Published Papers:

• “Universal Gravity” — Journal of Political Economy (2020), with Treb Allen and Costas Arkolakis
• “An Experiment on a Multi-Period Beauty Contest Game” — Experimental Economics (2025), with Nobuyuki Hanaki
• “Robustly Optimal Voting Rule” — Journal of Economic Theory (2026), with Noriaki Kiguchi and Shinpei Noguchi

Working Papers:

• “The Race between Political Power and Economic Growth: A Political Theory of Capital Taxation” (2026), with Ryo Arawatari and Naoki Takayama
• “Accounting for Japan’s Fertility Decline: Education, Marriage, and Childbearing” (2026), with Naoki Takayama and Takashi Unayama
• “Does Expected Inflation Matter? Evidence from Japanese Value-Added Tax Hikes” (2024), with Naoki Takayama
• “Global Technology Stagnation” (2024), with Naoki Takayama
• “Hidden Stagflation” (2024), with Naoki Takayama
• “Anchoring Inflation Expectation” (2020), with Lawrence Christiano

Papers in Japanese:

• “Trends in Completed Fertility by Educational Attainment in Japan: A New Method for Measuring Demographic Outcomes Using Population Census Microdata” (2026), with Takashi Unayama and Naoki Takayama
  “日本の学歴別完結出生率の動向：国勢調査の個票データを用いた人口指標の新たな計測方法” RIETI Discussion Paper 26-J-032. See our paper listed under Working Papers for the expanded analysis written in English.
• “Has Intensive Parenting Spread in Japan? A Cohort Analysis of Parental Time and Expenditure on Children” (2026), with Takashi Unayama and Naoki Takayama
  “日本で徹底的な子育ては広がったのか：育児時間と育児費用のコーホート分析” RIETI Discussion Paper 26-J-040.
  The empirical results of this paper will be subsumed into our paper on a structural analysis of fertility decline.

Works in Progress

• “A Limit on Monetary Policy: Theory and Experimental Evidence”, with Nobuyuki Hanaki and Naoki Takayama
• “Excess Returns of Integrated Government Balance Sheet”
• “The Corporate Saving Glut in Japan”
• “The Real Macroeconomics of Japanese Stagnation”
• “Downward Nominal Wage Rigidity: Theory and Evidence from Japanese Cotton Spinning Industry During WW1”
• “The Rise in Markup or the Slowdown of Technology Progress? Evidence from PC Market”

Other Publication

• “A Parsimonious Model for Zero Inflation at the Zero Lower Bound.” Economics Letters 02/2025, Volume 247, with Naoki Takayama
  The order of Figures 1 and 2 should be reversed. Refer to this working paper version for clarification.