Makoto Nakajima

Hi! I am an economist specialized in macroeconomics and computational methods, with emphasis on how economic policies affect diverse individuals differently and thus interact with inequality. At the Federal Reserve Bank (FRB) of Philadelphia, I am Vice President and Economist, and Head of the Monetary and Macroeconomics Section of the Research Department. I am also affiliated with Opportunity and Inclusive Growth Institute (OIGI) of FRB Minneapolis, and Human Capital and Economic Opportunity (HECO) Global Working Group, at University of Chicago.

[December 2023] "Monetary Policy with Racial Inequality" is R&R at American Economic Journal: Macroeconomics. Slightly older version available as FRB Minneapolis Opportunity and Inclusive Growth Institute (OIGI) Working Paper No.70.
[December 2023] "Medical Expenses and Saving in Retirement: The Case of U.S. and Sweden" (joint with Irina Telyukova) is conditionally accepted at American Economic Journal: Macroeconomics.
[June 2021] New version of "Doves for the Rich, Hawks for the Poor? Distributional Consequences of Systematic Monetary Policy" is out. Also available as FRB Minneapolis Opportunity and Inclusive Growth Institute (OIGI) Working Paper No.50
[December 2020] "Baby Boomers vs. Millennials Through Monetary Policy?" is published in the FRB Philadelphia Economic Insights, Fourth Quarter 2020.
[October 2020] Working paper "Consumption and Saving during the Pandemic" is posted.
[June 2020] I am preparing for the JHANK package, for solving and simulating Heterogneous-Agent New-Keynesian (HANK) models (relativley) easily. Once it is ready, I will post the package and instructions at JHANK page.