Theory of Investment," Economica, 53(209), February 1986 (with K. Ueda).
- "Demand-Supply Constraints and Inventory Stock in Macroeconomic Analysis," Economic Studies Quarterly, 35(3), December 1984.
- "On the Firms Short-run Quantity Adjustment: "q" Theory of Goods in Process," Economica, 49(195), August 1982.
- "Alternative Monetary Policies and Stability in a Stochastic Keynesian Model," International Economic Review, 22(3), October 1981.
- "On the ‘q’ Theory of Investment," American Economic Review, 70(4), September 1980.
Prizes and Awards
The Medal with Purple Ribbon, 2010
The UFJ Bank Monograph Award, 2002 (New York University)
Yomiuri-Yoshino Sakuzo Award, 2000 (Yomiuri Shimbun)
Economist Award, 1993 (Mainichi Shimbun)
Suntory Award, 1984
Nikkei Economic Book Award, 1984 (Nikkei Shimbun)
Japanese Economic Association, President (2002)
American Economic Association