Fields of Interest

• Monetary Policy
• Monetary Macroeconomics
• Banking

Working Papers (Work in Progress)

1. "Inflation Targeting, Anchoring of Expectations, and the Stability of the Liquidity Trap," Economic Society of Kansai University Working Paper Series, No. F-106, August 2024, pp. 1–28.
   • First version: "Inflation Targeting, Expectations Formation, and Macroeconomic Stability," RISS Discussion Paper Series, No. 104, November 2022, pp. 1–38.
   • Second version: Economic Society of Kansai University Working Paper Series, No. F-100, February 2022, pp. 1–31.
2. "Social Norm on Prices and the Stability of the Liquidity Trap," (in Japanese) Economic Society of Kansai University Working Paper Series, No. J-63, August 2024, pp. 1–15.
   • First version: Collection of Research Papers for Osaka Bankers Association Forum, No. 28, February 2024.
3. "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. SSRN
   • Earlier version: "Herd Behavior by Regional Banks," unpublished, February 2010.
4. "Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information," with B. McGough, RISS Discussion Paper Series, No. 79, November 2019, pp. 1–40.
   • Third version: Central Bank Communication Design Working Paper Series, No. 005, January 2019, pp. 1–48.
   • Second version: Economic Society of Kansai University Working Paper Series, No. F-88, November 2018, pp. 1–48.
   • First version: "Stable Sunspot Equilibria with Private Information," Economic Society of Kansai University Working Paper Series, No. F-78, August 2016, pp. 1–18.
5. "The Taylor Principle and Indeterminacy under a Financial Market Imperfection," Economic Society of Kansai University Working Paper Series, No. F-21, May 2006. SSRN

Refereed Articles

1. "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) Publisher
   • Earlier version: "Herd Behavior by Japanese Banks in Local Financial Markets," Research Center of Socionetwork Strategies Discussion Paper Series (Kansai University), No. 71, October 2008. PDF
2. "Learnability of an Equilibrium with Private Information," Journal of Economic Dynamics and Control, Vol. 59, October 2015, pp. 58–74. Publisher
   • WP version: Economic Society of Kansai University Working Paper Series, No. F-68, June 2014. PDF
   • First version: "Learnability of Heterogeneous Misspecification Equilibrium," unpublished, February 1, 2012. SSRN Supplementary
   • Earlier version: Economic Society of Kansai University Working Paper Series, No. F-42, March 2010. SSRN
3. "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. Publisher
   • WP version: Economic Society of Kansai University Working Paper Series, No. F-43, April 2010. PDF
4. "Herd Behavior by Japanese Banks after Financial Deregulation," with H. Uchida, Economica, Vol. 78, Iss. 312, October 2011, pp. 618–636. Publisher
   • Third version: RCSS Discussion Paper (Kansai University), No. 69, August 2008. PDF
   • Second version: Center on Japanese Economy & Business WP (Columbia University), No. 257, December 2007. SSRN
   • First version: "Herd Behavior in the Japanese Bank Lending Market since the 1980s," unpublished, May 2007. PDF
5. "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. Publisher
   • Earlier version: Economic Society of Kansai University Working Paper Series, No. F-16, July 2004. PDF
6. "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). Repository
7. "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).
8. "Lending Channel of Monetary Policy in Japan," JSRI Journal of Financial and Securities Markets, No. 13, May 1998, pp. 107–131 (in Japanese).
9. "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). Repository
10. "Japanese Monetary Policy during 1981–1985: A Relationship with Exchange Rates," Kyoto University Economic Review, Vol. 158, No. 5, November 1996, pp. 25–45 (in Japanese). Repository

Books

1. "Chapter 5: Money Demand," in Uchida, S. and K. Nishiwaki eds., Modern Monetary Theory, Keiso Shobo, Japan, October 2002 (in Japanese).
2. (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, Bulletins & Commissioned Research

