Published Articles:

 

 

*        Uninsured countercyclical risk: an aggregation result and application to optimal monetary policy, Journal of the European Economic Association, forthcoming (with R. Anton Braun).

 

*        Collateral constraint and news-driven cycles, Macroeconomic Dynamics, forthcoming (with Keiichiro Kobayashi and Masaru Inaba).

 

*        Optimal monetary policy with imperfect unemployment insurance, Journal of Economic Dynamics and Control, 34, 365-387, 2010.

 

*        Liquidity trap and optimal monetary policy in open economies, Journal of the Japanese and International Economies, 22, 1-33, 2008.

 

*        Asset Price Fluctuations in Japan: 1980-2000, Japan and the World Economy, 20, 129-153, 2008.

 

*        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.

 

 

 

 

 

Working Papers:

 

 

*        Why prices donft respond sooner to a prospective sovereign debt crisis (with R. Anton Braun) (revised November 2011).

 

*        Systemic bank runs in a DSGE model (with Keiichiro Kobayashi).

 

*        Global liquidity trap (with Ippei Fujiwara, Nao Sudo, and Yuki Teranishi). (revised June 2011).

 

*        Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets (with Piero Gottardi and Atsushi Kajii). (revised May 2011).

 

*        Constrained inefficiency and optimal taxation under uninsurable risks (with Piero Gottardi@and Atsushi Kajii). (revised May 2011).

 

*        Making the case for a low intertemporal elasticity of substitution (with R Anton Braun). (revised October 2011).

 

*        Pareto optimal pro-cyclical Research and Development (with R Anton Braun).

 

*        Monetary equilibria in continuous time (with Herakles Polemarchakis).

 

*        Decline in the Capital-Output Ratios and the Great Depression.

 

*        Dynamic Programming without the Boundedness Assumption.