Fields of Interest
- Monetary Policy
- Monetary Macroeconomics
- Banking
Working Papers (Work in Progress)
- "Inflation Targeting, Expectations Formation, and Macroeconomic Stability," Economic Society of Kansai University Working Paper Series, No. F-100, February 2022, pp. 1 - 31.
"Bank Herding, Size, and Financial Health: Evidence from Japanese Regional Banks," Economic Society of Kansai University Working Paper Series, No. F-99, January 2021, pp. 1 - 17.
- "Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information," with B. McGough, RISS Discussion Paper Series, No.79, November 2019, pp.1 - 40.
- Second version: Central Bank Communication Design Working Paper Series, No. 005, January 2019, pp. 1 - 48.
- First version: Economic Society of Kansai University Working Paper Series, No. F-88, November 2018, pp. 1 - 48.
- "Stable Sunspot Equilibria with Private Information," with B. McGough, Economic Society of Kansai University Working Paper Series, No. F-78, August 2016, pp. 1 - 18.
- "The Taylor Principle and Indeterminacy under a Financial Market Imperfection," Kansai University Working Paper, No.F-21, May 2006.
- "Optimal Monetary Policy in a Credit Economy," Kansai University Working Paper, No.F-19, June 2005.
Refereed Articles- "Bank Herding in Loan Markets: Evidence from Geographical Data in Japan," International Review of Finance, Vol. 22, Iss. 1, March 2022, pp. 72 - 89. (Top downloaded article, 2022)
- Earlier version: Research Center of Socionetwork Strategies Discussion Paper Series (Kansai University), No.71, October 2008.
- "Learnability of an Equilibrium with Private Information," Journal of Economic Dynamics and Control, Vol. 59, October 2015, pp. 58 - 74.
- Second version: Kansai University Working Paper, No. F-68, June 2014.
- First version: Kansai University Working Paper, No. F-42, March 2010.
- "Learnability of an Equilibrium with Private Information," Journal of Economic Dynamics and Control, Vol. 59, October 2015, pp. 58 - 74.
- Earlier version: Research Center of Socionetwork Strategies Discussion Paper Series (Kansai University), No.71, October 2008.
- "Bank Herding in Loan Markets: Evidence from Geographical Data in Japan," International Review of Finance, Vol. 22, Iss. 1, March 2022, pp. 72 - 89. (Top downloaded article, 2022)
- "The Economic Impact of Herd Behavior in the Japanese Loan Market," with H.Oiwa & F.Takeda, Pacific-Basin Finance Journal, Vol. 20, Iss. 4, September 2012, pp. 600 - 613.
- Earlier version: Kansai University Working Paper, No. F-43, April 2010.
- "Herd Behavior by Japanese Banks after Financial Deregulation," with H.Uchida, Economica, Vol.78, Iss.312, October 2011, pp.618 - 636.
- Third version: Research Center of Socionetwork Strategies Discussion Paper (Kansai University), No. 69, August 2008.
- Second version: Center on Japanese Economy Business Working Paper (Columbia University), No. 257, December 2007.
- First version: "Herd Behavior in the Japanese Bank Lending Market since the 1980s," unpublished, May 2007.
- "Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data," with H.Uchida, Journal of Financial Intermediation, Vol. 16, No. 4, October 2007, pp.555 - 583.
- Earlier version: Kansai University Working Paper, No.F-16, July 2004.
- "Transmission Mechanism of Monetary Policy in Japan: An Empirical Approach using Macroeconomic Data during 1977 - 1999," Journal of Economics and Business Administration (Kobe University), Vol.185, No.3, March 2002, pp.1 - 20 (in Japanese).
- "The Controllability of High-powered Money and Market Operations in Japan," Review of Monetary and Financial Studies, No.17, March 2001, pp.38 - 48 (in Japanese) (unpublished version).
- "Lending Channel of Monetary Policy in Japan," JSRI Journal of Financial and Securities Markets, No.13, May 1998, pp.107 - 131 (in Japanese) (unpublished version).
- "Market Operations by Monetary Policy in Japan: Theoretical and Empirical Analysis," Kyoto University Economic Review, Vol.160, No.4, October 1997, pp.41 - 61 (in Japanese).
- "Japanese Monetary Policy during 1981 - 1985: An Relationship with Exchange
Rates," Kyoto University Economic Review, Vol.158, No.5, November 1996, pp.25 - 45 (in Japanese).
Books - "Chapter 5 Money Demand, " in Uchida,S. and K.Nishiwaki eds., Modern Monetary Theory, Keiso Shobo, Japan, October 2002 (in Japanese).