1. "Equilibrium Indeterminacy under Forward-Looking Interest Rate Rules," Kansai University Review of Economics, No. 21, March 2019, pp. 1–10.
   • WP version: Economic Society of Kansai University Working Paper Series, No. F-39, June 2009. PDF
2. "Herd Behavior by Security Companies in the Japanese Loan Market," The Economic Review of Kansai University, Vol. 68, No. 2, September 2018, pp. 1–25 (in Japanese).
   • WP version: "Herd Behavior by Insurance Companies in the Japanese Loan Market," Economic Society of Kansai University Working Paper Series, No. J-29, July 2010. PDF
3. "Herd Behavior by Regional Banks in the Japanese Loan Market," Yu-cho Shisan Kenkyu, Vol. 17, September 2010, pp. 91–105 (in Japanese). PDF (also in Daiginkyo Forum Papers and Proceedings, No. 13, February 2009, pp. 70–88.)
4. "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).
5. "Herd Behavior in the Japanese Loan Market: Evidence from Semi-Macro Data," with H. Uchida, Kansai University Review of Economics, No. 10, March 2008, pp. 25–49.
   • DP version: Wakayama University Working Paper, No. 03-02, February 2003. PDF
6. "Monetary Policy Rules in a Credit Economy," Kyoto University Economic Review, Vol. 176, No. 2, August 2005, pp. 142–162 (in Japanese). Repository
   • WP version: "Optimal Monetary Policy in a Credit Economy," Economic Society of Kansai University Working Paper Series, No. F-19, June 2005. PDF
7. "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, Postal Savings Promotion Society, June 2004, pp. 137–154 (in Japanese).
   • DP version: Financial System Workshop Discussion Paper, No. 2004-06, June 2006. PDF
8. "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, Postal Savings Promotion Society, June 2003, pp. 43–57 (in Japanese).
   • DP version: Financial System Workshop Discussion Paper, No. 2003-03, June 2003. PDF
9. "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, Postal Savings Promotion Society, May 2002, pp. 215–236 (in Japanese).
   • DP version: Financial System Workshop Discussion Paper, No. 2002-07, June 2002. PDF
10. "Non-performing Assets of Banks and Monetary Policy," with Y. Tsutsui, Y. Maeda, and H. Uchida, Portfolio Risk and Public Regulations, Kinki Regional Bureau of Postal Services, March 2002, pp. 1–20 (in Japanese). PDF
11. "Banking Profit, Business Cycle, and the Effectiveness of Monetary Policy," Reports on Sponsored Researches Regarding Postal Savings, Chugoku Regional Bureau of Postal Services, November 30, 2001, pp. 1–25 (in Japanese). PDF
12. "Optimal Monetary Policy Rule in a Credit Economy," in Kawaguchi, S. and A. Furukawa eds., Japanese Financial System: Analysis and Evidence on the Credit Economy, Postal Savings Promotion Society, June 2001, pp. 193–213 (in Japanese).
13. "Credit Economy and the Role of Banks," Hiroshima University of Economics Economic Review, Vol. 23, No. 3, December 2000, pp. 67–81 (in Japanese).
14. "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).
15. "Why is 'the Reserve Progressive Ratio' so Important in Japanese Monetary Policy?," Hiroshima University of Economics Economic Review, Vol. 23, No. 1, June 2000, pp. 1–15 (in Japanese).
16. "Japanese Foreign Exchange Rate Intervention in the early 1980s," Kyoto University Economic Studies, No. 11, July 1996, pp. 1–19 (in Japanese).
17. "<Summary of Master's Thesis> Japanese Monetary Policy in the early 1980s: A Relationship with Exchange Rates," Okayama Economic Review, Vol. 27, No. 1, June 1995, pp. 227–229 (in Japanese).

Other: "Learnability of Heterogeneous Misspecification Equilibrium," Newsletter (Hitotsubashi University Center for Price Studies), No. 11, November 2010, p. 3 (in Japanese); "What is the Economy?," Asahi Family, Hanshin edition, February 12, 2010 (in Japanese).

Book Review

1. "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, pp. 135–137 (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

"Inflation Targeting, Anchoring of Expectations, and the Stability of the Liquidity Trap"

• Yu-cho Foundation 18th Research Grant Program Conference (online), August 20, 2024.
• Economic Society of Kansai University 40th Summer Meeting, Kansai University, July 17, 2024.
• Monetary Economics Workshop, Osaka Sangyo University, March 17, 2024.
• 56th Osaka Bankers Association Forum, Osaka, February 15, 2024.

"Inflation Targeting, Expectations Formation, and the Stability of REE"

• Japanese Economic Association 2022 Spring Meeting, Yokohama National University, May 29, 2022.

"Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information" (with B. McGough)

• North American Summer Meeting of the Econometric Society, Seattle, June 27, 2019.
• SWET: Summer Workshop on Economic Theory, Hokkaido University, August 4, 2018.
• Monetary Economics Workshop, Doshisha University, June 18, 2018.

"Stable Sunspot Equilibria with Private Information"

• Faculty Work in Progress Seminar, London School of Economics and Political Science, London, February 27, 2017.
• 31st Annual Congress of the European Economic Association & 69th European Meeting of the Econometric Society, Geneva, August 2016.
• Midwest Macro Meetings Spring 2016, Purdue University, May 2016.
• Royal Economic Society, University of Sussex, March 2016.
• Monetary Economics Workshop, Osaka University, December 2014.

