Yuichiro Waki's Web Page

Research Interests

Macroeconomics, Public Economics, and Monetary Policy

Publication

  • "Monetary Policy during Japan's Lost Decade," with R. Anton Braun, 2006, The Japanese Economic Review, Vol. 57. No. 2, pp.324-344. -CIRJE working paper version

    Abstract: We develop a quantitative costly price adjustment model with capital formation for the Japanese Economy. The model respects the zero interest rate bound and is calibrated to reproduce the nominal and real facts from the 1990s. We use the model to investigate the properties of alternative monetary policies during this period. The setting of the long-run nominal interest rate in a Taylor rule is much more important for avoiding the zero bound than the setting of the reaction coefficients. A long-run interest rate target of 2.3 percent during the 1990s avoids the zero bound and enhances welfare.

    • Working Paper

  • "On the Size of the Fiscal Multiplier When the Nominal Interest Rate is Zero" with R. Anton Braun, 2010. Draft coming soon.

    Abstract:

  • "Computing Dynamic Optimal Mechanisms When Hidden Types Are Markov," with Kenichi Fukushima, 2009.

    Abstract: We consider a canonical dynamic mechanism design problem in which the agent's hidden type follows a Markov chain with a potentially large state space. We first show how the problem can be solved numerically with moderate costs when the Markov chain belongs to a special class we identify, and then argue that this class is flexible enough for the method to be useful in quantitative applications.