- (Translation) Cargill,T.F., "Chapter 2 What Caused Japan's Banking
Crisis?" in Hoshi,T. and H.Patrick eds., Crisis and Change in the Japanese Financial System, translated by Y.Tsutsui et al., Nihon Keizai Shinbunsha, Japan, May 2001
(in Japanese).
Non-refereed Articles- "Equilibrium Indeterminacy under Forward-Looking Interest Rate Rules," Kansai University Review of Economics, No. 21, March 2019, pp. 1 - 10.
- "Herd Behavior by Insurance Companies in the Japanese Loan Market," Kansai University Economic Review (Economic Society of Kansai University), Vol. 68, No. 2, September 2018, pp. 1 - 25. (in Japanese)
- WP version: Kansai University Working Paper Series, No. J-29, July 2010, pp. 1 - 28.
- WP version: Kansai University Working Paper Series, No. J-29, July 2010, pp. 1 - 28.
- "Herd Behavior by Regional Banks in the Japanese Loan Market," Yu-cho Shisan Kenkyu, Vol.17, September 2010, pp.91 - 105. (in Japanese)
- Earlier version: Daiginkyo Forum Papers and Proceedings, No.13, February 2009, pp.70 - 88. (in Japanese)
- "Interest Rate Elasticity of Aggregate Demand under a Financial Market Imperfection," St. Andrew’s University Economic and Business Review, Vol.51, No.2, February 2010, pp.7 - 28 (in Japanese).
- "Herd Behavior in the Japanese Loan Market: Evidence from Semi-Macro Data," with H.Uchida, Kansai University Review of Economics, No.10, March 2008.
- DP version: Wakayama University Working Paper, No.03-02, February 2003.
- "Monetary Policy Rules in a Credit Economy," Kyoto University Economic Review, Vol.176, No.2, August 2005, pp. 38 - 58 (in Japanese).
- "Herd Behavior by Regional Banks in Japan," in Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Public Finance and the Behavior by Japanese
Banks, Firms, and Households (Gendai Nippon no Kin-yu System: Kouteki Kin-yu to Ginko, Kigyo, Kakei
no Koudou), Chapter 6, Postal Savings Promotion Society, June 2004, pp.137 - 154 (in Japanese).
- "Banks' Balance Sheets and the Effectiveness of Monetary Policy,"
in Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Behavior by Financial Institutions and Public Assistance (Gendai Nippon no Kin-yu System: Kin-yu Kikan Koudou to Kouteki Shien),
Chapter 3, Postal Savings Promotion Society, June 2003, pp. 43 - 57 (in Japanese).
- "Herd Behavior by Japanese Banks: Empirical Analysis," in Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Analysis on Some Issues under Financial Restructuring
in Japan (Gendai Nippon no Kin-yu System: Kin-yu Saihensei ka no Shomondai to sono
Bunseki), Chapter 7, Postal Savings Promotion Society, May 2002, pp. 215 - 236 (in Japanese).
- "Non-performing Assets of Banks and Monetary Policy," Portfolio Risk and Public Regulations, with Tsutsu, Y., Y.Maeda, and H.Uchida, Kinki Regional Bureau of Postal Services, Ministry of Posts and Telecommunications, March 2002, pp.1 - 20 (in Japanese).
- "Banking Profit, Business Cycle, and the Effectiveness of Monetary Policy," Reports on Sponsored Researches Regarding Postal Savings, Chugoku Regional Bureau of Postal Services, the Ministry of Posts and Telecommunications, November 30, 2001, pp.1 - 25 (in Japanese).
- "Credit Economy and the Role of Banks," Hiroshima University of Economics Economic Review, Vol.23, No.3, December 2000, pp.67 - 81 (in Japanese).
- "Effectiveness of Monetary Policy, Banking Profit, and Capital," Hiroshima University of Economics Economic Review, Vol.23, No.2, September 2000, pp.105 - 119 (in Japanese).
- "Why is `the Reserve Progressive Ratio` so Important in the Japanese Monetary Policy?," Hiroshima University of Economics Economic Review, Vol.23, No.1, June 2000, pp.1 - 15 (in Japanese).
- "Japanese Foreign Exchange Rate Intervention in the early 1980s," Kyoto University Economic Studies, No.11, July 1996, pp.1 - 19 (in Japanese).
- "<Summary of Master's Theses> Japanese Monetary Policy in the early 1980s: An Relationship with Exchange Rates," Okayama Economic Review, Vol.27, No.1, June 1995, pp.227 - 229 (in Japanese).