"Learnability of an Equilibrium with Private Information"

• Western Economic Association International 90th Annual Conference, Honolulu, Hawaii, July 2015.
• Macro Group Workshop, University of Oregon, January 2014.

"Learnability of Heterogeneous Misspecification Equilibrium"

• Royal Economic Society 2012 Annual Conference, University of Cambridge, March 2012.
• 2011 Asian Meeting of the Econometric Society, Korea University, Seoul, August 2011.
• European Economic Association 25th Annual Congress, University of Glasgow, August 2010.
• Western Economic Association International 85th Annual Conference, Portland, June–July 2010 (two papers presented).
• Japanese Economic Association 2010 Spring Meeting, Chiba University, June 2010.
• Canadian Economic Association 44th Annual Conference, Quebec City, May 2010.

"The Economic Impact of Herd Behavior in the Japanese Loan Market"

• Western Economic Association International 85th Annual Conference, Portland, June–July 2010.
• Semiannual Meeting of the Japan Society of Monetary Economics, Chuo University, Tokyo, May 2010.
• Frontier of Financial and Behavioral Economics Research, Breeze Plaza, Osaka, March 2010.

"Herd Behavior by Regional Banks"

• Western Economic Association International 86th Annual Conference, San Diego, July 2011.
• Yu-cho Foundation 3rd Conference for the Research Grant Program, Tokyo, February 2010.
• 26th Daiginkyo Forum, Osaka Bankers' Association, February 2009.

"Herd Behavior by Japanese Banks in Local Financial Markets"

• Econometric Society Australasian Meeting 2009, Australian National University, Canberra, July 2009.
• Western Economic Association International 84th Annual Conference, Vancouver, June 2009.
• Western Economic Association International 8th Biennial Pacific Rim Conference, Ryukoku University, Kyoto, March 2009.
• Monetary Economics Workshop, Osaka, December 2008.
• Research Center of Socionetwork Strategies Workshop, Osaka, November 2008.
• Financial System Workshop, Osaka, September 2008.
• 3rd International Symposium on Economic Theory, Policy and Applications, Athens, Greece, August 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, July 2008.
• Kansai Meeting of the Japan Society of Monetary Economics, Kobe University, May 2008.
• Australasian Meeting of the Econometric Society, University of Queensland, Brisbane, July 2007.
• Center on Japanese Economy and Business Discussion Group, Columbia University, April 2007.

"The Taylor Principle and Indeterminacy under a Financial Market Imperfection"

• Macro Lunch Workshop, Columbia Business School, New York, October 2006.
• Australasian Meeting of the Econometric Society, Alice Springs, July 2006.
• Monetary Economics Workshop, Osaka University, June 2006.
• 4th Research Conference on Modern Economic Policy, Kansai Institute for Social and Economic Research, Osaka, December 2005.

"Optimal Monetary Policy in a Credit Economy"

• Semiannual Meeting of the Japanese Economic Association, Chuo University, Tokyo, September 2005.
• Financial System Workshop, Osaka, July 2005.
• Kansai Meeting of the Japan Society of Monetary Economics, Osaka, July 2005.
• Monetary Economics Workshop, Osaka University, April 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, September 2004.
• Kan-dai Economics Workshop, Kansai University, July 2004.
• Australasian Meeting of the Econometric Society, Monash University, Melbourne, July 2004.
• Far Eastern Meeting of the Econometric Society, Yonsei University, Seoul, July 2004.
• Monetary Economics Workshop, Osaka University, June 2004.
• Financial System Workshop, Osaka, April 2004.

Earlier presentations (1997–2002)

• "Herd Behavior between Different Types of Banks in Japan" (with H. Uchida), Japanese Economic Association, Hiroshima University, October 2002.
• "Portfolio Risk and Public Regulations" (with Tsutsui, Maeda & Uchida), 42nd Kansai Meeting, Osaka, March 2002.
• "Optimal Rule of Monetary Policy in a Credit Economy," Monetary Economics Workshop (Osaka Univ., Dec 2001); JSME, Fukushima University, September 2001; Financial System Workshop, Osaka, May 2001.
• "Banking Profit, Business Cycle, and the Effectiveness of Monetary Policy," 18th Financial Issues Meeting, Hiroshima, December 2001; JEA, Yokohama City University, May 2000.
• JSME, Keio University, May 2001; Monetary Economics Workshop, Osaka University, February 2001; Financial System Workshop, Osaka, July 2000.
• "The Controllability of High-powered Money and Market Operations in Japan," Financial System Workshop, Osaka, October 1999.
• "Monetary Policy, Banking Profit, and Lending," Monetary Economics Workshop (Osaka Univ., Oct 1999); Financial System Workshop, Osaka, June 1999; JSME, Meiji University, May 1999.
• "Lending Channels for Monetary Policy in Japan," Financial System Workshop, Osaka, June 1998; 4th Daiginkyo Forum, Osaka, February 1998.
• "Monetary Policy and Bank Lending," JSME, Hokkaido University, November 1997.
• "Mechanism of the Money Market based on 'the BOJ Principle': The Impact of 'Reserve Progressive Ratio'," JEA, Shiga University, May 1997.

