MIYAO Ryuzo

Research Fields

Empirical Studies on Macroeconomic Policies and Monetary Economics

Degree

Ph.D. in Economics (Harvard University)

Research Interests

Empirical studies on macroeconomics and monetary economics.

Education and Positions

[Education]
1987, B.A. (Economics) Kobe University
1989, M.A. (Economics) Kobe University
1994, Ph.D. (Economics) Harvard University

[Work Experience]
1989, Research Associate, Research Institute for Economics and Business Administration (RIEB), Kobe University
1995, Associate Professor, RIEB, Kobe University
2003, Professor, RIEB, Kobe University
2008, Director, RIEB, Kobe University
2010, Member of the Policy Board, Bank of Japan
2015, Professor, Faculty of Economics, University of Tokyo
2020, Professor, Faculty of Economics, Kobe University

Lectures and Seminars

Teaching Experience

Japanese Economy (in English) (Undergraduate)
This lecture offers a comprehensive account of major issues of the postwar Japanese economy from historical, institutional and global perspectives. After covering historical development before 1980s, it discusses Japan’s “lost decades” after the burst of the bubble economy. It also highlights contemporary challenges Japan has been facing, such as Japanese corporate system, labor/employment conditions, declining population and aging, and the role of fiscal and monetary policies.

The U.S. Economy (Undergraduate)
The U.S. continues to be the world’s largest economy, and its development is having a significant impact on the Japanese and global economy. Where did the strength of the world’s number one economy come from? What role has the government and its economic policies played? Why has the recovery after the global financial crisis been so moderate? In this lecture, we will focus on major issues of the U.S. economy in the postwar period, learn about its characteristics and structure, and look ahead to the future.

Seminars (Undergraduate)

In this seminar, students will learn about macroeconomic policies and monetary/financial issues in the Japanese and overseas economies. Macroeconomic policies, such as monetary and fiscal policies, affect a country’s economy, prices, and ultimately people’s lives. In considering the impact of these policies, it is also important to understand the role of financial aspects such as money, interest rates, stock prices, and exchange rates. The goal of this course is for students to be able to analyze policy issues of their own interest based on real-world data and institutions.

Seminars (Graduate)

The theme of the graduate seminar is empirical analysis of macroeconomic policy, money and finance. The goal of the seminar is to develop analytical skills using econometric methods to investigate real-world problems and policy issues in the Japanese and overseas economies.

Main Publications

“Regime Shifts in the Effects of Japan’s Unconventional Monetary Policies,” (with Tatsuyoshi Okimoto), The Manchester School, Vol.88, Issue 6, 749-772, December 2020.
”The Effects of Asset Purchases and Normalization of U.S. Monetary Policy,” (with Naoko Hara and Tatsuyoshi Okimoto), Economic Inquiry, Vol.58, Issue 3, 1279-1296, July 2020.
“Monetary Policy and Exchange Rate Stability in East Asia” in M. Kawai, J. Lee, P. Petri and G. Capanelli eds, Asian Regionalism in the World Economy (Edward Elgar Publishing), Chapter 9, p.309-358, Asian Development Bank, 2010.
“Use of Money Supply in the Conduct of Japan’s Monetary Policy: Reexamining the Time Series Evidence,” Japanese Economic Review. Vol.56, No.2, 165-187, June 2005.
“The Effects of Monetary Policy in Japan,” Journal of Money, Credit, and Banking, Vol.34, No.2, 376-392, May 2002.
“The Role of Monetary Policy in Japan: A Break in the 1990s?” Journal of the Japanese and International Economies, Vol.14, 366-384, December 2000.
“Monetary Policy in Japan since the Late 1980s: Delayed Policy Actions and Some Explanations” (with T. Jinushi and Y. Kuroki), in R. Mikitani and A. Posen (eds.), Japan’s Financial Crisis and Its Parallels to U.S. Experience, (Institute for International Economics, Special Report 13, Washington D.C., September 2000), pp.115-148.
“Does a Cointegrating M2 Demand Relation Really Exist in the United States?” Journal of Money, Credit, and Banking, Vol.28, No.3 (Part 1), 365-380, August 1996.
“Does a Cointegrating M2 Demand Relation Really Exist in Japan?” Journal of the Japanese and International Economies, Vol.10, No.2, 169-180, June 1996.