All Refereed and Published Works

• (with Kazuyuki Inagaki) "Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection," Macroeconomic Dynamics, 29, e65, Jan., 2025.
       On-line Appendix
       Another Version: Working on Europe Paper Series, No. 1/2023, Jan., 2023.
       Another Version: BCAM Working Paper Series, No. 2005, Nov., 2020.
       Slides
       Technical Appendix
• (with Masataka Eguchi) "The Effects of a Money-financed Fiscal Stimulus in a Small Open Economy," IMF Economic Review, 72, Sep., 2024, 1212-1237.
        Appendix
        Another Version: Dynare Working Paper Series, No. 70, Sep., 2021.
        Technical Appendix
        Dynare Source
• (with Kazuyuki Inagaki, Masataka Eguchi) "Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint," Journal of International Financial Markets, Institutions and Money, 91, Mar., 2024, 101953.
        Appendix
        Technical Appendix
        Another Version: BCAM Working Paper Series, No. 1901, May, 2019.
        Another Version: The Society of Economics, Nagoya City University Discussion Paper Series, No. 611, Feb., 2017. [Third Best Paper for The Best Paper Award in The 19th Eurasia Business and Economics Society Conference, Eurasia Business and Economics Society (EBES)]
• (with Masataka Eguchi) "The Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies," Eurasian Economic Review, 10, Jan., 2020, 361-392.
       [Best Paper for The Best Paper Award in The 26th Eurasia Business and Economics Society Conference, Eurasia Business and Economics Society (EBES)]
• (with Masashige Hamano) "Inflation Stabilization and Default Risk in a Currency Union," Macroeconomic Dynamics, 22, Oct., 2018, 1790-1807.
        Another Version: Understanding Persistent Deflation in Japan Working Paper Series, No. 46, Sep., 2014.
• (with Tae-Seok Jang) "Productivity Shocks and Monetary Policy in a Two-Country Model," Frontiers of Economics in China, 10, Mar., 2015, 7-37.
        Another Version: Dynare Working Papers Series, No.29, Dec., 2013.　
• "How Important is Fiscal Policy Cooperation in a Currency Union?"Journal of Economic Dynamics and Control, 38, Jan., 2014, 266-286.
       Technical Appendix
       Another Version: EUSI Working Paper Series, No. E-2010-02, Jun., 2010.
• (with Masataka Eguchi, Hiroshi Gunji and Tomomi Miyazaki) "Optimal Monetary Policy in an Estimated Local Currency Pricing Model," Advances in Econometrics, 28, Nov., 2012, 39-79.
       Another Version: IER Discussion Paper Series, No. A 558, Jan., 2012.
       Another Version: EUSI Working Paper Series, No. E-2010-03, Dec., 2010.
       Technical Appendix
• (with Eiji Ogawa) "Sovereign Risk in the Euro Zone and Monetary Policy," Global Journal of Economics, 1, Oct., 2012, 1-30.
        Another Version: EUSI Working Paper Series, No. E-2012-02, May, 2012.
• "Optimal Monetary and Fiscal Policy in a Currency Union with Nontradables," Macroeconomics and Finance in Emerging Market Economies, 3, Mar., 2010, 1-23.
• "Has Inflation Targeting Improved Social Welfare in Practice?," Applied Economics Letters, 3, Jan., 2008, 23-26.
• "Inflation--Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan," Journal of Asian Economics, 18, Feb., 2007, 98-124.
• "The Choice of the Inflation Rate as a Target in an Economy with Pricing to Market," Japan and the World Economy, 19, 2007年1月, 48-67.
• "An Empirical Analysis of the Social Welfare Brought about by Inflation Targeting: The Case of the U.K. (in Japanese)," The Economic Analysis [Keizai Bunseki], 175, Mar., 2005, 81-104.
• "Pricing-to-market and Inflation Targeting (in Japanese)," Review of Monetary and Financial Studies [Kin’yu Keizai Kenkyu], 21, Dec., 2004, 68-91.
• "Nominal Exchange Rate Targeting and Inflation targeting in a Small Open Economy (in Japanese)," The Hitotsubashi Review [Hitotsubashi Ronso], 129 (5), May, 2003, 175-200.