Conference Discussant

• Semiannual Meeting of the Japanese Economic Association, Kobe University, October 12–13, 2019.
• Semiannual Meeting of the Japan Society of Monetary Economics, Kobe University, September 25, 2010.
• Western Economic Association International 85th Annual Conference, Portland, Oregon, June 30, 2010.
• Tokyo Meeting of the ESRI International Collaboration Project 2009 "Promoting DSGE Model," Tokyo International Forum, March 9, 2010 (to S. Adjemian & M. Juillard).
• Western Economic Association International 84th Annual Conference, Vancouver, June 30, 2009.
• Western Economic Association International 8th Biennial Pacific Rim Conference, Ryukoku University, Kyoto, March 24, 2009.
• Semiannual Meeting of the Japan Society of Monetary Economics, Hiroshima University, October 2008.
• Association of Behavioral Economics and Finance, Osaka University Nakanoshima Center, December 2007.
• Kan-dai Economics Workshop, Kansai University, July 2006.
• Semiannual Meeting of the Japanese Economic Association, Fukushima University, June 2006.
• Semiannual Meeting of the Japan Society of Monetary Economics, Osaka University, October 2005.
• International Conference on IT and Financial Systems in the 21st Century, Hitotsubashi University, March 2005.
• Kan-dai Economics Workshop, Kansai University, July 2005.
• Semiannual Meeting of the Japanese Economic Association, Okayama University, September 2004.
• Semiannual Meeting of the Japan Society of Monetary Economics, Kanagawa University, May 2004.
• Semiannual Meeting of the Japan Society of Monetary Economics, Shiga University, October 2003.
• Semiannual Meeting of the Japan Society of Monetary Economics, Kwansei Gakuin University, November 2002.

Grants & Awards

• Research Grant, Yu-cho Foundation, Japan, July 2023 – June 2024.
• Special Award & Grant for Studies in Economics and Finance, Osaka Bankers Association, December 2022 – December 2023.
• KAKENHI (No. 20K01556), Japan Society for the Promotion of Science, April 2020 – March 2024.
• Research Grant, Murata Science Foundation, June 2019.
• Research Grant, Ishii Memorial Securities Research Promotion Foundation, October 2016 – March 2018.
• KAKENHI (No. 15K03372), Japan Society for the Promotion of Science, April 2015 – March 2019.
• Research Grant, Murata Science Foundation, September 2013.
• Assistance Program for Visiting Fellows, Nomura Foundation for Academic Promotion, September 2013.
• KAKENHI (No. 23530234), Japan Society for the Promotion of Science, April 2011 – March 2015.
• Research Grant, Zengin Foundation for Studies on Economics and Finance, December 2010 – June 2011.
• Assistance Program for Visiting Fellows, Nomura Foundation for Academic Promotion, Spring 2010.
• Research Grant, Postal Life Insurance Foundation (Kampo Zaidan), July 2009 – June 2010.
• Research Grant, Ishii Memorial Securities Research Promotion Foundation, October 2008 – March 2010.
• Research Grant, Yu-cho Foundation, August 2008 – July 2009.
• KAKENHI (No. 20730139), MEXT, April 2008 – March 2011.
• Contract Research in Promotion of Joint Research on Humanities and Social Science, MEXT, August 2008 – March 2009.
• Assistance Program for Visiting Fellows, Nomura Foundation for Academic Promotion, Spring 2008.
• Special Award & Grant for Studies in Economics and Finance, Osaka Bankers Association, December 2007 – December 2008.
• Research Grant, Zengin Foundation for Studies on Economics and Finance, October 2007 – September 2008.
• Research Grants, Postal Savings Promotion Society (MPT), multiple years, 1998 – 2007.
• Grants for Specific Faculties, Hiroshima University of Economics, 1999 – 2003.
• Special Contract Research, Kinki & Chugoku Regional Bureaus of Postal Services (MPT), 2000 – 2001.
• Research Grants, Zengin Foundation for Studies on Economics and Finance, 1998 – 1999, 2001 – 2002.
• Grand Prix & Grant for Studies in Economics and Finance, Osaka Bankers Association, December 1997 – December 1998.

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