Ippei Fujiwara, PhD

Research

Interests

Applied Econometrics, International Finance, and Monetary Economics

Publications

1. A statistical forecasting method for inflation forecasting: Hitting every VAR and forecasting under model uncertainty, (with Maiko Koga) 2004, Monetary and Economic Studies 22 (1)
2. Output composition of the monetary policy transmission mechanism in Japan, 2004, B.E. Journals in Macroeconomics: Topics in Macroeconomics 4 (1)
3. The Japanese economic model: JEM, (with Naoko Hara, Yasuo Hirose and Yuki Teranishi) 2004, Monetary and Economic Studies 23 (2)
4. Is the central bank’s publication of economic forecasts influential? 2005, Economics Letters 89(3)
   -　the most downloaded article in Economics Letters during Oct.-Dec. 2005
5. Monetary Policy under the Zero Bound on Interest Rates: What Have We Learned and to What End, (with Naoko Hara, Naohisa Hirakata, Shinichiro Watanabe and Kentaro Yoshimura) 2005, International Finance 8(3)
6. Effectiveness of State Contingent Monetary Policy under the Liquidity Trap, (with Naoko Hara and Kentaro Yoshimura) 2006, Journal of the Japanese and International Economies 20(3)
7. Monetary Policy at the Zero Interest Bound: A Model Comparison Exercise, (with Peter McAdam and John Roberts) 2006, Journal of the Japanese and International Economies 20(3)
8. Evaluating Monetary Policy When Nominal Interest Rates Are Almost Zero, 2006, Journal of the Japanese and International Economies 20(3)
9. Is there a direct effect of money? Money’s role in an estimated monetary business cycle model of the Japanese economy, 2007, Japan and the World Economy 19(3)
10. Japanese Monetary Policy during the Collapse of the Bubble Economy: A View from Policy-Making under Uncertainty, (with Naoko Hara, Naohisa Hirakata, Takeshi Kimura, and Shinichiro Watanabe) 2007, Monetary and Economic Studies 25(2) 
11. A Dynamic New Keynesian Life-Cycle Model: Societal Aging, Demographics, and Monetary Policy,(with Yuki Teranishi), 2008, Journal of Economic Dynamics and Control 32(8)
12. Frontiers in Monetary Theory and Policy: Summary of 2008 International Confererence organized by the Institute for Monetary and Economics Studies of the Bank of Japan, (with Kazuo Fukuga, Ichiro Muto, Yosuke Shigemi and Wataru Takahashi), 2008, Monetary and Economic Studies 26
13. Dynamic Aspects of Productivity Spillovers, Terms of Trade and The "Home Market Effects, (with Naohisa Hirakata) , forthcoming, IMF Staff Papers
14. A Note on Growth Expectation, forthcoming, Macroeconomic Dynamics

Works in Progress

1. The Bubble, Overinvestment, Reduction in Working Hours, and the Lost Decade, (with Lawrence Christiano) - in Japanese
2. Global Impact of Chinese Growth, (with Keisuke Otsu and Masashi Saito)
3. Re-thinking Price Stability in an Economy with Endogenous Firm Entry: Real Imperfections under Product Variety
4. Real Exchange Rate Dynamics under Staggered Loan Contracts, (with Yuki Teranishi)
5. Financial Stability in Open Economies, (with Yuki Teranishi)
6. Can News be a Major Source of Aggregate Fluctuations? A Bayesian DSGE Approach, (with Yasuo Hirose and Mototsugu Shintani)
7. Optimal Monetary Policy and Endogenous Business Creation, (with Florin Bilbiie and Fabio Ghironi)
8. Global Liquidity Trap, (with Nao Sudo and Yuki Teranishi)
9. Global Liquidity Trap: A Simple Analytical Investigation, (with Nao Sudo and Yuki Teranishi)
10. Export Shocks and the Zero Bound Trap, (with Lawrence Christiano)

