Takeki Sunakawa

Employment

2022- Hitotsubashi University, Graduate School of Economics, Associate Professor (with tenure)

2020-2022 Hitotsubashi University, Graduate School of Economics, Assistant Professor

2016-2020 Kobe University, Center for Social Systems Innovation, Project Associate Professor

2014-2016 The University of Tokyo, Graduate School of Public Policy, Project Assistant Professor

2005-2014 Bank of Japan, Economist

2023- Bank of Japan, Institute of Monetary and Economic Studies, Part-time Researcher

2024- The University of Tokyo, Graduate School of Economics, Specially Appointed Researcher

Education

2012 The Ohio State University, PhD Economics

2005 The University of Tokyo, MA Economics

2003 The University of Tokyo, BA International Relations

Publications

A Measure of Monthly State-level Output in Japan. (joint with Daisuke Fujii and Taisuke Nakata) Conditionally accepted at Japanese Economic Review, September 2024.

Tax-and-Transfer Progressivity and Business Cycles. (joint with Youngsoo Jang and Minchul Yum) Quantitative Economics, 14(4), 1367-1400, November 2023.

Credible Forward Guidance. (joint with Quentin Batista and Taisuke Nakata) Journal of Economic Dynamics and Control, 153, 104699, August 2023.

The Natural Rate of Interest in a Nonlinear DSGE Model. (joint with Yasuo Hirose) International Journal of Central Banking, 19(1), 301-339, March 2023.

Applying the Explicit Aggregation Algorithm to Heterogeneous Agent Models in Continuous Time. (joint with Masakazu Emoto) Economics Letters, 206, 109940, September 2021.

A Promised Value Approach to Optimal Monetary Policy. (joint with Timothy Hills and Taisuke Nakata) Oxford Bulletin of Economics and Statistics, 83(1), 176-198, February 2021.

Applying the Explicit Aggregation Algorithm to Heterogeneous Macro Models. Computational Economics, 55(3), 845-874, March 2020.

Sustainable International Monetary Policy Cooperation. (joint with Ippei Fujiwara and Timothy Kam) Journal of Economic Dynamics and Control, 106, 103721, September 2019.

Financial Frictions, Capital Misallocation, and Structural Change. (joint with Naohisa Hirakata) Journal of Macroeconomics, 61, 103127, September 2019.

Review of Solution and Estimation Methods for Nonlinear DSGE Models with the Zero Lower Bound. (joint with Yasuo Hirose) Japanese Economic Review, 70(1), 51-104, January 2019.

On Two Notions of Imperfect Credibility in Optimal Monetary Policies. (joint with Ippei Fujiwara and Timothy Kam) Economics Letters, 174, 22-25, January 2019.

Optimal Monetary Policy with Labor Market Frictions: The Role of the Wage Channel. Journal of Money, Credit and Banking, 47(6), 1119-1147, September 2015.

A Quantitative Analysis of Optimal Sustainable Monetary Policies. Journal of Economic Dynamics and Control, 52, 119-135, March 2015.

Inflation Dynamics and Labor Market Specifications: A Bayesian Dynamic Stochastic General Equilibrium Approach for Japan’s Economy. (joint with Hibiki Ichiue and Takushi Kurozumi) Economic Inquiry, 51(1), 273-287, January 2013.

Efficiency in a Search and Matching Model with Right-to-Manage Bargaining. Economics Letters, 117(3), 679-682, December 2012.

Working Papers

COVID-19 and Suicide in Japan. (joint with Quentin Batista, Daisuke Fujii, and Taisuke Nakata) June 2022.

Speed Limit Policy and Liquidity Traps. (joint with Sebastian Schmidt, Taisuke Nakata and Paul Yoo) October 2021. Revision requested from Journal of Money, Credit, and Banking.

Parameter Bias in an Estimated DSGE Model: Does Nonlinearity Matter? (joint with Yasuo Hirose) CAMA Working Paper Series 46/2015, November 2015.

Sustainable Pricing in a Durable Goods Monopoly. May 2012.

Work in Progress

Fiscal Inflation in Japan: The Role of Unfunded Fiscal Shocks.

