In this paper, I develop a New Keynesian model that embeds heterogeneous workers with
asymmetric wage adjustment costs to address two inflation puzzles: missing deflation during …

It is well known that there is a tension between the frequency and duration of the zero lower
bound on the nominal interest rate (ZLB) and the determinacy of equilibrium. In this short …

We investigate the optimal inflation rate using a New Keynesian model subject to non-linearity
arising from downward nominal wage rigidity (DNWR) and prolonged spells of the zero …

In this paper, we examine from both a theoretical and an empirical perspective the validity of
the hypothesis that downward nominal wage rigidity (DNWR) induced upward rigidity in …

In this paper, we investigate the steady-state inflation rate that maximizes social welfare in a
New Keynesian model. We calibrate the model on the Japanese and the US economies, …

This study investigates how inflation expectations affect precautionary wealth by using
Japanese household survey data. A key contribution of this study is that it confirms the prediction …

Analyzing the costs and benefits of inflation has been a primary subject in monetary economics.
This article presents a summary of Mineyama, Hirata, and Nishizaki (2019)[PDF 673KB], …

This paper contributes to the research on the macroeconomic origins of conflict. Based on a
sample of 133 low-and middle-income countries over a 30-year period, it analyses to what …

In this paper, I study the optimal inflation rate in a sticky price economy where workers are
heterogeneous in labor productivity and wage changes are subject to asymmetric adjustment …

This selected issue paper investigates the drivers of diversification and explores the potential
for fostering diversification in Niger with a focus on horizontal policies. The empirical …