Software Components

• Expectation Shock Simulation with DYNARE, (with Heedon Kang) 2006, QM&RBC Codes 163

 Conference and Workshop Prensentations

Center for Financial Studies in Frankfurt: "Liquidity Risk: Rethinking Risk Management" (June, 2000), Osaka University in Osaka: "International Symposium on the Application of the Model" (October, 2002), ZEI in Bonn: "ZEI Summer School 2003 on Monetary Theory and Policy" (July, 2003), De Nederlandsche Bank in Amsterdam: "Dynamic General Equilibrium Models at Central Banks: Research and Applications" (September, 2003), Bank of Japan in Tokyo: "Recent Developments in Dynamic Macroeconomic Modelling - Exploring the Consequences of the Zero Nominal Interest Rate Floor" (May, 2004), Yonsei University in Seoul: "Far Eastern Meeting of the Econometric Society 2004" (July, 2004), ADB Institute in Tokyo: "NBER Japan Project Meeting" (August, 2004), Council of Foreign Relations in New York: "New Policy Thinking in Macroeconomics" (November, 2004), South African Reserve Bank in Pretoria: "Recent Developments in Macroeconomic Modelling" (September, 2005), Bank of Japan in Tokyo: "Economic Fluctuations in Japan in the 1990s" (November 2005), Federal Reserve Board in Washington DC: "DSGE Modeling in Policy Making Institutions: Progress and Prospects" (December, 2005), Kansai Institute for Social and Economic Research in Osaka: "Optimal Monetary Policy in Japan" (December, 2005), Reserve Bank of New Zealand in Wellington: "The Interface between Monetary Policy and Macro Modeling" (March, 2006), Bank of Finland in Helsinki: "Practical Issues in DSGE Modelling at Central Banks" (June, 2006), Bank of Canada in Ottawa: "Workshop on Commodity Price Issues" (July, 2006), Maison de Sciences Economiques in Paris: "Dynare Conference" (September, 2006), Osaka Gakuin University in Osaka: "Japanese Economic Association Meeting" (June 2007), Kobe University in Kobe: "5th Modern Monetary Economics Summer Institute (MME SI) in Kobe" (August, 2007), Bank for International Settlement in Basel: "Using DSGE Models for Forecasting and Policy Analysis in Central Banking" (September, 2007), Bank of Finland in Helsinki: "8th Annual Bank of Finland/CEPR Conference on Expectations and Business Cycle Dynamics" (November 2007), European Central Bank in Frankfurt: "Defining Price Stability: Theoretical Options and Practical Experience" (November, 2007), Reserve Bank of Australia in Sydney: "Research Workshop on Monetary Policy in Open Economies" (December, 2007), Institute for Monetary and Economic Studies, Bank of Japan in Tokyo: "Frontiers in Monetary Theory and Policy" (May, 2008), Tohoku University in Sendai: "Japanese Economic Association Meeting" (May 2008), Kinki University in Osaka: "Japanese Economic Association Meeting" (September 2008), Federal Reserve Bank of San Francisco in San Francisco: "2008 Annual Pacific Basin Conference" (September 2008), Hitotsubashi University in Tokyo: "The 10th Macroeconomics Conference" (December 2008), Hitotsubashi University in Tokyo: "The International Conference of Joint Research Study Group 'EU Economy' of EUIJ-Tokyo Consortium" (February 2009>), International Productivity Center in Kanagawa: "The 1^st Winter Institute of Macroeconomics" (February 2009), Federal Reserve Bank of Atlanta in Atlanta: "Quantitative Approaches to Monetary Policy in Open Economies" (May 2009), Kyoto University in Kyoto: "Japanese Economic Association Meeting" (June 2009), University of Tokyo in Tokyo: "2009 Far East and South Asia Meeting of Econometric Society" (August 2009 <planned>), Bank of Korea in Seoul: "Globalization and Optimal Monetary Policy" (September 2009 <planned>)

Seminar Prensentations

 Referees