The Optimal Quantity of CBDC in Japan. (joint with Junko Ishikawa and Meylis Orazov)

Monetary Policy and Labor Market Participation. (joint with Kazuhiro Teramoto and Francesco Zanetti)

A Business Cycle Assessment of Joint Taxation of Married Couples (joint with Minchul Yum)

Conditional Equivalence of Inversion filter and Kalman filter in Estimating DSGE Models (joint with Elnura Baiaman kyzy and Hiroyuki Kubota)

Invited Seminars

2024 University of Queensland, Australian National University

2020 University of Tokyo, Hosei University, Osaka University (x2)

2019 University of Queensland, Bank of Japan (x2), Hitotsubashi University (x2), Kansai University, National University of Singapore

2018 Federal Reserve Board, Australian National University, University of Mannheim, Shanghai University of Economics and Finance

2017 Goethe University Frankfurt, Sophia University, University of Oxford, University of Kent, Queen Mary University of London, European Central Bank, Federal Reserve Board, Federal Reserve Bank of Cleveland

2016 Institute of Statistical Research (Tokyo), Australian National University, Kobe University, Paris School of Economics, Banque de France, University of Mannheim, University of Glasgow

2015 Nagoya University, Tohoku University, Kobe University, The Ohio State University, University of Tokyo, Kyoto University

2014 University of Tokyo, Senshu University

2013 Shinshu University, University of Tsukuba, Hitotsubashi University

2012 University of Kent

2011 The Canon Institute for Global Studies, Kansai University, Bank of England

Conference Presentations

2024 International Conference on Computing in Economics and Finance (Singapore), Asian Meeting of the Econometric Society (Ho Chi Minh City), Summer Workshop on Economic Theory (Sapporo), Japanese Economic Association Fall Meeting (Fukuoka)

2023 Japanese Economic Association Spring Meeting (Virtual), Sogang Macro Workshop (Seoul), The Annual Dynare Conference (Malta)

2022 International Conference on Econometrics and Statistics (Kyoto), Japan Society of Monetary Economics Fall Meeting (Virtual)

2021 Japanese Economic Association Spring Meeting (Virtual, invited), Annual SAET Conference (Virtual), International Conference on Computational and Financial Econometrics (Virtual)

2019 Midwest Macroeconomics Meetings (Athens), International Conference on Computing in Economics and Finance (Ottawa), Workshop of the Australian Macroeconomics Society (Hobart)

2018 Workshop for Heterogeneous Macro Models (Kyoto), Japanese Economic Association Fall Meeting (Himeji, invited), Asian Meeting of the Econometric Society (Seoul), The Annual Dynare Conference (Frankfurt)

2017 ASSA Annual Meeting (Chicago, poster session), Workshop for Monetary Policy When Heterogeneity Matters (Paris), T2M conference (Lisbon), Workshop for Heterogeneous Macro Models (Kobe), International Conference on Computing in Economics and Finance (New York City), The End of the Year Conference at CIGS

2016 Australasia Meeting of the Econometric Society (Sydney), The Annual Dynare Conference (Rome), Midwest Macroeconomics Meetings (Kansas City)

2015 The International Conference of Macroeconomics and Policy at GRIPS, Meiji University Conference of Economics, Econometric Society World Congress (Montreal), Japan Society of Monetary Economics Fall Meeting (Tohoku), The End of the Year Conference at CIGS

2014 Summer Workshop on Economic Theory (Otaru), The Annual Dynare Conference (Paris)

2013 North American Summer Meeting of the Econometric Society (Los Angeles), International Conference on Computing in Economics and Finance (Vancouver), Asian Meeting of the Econometric Society (Singapore), The DSGE Conference (Kyoto)

2012 Royal Economic Society Annual Conference (Cambridge), Midwest Economic Theory Meetings (Bloomington)

2011 North American Summer Meeting of the Econometric Society (St. Louis), International Conference on Computing in Economics and Finance (San Francisco), Asian Meeting of the Econometric Society (Seoul), European Meeting of the Econometric Society (Oslo)

2010 International Conference on Computing in Economics and Finance (London), Institute on Computational Economics at University of Chicago, Econometric Society World Congress (Shanghai), The Congress of the European Economic Association (Glasgow)

2009 Midwest Macroeconomics Meetings (Bloomington), Far East and South Asia Meeting of the Econometric Society (Tokyo)

2007 Japanese Economic Association Spring Meeting (Osaka)

Grants

2024-2026 Grant-in-Aid for Scientific Research (KAKENHI) for Scientific Research (C), Project Number 24K04856 (Principle Investigator). “On the effect of monetary and fiscal policies on households’ labor market participation.”

