Publications (Refereed Journals)
Journal of Economic Dynamics and Control, 115, June 2020, 103883. [WP Version]
I quantitatively investigate capital income taxation using a general-equilibrium heterogeneous-agent model with housing.
with Irina A. Telyukova, International Economic Review, 61(2), May 2020, pp. 573-616. Third prize, Networks Financial Institute Competition for best paper in financial services regulatory reform, 2011. [WP Version]
We show that explicitly considering housing assets is important in accounting for the observed slow decumulation of savings among U.S. retirees.
with Irina A. Telyukova, Journal of Finance, 72(2), April 2017, pp. 911-950. [WP Version].
We build a structural model of retirees' decision of purchasing a reverse mortgages loan (RML), and explore the reasons behind its low take-up.
Journal of Public Economics, 45, January 2017, pp. 42-64. [WP Version]
I study welfare implications of the 2005 U.S. Bankruptcy Law Reform, using a life-cycle equilibrium model in which individuals with and without temptation coexist.
with Shigeru Fujita, Review of Economic Dynamics, 22, October 2016, pp. 1-20. [WP Version]
We study joint behavior of worker flows and job flows in a multiple-worker firm search and matching model.
Journal of Monetary Economics, 59(7), November 2012, pp. 686-702. [WP Version]
Media coverage by Wall Street Journal, among others.
I find that the significant UI benefit extensions during the Great Recession raised the unemployment rate by 1.4 percentage points, using a calibrated structural model with labor market frictions and consumption-saving decision.
Quantitative Economics, 3(2), July 2012, pp. 257-288. [WP Version]
Using a calibrated general-equilibrium model with temptation preferences, I show that individuals with temptation suffer from over-borrowing when borrowing constraint is relaxed, while the model without temptation implies welfare gain from the same change.
International Economic Review, 53(2), May 2012, pp. 399-432. [WP Version]
I study cyclical properties of unemployment and vacancies in the standard incomplete-market RBC model with labor market search and matching frictions.
with Satyajit Chatterjee, Dean Corbae, and Jose-Victor Rios-Rull, Econometrica, 75(6), November 2007, pp. 1525-1589 (lead article). [WP Version] [Supplementary Materials]
We build a general-equilibrium incomplete-market model in which households smooth consumption by borrowing unsecured credit and occasionally defaulting.
Publications (Book Chapters and Others)
with Yuuto Iwasaki, Nao Sudou, Fumitaka Nakamura, Bank of Japan IMES Discussion Paper, in Japanese.
We review emerging recent literature of HANK (Heterogeneous-Agent New-Keynesian) models.
with Irina A. Telyukova, in Contemporary Issues in Microeconomics, J. E. Stiglitz and M. Guzman, eds., Palgrave Macmillan, December 2015.
We collect facts about asset decumulation after retirement in European countries, and find that the U.K., and Southern and Central Europe exhibit slow decumulation like the U.S., while retiees in Northern Europe spend down their wealth faster.
with Jose-Victor Rios-Rull, in Frontiers in Applied General Equilibrium Modeling, in Honor of Herbert Scarf, edited by Timothy J. Kehoe, T. N. Srinivasan, and J. Whalley, eds., Cambridge University Press, January 2005.
We introduce aggregate uncertainty to the model with unsecured credit and default, and investigate business cycle proeprties of the model.