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Research Director Tsutomu WATANABE

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Tsutomu WATANABE

Professor, Graduate School of Economics, The University of Tokyo

[Research Themes]

Expertise

  • Monetary policy
    Inflation dynamics
    Corporate finance

Columns/Papers link

Columns & Papers TOP

Profile

Education

  • 1992.03 Harvard University, Ph.D., Economics
  • 1988.06 Harvard University, M.A., Economics
  • 1982.03 The University of Tokyo, B.A., Economics

Career

  • 2011.04 - present Professor, Graduate School of Economics, The University of Tokyo
  • 2011.01 - present Research Director, The Canon Institute for Global Studies
  • 2009.05 - 2010.12 Visiting Research Fellow, The Canon Institute for Global Studies
  • 2008 - present Research Associate, Center on Japanese Economy and Business, Columbia Business School, Columbia University
  • 2008 - Editor, Hitotsubashi Journal of Economics
  • 2006 - Associate Editor, International Journal of Central Banking
  • 2006 - 2010 Project Leader, Research Project titled "Inflation Dynamics in the Japanese Economy: An Approach Integrating Microeconomic Behaviors and Aggregate Fluctuations," Japan Society for the Promotion of Science.
  • 2004 Visiting Professor, Bocconi Univeristy
  • 2002.01 - 2011 Professor, Institute of Economic Research, Hitotsubashi University
  • 2001 - present Faculty Fellow, Research Institute of Economy, Trade and Industry
  • 2000 Visiting Associate Professor, Kyoto University
  • 1999.04 - 2001.12 Associate Professor, Institute of Economic Research, Hitotsubashi University

Papers

  • [1]“Housing Prices and Rents in Tokyo: A Comparison of Repeat-Sales and Hedonic Measures” (with C. Shimizu and K. G. Nishimura) Research Center for Price Dynamics Working Paper Series No.41, May 2009
  • [2]“A Statistical Analysis of Product Prices in Online Markets” (with T. Mizuno) Research Center for Price Dynamics Working Paper Series No.40, May 2009
  • [3]“The Bursting of Housing Bubble as Jamming Phase Transition” (with K. Nishinari, Y. Saito, M. Iwamura) Research Center for Price Dynamics Working Paper Series No.39, May 2009
  • [4]“The Firm as a Bundle of Barcodes” (with K. Sakai) Research Center for Price Dynamics Working Paper Series No.38, May 2009
  • [5]“A New Method for Identifying the Effects of Central Bank Interventions” (with Chih-nan Chen and Tomoyoshi Yabu), Research Center for Price Dynamics Working Paper Series No.30, January 2009.
  • [6]“Residential Rents and Price Rigidity: Micro Structure and Macro Consequences” (with Chihiro Shimizu and Kiyohiko G.Nishimura), Research Center for Price Dynamics Working Paper Series No.29, December 2008.
  • [7]“Dynamics of Quote and Deal Prices in the Foreign Exchange Market,” (with T. Ohnishi, H. Takayasu, T. Ito, Y. Hashimoto, M. Takayasu) Journal of Economic Interaction and Coordination, Volume 3, Number 1, June 2008, 99-106.
  • [8]“Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability. (with Yuko Hashimoto, Takatoshi Ito, Takaaki Ohnishi, Misako Takayasu, Hideki Takayasu) NBER Working Paper 14160, July 2008.
  • [9]“Firm Age and the Evolution of Borrowing Costs: Evidence from Japanese Small Firms,” (with Koji Sakai and Iichiro Uesugi), PIE/CIS Discussion Paper Series No. 354, March 2008.
  • [10]“Menu Costs and Price Change Distributions: Evidence from Japanese Scanner Data,” (with Y. Saito) Research Center for Price Dynamics Working Paper Series No.17, December 2007,
  • [11]“Do Larger Firms Have More Interfirm Relationships?” (with Y. Saito, M. Iwamura,) Physica A, Vol. 383, Issue 1, September 2007, 158-163.
  • [12]“The Great Intervention and Massive Money Injection: The Japanese Experience 2003-2004,” (with T. Yabu), Research Center for Price Dynamics Working Paper Series No.12, June 2007.
  • [13]“Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004,” (with Mitsuru Iwamura and Takeshi Kudo) In Monetary Policy with Very Low Inflation in the Pacific Rim, NBER-EASE Volume 15, edited by Takatoshi Ito and Andrew Rose, 233-273, 2006.
  • [14]“Massive Money Injection in an Economy with Broad Liquidity Services: The Japanese Experience 2001-2006,” (with M. Iwamura and S. Shiratsuka) Research Center for Price Dynamics Working Paper Series No.1, November 2006.
  • [15]“Fiscal Policy Switching: Evidence from Japan, US, and UK,” (with A. Ito and T. Yabu) Research Center for Price Dynamics Working Paper Series No.2, November 2006.
  • [16]“Optimal Monetary Policy at the Zero Interest Rate Bound: The Case of Endogenous Capital Formation,” (with T. Takamura and T. Kudo), Research Center for Price Dynamics Working Paper Series No.3, November 2006.
  • [17]“Characteristic Market Behaviors Caused by Intervention in Foreign Exchange Market,” (with T. Mizuno, Y. Saito, H. Takayasu) In Practical Fruits of Econophysics: Proceedings of the Third Nikkei Econophysics Symposium, edited by H. Takayasu, 2005, Springer, 33-37.
  • [18]“Are Firm Growth Rates Random? Evidence from Japanese Small Firms,” (with Y. Saito) In Practical Fruits of Econophysics: Proceedings of the Third Nikkei Econophysics Symposium, edited by H. Takayasu, 2005, Springer, 277-282.
  • [19]“Optimal Monetary Policy at the Zero-Interest-Rate Bound,” (with J. Taehun and Y. Teranishi) Journal of Money, Credit, and Banking 37 (5), October 2005, 813-835.
  • [20]“Tax policy and consumer spending: Evidence from Japanese Fiscal Experiments,” (with Katsunori Watanabe, Takayuki Watanabe) Journal of International Economics 53, 2001, pp.261-281.
  • [21]“Output-inflation Tradeoff at Near-zero Inflation Rates,” (with K. Nishizaki) Journal of the Japanese and International Economies 14, 2000, 304-326.