2023-2026 Grant-in-Aid for Scientific Research (KAKENHI) for Fostering Joint International Research, Project Number 23KK0223 (Principle Investigator). “On the effect of monetary and fiscal policies on households’ labor market participation.”

2021-2024 Grant-in-Aid for Scientific Research (KAKENHI) for Scientific Research (C), Project Number 21K01480 (Principle Investigator). “Normative and Positive Analysis of Forward Guidance by Central Banks.”

2021-2025 Grant-in-Aid for Scientific Research (KAKENHI) for Scientific Research (B), Project Number 21H00704 (Co-Investigator). “Macroeconomic Analysis in the Era of Yield Curve Control.” (Principle Investigator: Etsuro Shioji)

2021-2023 Grant-in-Aid for Scientific Research (KAKENHI) for Scientific Research (B), Project Number 21H00705 (Co-Investigator). “The Interaction between Fiscal and Monetary Policies.” (Principle Investigator: Toshitaka Sekine)

2018-2022 Grant-in-Aid for Scientific Research (KAKENHI) for Young Scientists, Project Number 18K12743 (Principle Investigator). “Solution and estimation methods on nonlinear DSGE models.”

2016-2017 Leading Initiative for Excellent Young Researchers (LEADER). Distinguished scholar under 40 selected and funded by Ministry of Education, Culture, Sports, Science and Technology (MEXT) of Japanese Government.

2016 Nomura Foundation Grant-in-Aid.

2016 The Banque de France Fellowship. “The zero lower bounds on nominal interest rates for Japanese economy.”

2016 Murata Science Foundation Grant-in-Aid.

2016 Japan Center for Economic Research Grant-in-Aid. “The zero lower bounds on nominal interest rates for Japanese economy.”

2015 Seimeikai Fund. “The interaction between microeconomic behavior of firms and macroeconomic fluctuations.”

2015-2017 Grant-in-Aid for Scientific Research (KAKENHI) for Scientific Research (A), Project Number 15H01939 (Co-Investigator). “International Policy Cooperation after the Global Financial Crisis.” (Principle Investigator: Tomoyuki Nakajima)

2015-2018 Grant-in-Aid for Scientific Research (KAKENHI) for Young Scientists (B), Project Number 15K20918 (Principle Investigator). “The interaction between microeconomic behavior of firms and macroeconomic fluctuations.”

2014 Zengin Foundation Grant-in-Aid for Studies on Economics and Finance. “Optimal sustainable monetary policies.”

Refereeing and other services

Referee for

Economic Inquiry; German Economic Review; Japan and the World Economy; Japanese Economic Review; Journal of Economic Dynamics and Control (x4); Journal of International Money and Finance; Journal of Japanese and International Economies (x2); Journal of Macroeconomics (x2); Journal of Money, Credit and Banking (x2); Macroeconomic Dynamics (x2); Oxford Bulletin of Economics and Statistics; Singapore Economic Review.

Organizing international workshops

“Workshop for Monetary Policy When Heterogeneity Matters,” February 2017 (Paris, joint with Florin Bilbiie, Paris School of Economics).

“Workshop for Heterogeneous Macro Models,” June 2017 (Kobe) and January 2018 (Kyoto, joint with Shuhei Takahashi, Kyoto University).

Others

TCER fellow. UTEcon Advisor.

External Examiner of Ph.D. Thesis, Research School of Economics, Australian National University.

Teaching

Note: Classes are taught in Japanese otherwise indicated.

2022- Undergraduate Seminar (for junior and senior), Graduate Seminar (for M.A. and Ph.D.)

2022- Intermediate Macroeconomics (graduate), Hitotsubashi University

2020 Advanced Macroeconomics (Ph.D. core, graduate), Hitotsubashi University (in English)

2020- Special Topics in Macroeconomics A, B (graduate), Hitotsubashi University (in English)

2020- Macroeconomics I, II (undergraduate), Hitotsubashi University

2018 Quantitative Methods for Monetary Economics (graduate), University of Mannheim (in English)

2017-2019 Quantitative Methods for Monetary Economics (graduate), Kobe University (in English)

2017-2019 International Finance (undergraduate), Kobe University

2015-2017 Macroeconomics for Public Policy, Graduate School of Public Policy, The University of Tokyo (in English)

2015-2017 Principles of Macroeconomics, Graduate School of Public Policy, The University of Tokyo (in English)

2015 Advanced Macroeconomics, Tohoku University