Research Interest
Banking, Unconventional Monetary Policy, Uncertainty, Japanese Economy, Religious Economics


Articles in Refereed Journals

• Identifying Quantitaive and Qualitative Monetary Policy Shocks (with Masahiko Shibamoto
  and Koji Takahashi), 2024, International Journal of Central Banking, Vol.20, 1-61.

• Psychological Motivation for Collective Behavior: Comparison between Japan and U.S.
  (with Shinichi Hirota and Yoshiro Tsutsui), 2023, Mind & Society, Vol.22, 103-128.

• The Time Has Come for Banks to Say Goodbye: New Evidence on Bank's Roles and Duration
  Effects in Relationship Terminations (with Koji Takahashi), 2020, Journal of Banking and
  Finance, Vol.115, 105813.

• The Real Effects of Bank-driven Termination of Relationships: Evidence from Loan-level
  Matched Data (with Koji Takahashi), 2018, Journal of Financial Stability, Vol.39, 46-65.

• An Econometric Evaluation of Bank Recapitaliztion Programs with Bank- and Loan-level Data,
  2016, Journal of Banking and Finance, Vol.63, 1-24.

• On the Comparison of Alternative Specifications for Money Demand: The Case of Extremely
  Low-interest Rate Regimes in Japan (with Makoto Saito), 2012, Journal of the Japanese and
  International Economies, Vol.26, 454-471.

• An Extremely Low Interest Rate Policy and the Shape of the Japanese Money Demand Function:
  A Nonlinear Cointegration Approach, 2009, Macroeconomic Dynamics, Vol.13, 553-579,
  data and program codes.

• Credit Spreads on Corporate Bonds and Macroeconomy in Japan (with Makoto Saito),
  2009, Journal of the Japanese and International Economies,Vol.23, 309-331.

• On Empirical Implications of Highly Interest-elastic Money Demand: A Note (with Makoto Saito),
  2009, Hitotsubashi Journal of Economics, Vol.50, 29-34.

• Ideal and Real Japanese Monetary Policy: A Comparative Analysis of Actual and Optimal Policy
  Measures, 2008, The Japanese Economic Review, Vol.59, 345-369.

• The Bank of Japan's Operating Procedures and the Identification of the Monetary Policy Shocks:
  A Reexamination Using the Bernanke-Mihov Approach, 2006, Journal of the Japanese and
  International Economies, Vol.20, 406-433.

Proceedings

• Cash Usage Tredns in Japan: Evidence Using Aggregate and Household Survey Data
  (with Hiroshi Fujiki), 2021, Conference Volume International Cash Conference 2019
  Deutsche Bundesbank:Cash in the Age of Diversity, 188-217.

Books (Japanese-language)

• Deflation and Financial Problems in Japan, 2007, (in Japanese: Nihon no Deflation to Kinyu),
  Kyoto, Japan: Koyo Corp.

Work in Progress

• Uncertainty and Investment-Cash Flow Insensitivity: Evidence on Cautionary Channel
  (with Masayo Kani).

• The Impacts of Strengthening Regulatory Surveillance on Bank Behavior: A Dynamic Analysis
  from Incomplete to Complete Enforcement of Capital Regulation in Microprudential Policy
  (with Toshiaki Ogawa).

• The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet Risk
  and Lending Behavior (with Koji Takahashi).

• Credit Allocation and Real Effects of Negative Interest Rates: New Micro-Evidence from Japan
  (with Koji Takahashi).

• Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending
  (with Masahiko Shibamoto and Koji Takahashi).

• The Interaction Effects in a Nonlinear Specification of Bank Lending: A Replication and
  Reexamination of the Peek and Rosengren (2005) Results on "Unnatural Selection"
  (with Hitoshi Inoue and Koji Takahashi).

• Global Risk, Risk Aversion and Japan's Exobinant Duty (with Koji Aoki and Koji Takahashi).
  

Awards

• Daiginkyo Forum Awards 2009 (from Osaka Bankers Association)

Research

"The awareness of the ambiguity of one's highest achievements
as well as one's deepest failures is a definite symptom of maturity"
－ Paul Tillich

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