Research Interest

My specializations are in Monetary Economics based on Dynamic Stochastic General Equilibrium (DSGE) models, Money and Banking, and Monetary Policy. My current research agenda are follows:
1) Estimation of trend inflation in Japan based on Regime-Switching DSGE model
2) Embedding firm and bank’s balance sheets in a New Keynesian DSGE framework
3) Characterizing the optimal monetary policy when the nominal interest rates are bounded at zero
4) Empirical analysis of banking sector’s net interest margin and profit margin based on firm survey data

Education and Positions

Education:

Ph.D. (Economics), The Ohio State University, Columbus, 2002
M.A. (Economics), The Ohio State University, Columbus, 1998
B.A. (Liberal Arts), International Christian University, Tokyo, 1997

Professional Experiences:

• Professor, Graduate School of Economics, Kobe University, 2017 to present
• Associate Professor, Graduate School of Economics and Management, Tohoku University, 2011 to 2017
• Research Fellow, Economic and Social Research Institute, Cabinet Office, 2010 to 2011
• Senior Analyst, Bank of Canada, 2005 to 2010
• Economist, Institute for Monetary and Economic Studies, Bank of Japan, 2002 to 2005

Lectures and Seminars

Teaching Experience

Monetary Economics:
The main purpose of monetary economics is to understand inflation in the economy and how monetary policy can affect inflation. Also, it is important to understand the relationship between inflation and GDP. In this sense, monetary economics is very closely related to macroeconomics and monetary policy. The level of this course is set comparable to those taught in master’s courses at U.S. economics graduate schools. However, I will try to make the course accessible to undergraduate students as well. The topics in this course may include the followings:

• Introduction to Monetary Economics
• Stylized facts about Inflation and Money
• Ramsey Model
• Money-in-the-Utility Model
• Cash-in-Advance Model
• Introduction to New Keynesian DSGE Model
• Money in the Short-run: Nominal Price and Wage Rigidities
• Theory of Optimal Monetary Policy
• Discretionary Policy and Time Inconsistency
• Optimal Commitment Rule
• Monetary Policy and Zero Lower Bound

Seminars (Undergraduate)

Undergraduate seminar will be mainly taught in Japanese. Thus, students who seek to take this undergraduate seminar are required to be proficient in Japanese. However, if you would like to collaborate with Japanese students, this undergraduate seminar will be an ideal place. In this seminar, third-year students are required to form a team and engage in some research projects for one year. They are strongly advised to present their work at workshops such as the Bank of Japan Grand Prix, WEST Research Workshop, and Three Commercial Universities Seminar (with Hitotsubashi University and Osaka City University). Fourth-year students are required to engage in a research project individually and ultimately they need to write up a Bachelor’s thesis at the end of the fourth-year.

Seminars (Graduate/Postgraduate)

The main objective of this seminar is to prepare the student for the master’s level research and project. In this seminar, the student will extensively read the leading articles in the field of monetary economics. Also, students will be learning how to use MATLAB, EViews, and/or STATA in order to write up a master’s thesis.
The topics in monetary economics may include monetary policy, financial friction in dynamic stochastic general equilibrium models, the behavior of the banking sector, etc. The student will choose their own topic of interest, construct the reading list for the semester, and will regularly report the contents of the articles. Note, however, that this seminar is not intended for students who are interested in finance or corporate finance.

Message

Foreign exchange students are welcome to take my course on Monetary Economics. It may be a little bit difficult for undergraduate students, but I will try to make the contents accessible. Students who aim to become an economist or researchers in the future are very much welcome. I have experience of working at Bank of Japan and Bank of Canada in the past. Thus, I will try to explain the practical issues related to monetary policy and try to relate how theory can help the actual conduct of monetary policy.

Main Publications

1. “Effects of Post-Disaster Aid Measures to Firms: Evidence from Tohoku University Earthquake Recovery Firm Survey 2012–2015” (with Y. Isoda and S. Masuda), Journal of Disaster Research, vol.14, p.1030-1046, 2019.
2. “Consumption, Housing Collateral, and the Canadian Business Cycle” (with I. Christensen, P. Corrigan, and C. Mendicino), Canadian Journal of Economics, vol.49, p.207-236, 2016.
3. “The Determinants of Bank Profitability: Dynamic Panel Evidence from South Asian Countries” (with M.S. Islam), Journal of Applied Finance and Banking, vol.6, p.77-97, 2016.
4. “The Determinants of Bank Net Interest Margins: A Panel Evidence from South Asian Countries” (with M.S. Islam), Research in International Business and Finance, vol.37, p.501-514, 2016.
5. “Estimating a DSGE Model for Japan in a Data-Rich Environment” (with H. Iiboshi, T. Matsumae, and R. Namba), Journal of the Japanese and International Economies, vol.36, p.25-55, 2015.
6. “The Cross-Euler Equation Approach to Intertemporal Substitution in Import Demand”, Journal of Applied Econometrics, vol.20, p.841-872, 2005.
7. “Optimal Monetary Policy When Interest Rates are Bounded at Zero” (with R. Kato), Journal of Economic Dynamics and Control, vol.29, p.97-133, 2005.

Contact

E-mail

nishiyama(at)econ.kobe-u.ac.jp

Office hours

Tuesday 12:10-13:10