Book Review - "Fukao,M. and H.Yoshikawa eds., Zero Interest Rate and Japanese Economy, Nihon Keizai Shinbunsha, 2000," Review of Monetary and Financial Studies, No.21, December 2004 (in Japanese).
Doctoral Dissertation - Essays on the Transmission Mechanism of Monetary Policy: Theoretical and
Empirical Analysis, Faculty of Economics, Kyoto University, September 2001.
Conference Presentations - "Stability of Sunspot Equilibria under Adaptive Learning with Imperfect
Information,"
- North American Summer Meeting of the Econometric Society, Seattle, June 27, 2019.
- Summer Workshop on Economic Theory (SWET), Hokkaido University, August 4, 2018.
- "Stable Sunspot Equilibria with Private Information,"
- 31st Annual Congress of the European Economic Association & 69th European Meeting of the Econometric Society, Geneva, August 22 -- 26, 2016.
- Midwest Macro Meetings Spring 2016, Purdue University, May 21, 2016.
- Royal Economic Society, University of Sussex, March 21, 2016.
- Monetary Economics Workshop, Osaka University, December 20, 2014.
- "Learnability of an Equilibrium with Private Information,"
- Western Economic Association International 90th Annual Conference, Hilton Hawaiian Village Waikiki Beach Resort, Honolulu, Hawaii, July 1, 2015.
- Macro Group Workshop, University of Oregon, January 31, 2014.
- "Learnability of Heterogeneous Misspecification Equilibrium,"
- Royal Economic Society 2012 Annual Conference, University of Cambridge, March 27, 2012.
- 2011 Asian Meeting of the Econometric Society, Korea University, Seoul, August 13, 2011.
- European Economic Association 25th Annual Congress, University of Glasgow, Glasgow, August 23 - 26, 2010.
- Western Economic Association International 85th Annual Conference, Hilton Portland & Executive Tower, Portland, June 29 - July 3, 2010. (Two papers presented)
- Japanese Economic Association 2010 Spring Meeting, Chiba University, Chiba, June 6, 2010.
- Canadian Economic Association 44th Annual Conference, Le Petit Seminaire de Quebec, Quebec City, May 28, 2010.
- Western Economic Association International 85th Annual Conference, Hilton Portland & Executive Tower, Portland, June 29 - July 3, 2010.
- Semiannual Meeting of the Japan Society of Monetary Economics, Chuo University, Tokyo, May 15, 2010.
- Frontier of Financial and Behavioral Economics Research (sponsored by Ritsumeikan University Research Center for Finance & Monetary Economics Workshop), Breeze Plaza, Osaka, March 25, 2010.
- Western Economic Association International 86th Annual Conference, San Diego Marriott Marquis & Marina, San Diego, California, July 1, 2011.
- Yu-cho Foundation 3rd Conference for the Research Grant Program, Mielparque Tokyo, Tokyo, February 9, 2010.
- 26th Daiginkyo Forum, Osaka Bankers' Association, Osaka, February 19, 2009.
- Econometric Society Australasian Meeting 2009, Australian National University, Canberra, July 10, 2009.
- Western Economic Association International 8th Biennial Pacific Rim Conference, Ryukoku University, Kyoto, March 24-27, 2009.
- Daiginkyo Forum, Osaka Bankers' Association, Osaka, February, 2009.
- Monetary Economics Workshop, Osaka, December 13, 2008.
- Research Center of Socionetwork Strategies Workshop, Osaka, November 15, 2008.
- Financial System Workshop, Osaka, September 25, 2008.
- 3rd International Symposium on Economic Theory, Policy and Applications, Athens Institute for Education and Research, Athens, Greece, August 4, 2008.
- "Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s," with H.Uchida,
- 2008 Far Eastern and South Asian Meeting of the Econometric Society, Singapore Management University, Singapore, July 18, 2008.
- Kansai Meeting of the Japan Society of Monetary Economics, Kobe University, Kobe, May 24, 2008.
- Australasian Meeting of the Econometric Society, University of Queensland, Brisbane, 4 July 2007.
- Center on Japanese Economy and Business Discussion Group, Columbia University, 19 April 2007.
- Macro Lunch Workshop, Columbia Business School, New York, 17 October 2006.
- Australasian Meeting of the Econometric Society, Alice Springs, 6 July 2006.
- Monetary Economics Workshop, Osaka University, Osaka, 24 June 2006.
- 4th Research Conference on Modern Economic Policy, “Desirable Monetary Policy in Contemporary Japan,” Kansai Institute for Social and Economic Research, Osaka, December 17-18, 2005.
- "Optimal Monetary Policy in a Credit Economy,"
- Semiannual Meeting of the Japanese Economic Association, Chuo University, Tokyo, September 17, 2005.
- Financial System Workshop, Osaka, July 23, 2005.
- Kansai Meeting of the Japan Society of Monetary Economics, Osaka Bankers' Association, Osaka, July 15, 2005.
- Monetary Economics Workshop, Osaka University, April 16, 2005.
- "Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data," with H.Uchida,
- Semiannual Meeting of the Japanese Economic Association, Okayama University, Okayama, September 25, 2004.
- Kan-dai Economics Workshop, Kansai University, Osaka, July 13 , 2004.
- Australasian Meeting of the Econometric Society, Monash University, Melbourne, July 7, 2004.
- Far Eastern Meeting of the Econometric Society, Yonsei University, Seoul, July 1, 2004.
- Monetary Economics Workshop, Osaka University, June 26, 2004.
- Financial System Workshop, Osaka, April 24, 2004.
- "Herd Behavior between Different Types of Banks in Japan," with H.Uchida, Semiannual Meeting of the Japanese Economic Association, Hiroshima University, Hiroshima, October 12, 2002.
- "Portfolio risk and public regulations", with Tsutsu, Y., Y.Maeda, and H.Uchida, 42nd Kansai Meeting at Kinki Regional Bureau of Postal Services, the Ministry of Posts and Telecommunications, Osaka, March 14, 2002.
- Monetary Economics Workshop, Osaka University, December 15, 2001.
- Semiannual Meeting of the Japan Society of Monetary Economics, Fukushima University, Fukushima, September 29, 2001.
- Financial System Workshop, Osaka, May 12, 2001.
- 18th Financial Issues Meeting at Chugoku Regional Bureau of Postal Services, the Ministry of Posts and Telecommunications, Hiroshima, December 3, 2001.
- Semiannual Meeting of the Japanese Economic Association, Yokohama City University, Yokohama, May 13, 2000.
- "The transmission mechanism of monetary policy in Japan: An empirical approach
using macroeconomic data during 1977-1999,"
- Semiannual Meeting of the Japan Society of Monetary Economics, Keio University, Tokyo, May 26, 2001.
- Monetary Economics Workshop, Osaka University, February 24, 2001.
- Financial System Workshop, Osaka, July 22, 2000.
- "The controllability of high-powered money and market operations in Japan," Financial System Workshop, Osaka, October 30, 1999.
- "Monetary policy, banking profit, and lending,"
- Monetary Economics Workshop, Osaka University, October 9, 1999.
- Financial System Workshop, Osaka, June 26, 1999
- Semiannual Meeting of the Japan Society of Monetary Economics, Meiji University,
Tokyo, May 29, 1999.
- "Lending channels for monetary policy in Japan,"
- Financial System Workshop, Osaka, June 27, 1998.
- 4th Daiginkyo Forum, Osaka Bankers' Association, Osaka, February 2, 1998.
- "Lending channels for monetary policy in Japan,"
- "Monetary policy and bank lending," Semiannual Meeting of the Japan Society of Monetary Economics, Hokkaido University, Sapporo, November 2, 1997.
- "Mechanism of money market based on `the BOJ principle`: The impact of `reserve progressive ratio`," Semiannual Meeting of the Japanese Economic Association, Shiga University, Shiga, May 17, 1997.
- Conference Discussant
-
- Semiannual Meeting of the Japan Society of Monetary Economics, Hiroshima University, October 12, 2008.
- Association of Behavioral Economics and Finance, Osaka University Nakanoshima Center, December 16, 2007.
- Kan-dai Economics Workshop, Kansai University, July 13, 2006.Semiannual Meeting of the Japanese Economic Association, Fukushima University, June 3, 2006.
- Semiannual Meeting of the Japan Society of Monetary Economics, Osaka University, October 8, 2005.
- International Conference on IT and Financial Systems in the 21st Century, Hitotsubashi University, March 18, 2005.
- Kan-dai Economics Workshop, Kansai University, July 14, 2005.
- Semiannual Meeting of the Japanese Economic Association, Okayama University,September 26, 2004.
- Semiannual Meeting of the Japan Society of Monetary Economics, Kanagawa University, May 25, 2004.
- Semiannual Meeting of the Japan Society of Monetary Economics, Shiga University,October 25, 2003.
- Semiannual Meeting of the Japan Society of Monetary Economics, Kwansei Gakuin University, November 23, 2002.
