Fujiwara Ippei

写真a

Affiliation

Faculty of Economics （Mita）

Position

Professor

Related Websites

Remarks

Ippei Fujiwara
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Career 【 Display / hide 】

  • 1993.04
    -
    2011.09

    Bank of Japan

  • 2011.10
    -
    Present

    Australian National University, Crawford School of Public Policy, Associate Professor (2011 - 2013), Professor (2013 -)

  • 2014.04
    -
    Present

    Keio University, Faculty of Economics, Professor

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Academic Background 【 Display / hide 】

  • 1986.04
    -
    1989.03

    Waseda University High School

    Other, Graduated

  • 1989.04
    -
    1993.03

    Waseda University, Faculty of Politics and Economics, School of Politics

    University, Graduated

  • 1998.10
    -
    2000.07

    University of Oxford, Department of Economics

    Graduate School, Completed, Master's course

  • 2002.04
    -
    2005.03

    Osaka University, Department of Economics

    Graduate School, Completed, Doctoral course

  • 2008.10
    -
    2010.07

    University of Oxford, Department of Economics

    Graduate School, Completed, Doctoral course

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Academic Degrees 【 Display / hide 】

  • 政治学士, 早稲田大学, Coursework, 1993.03

  • Master of Philosophy in Economics, University of Oxford (St. Antony's College), 2000.07

  • 応用経済学部博士, 大阪大学, Coursework, 2005.03

  • Doctor of Philosophy in Economics, University of Oxford (Nuffield College), Coursework, 2010.07

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Research Areas 【 Display / hide 】

  • Humanities & Social Sciences / Economic theory

  • Humanities & Social Sciences / Economic policy

  • Humanities & Social Sciences / Money and finance

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Research Keywords 【 Display / hide 】

  • Macroecoomics

  • International Finance

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Papers 【 Display / hide 】

  • Aging and the real interest rate in Japan: A labor market channel

    S Fujita, I Fujiwara

    Journal of the Japanese and International Economies 69, 101262 （Journal of the Japanese and International Economies)  69 2023.09

    ISSN  08891583

    　View Summary

    This paper explores a causal link between aging of the labor force and the declining trend in the real interest rate in Japan. We develop a search and matching model that features heterogeneous workers with respect to their ages and firm-specific skills. Using the model, we examine the long-run implications of the sharp drop in labor force entry in the 1970s. We show that the changes in the demographic structure induce significant low-frequency movements in per capita consumption growth and thus the real interest rate. The model suggests that aging of the labor force caused the real interest rate to decline by 1 percentage point between 1980 and 2010 in Japan.

  • The Delphic forward guidance puzzle in New Keynesian models

    I Fujiwara, Y Waki

    Review of Economic Dynamics 46, 280-301 （Review of Economic Dynamics)  46   280 - 301 2022.10

    ISSN  10942025

    　View Summary

    When the central bank has information that can help the private sector better predict the future, should it communicate such information to the public? In purely forward-looking New Keynesian models, such Delphic forward guidance unambiguously reduces ex ante welfare by increasing the variability of inflation and the output gap. We call this phenomenon the Delphic forward guidance puzzle. In more elaborate models with endogenous state variables, a combination of Delphic forward guidance and preemptive policy actions may improve welfare. However, full information revelation is generally not optimal and what information needs to be revealed is highly model-dependent.

  • Competition and the Phillips Curve

    I Fujiwara, K Matsuyama

    Centre for Economic Policy Research  2022

  • Comment on “The welfare implications of massive money injection: The Japanese experience from 2013 to 2020”

    I Fujiwara

    Asian Economic Policy Review 16 (2), 243-244 （Asian Economic Policy Review)  16 （ 2 ） 243 - 244 2021.07

    ISSN  18328105

  • Exchange rate disconnect and the general equilibrium puzzle

    Y Chen, I Fujiwara, Y Hirose

    CAMA Working Paper  2021

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Papers, etc., Registered in KOARA 【 Display / hide 】

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Reviews, Commentaries, etc. 【 Display / hide 】

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Research Projects of Competitive Funds, etc. 【 Display / hide 】

  • グローバル・インバランスの行方：国際金融論と国際貿易論の統合アプローチ

    2022.04
    -
    2026.03

    Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (A), No Setting

    　View Summary

    グローバル・インバランスの発生要因を、国際貿易と国際金融の両面から明らかにしたうえで、今後の帰趨を展望し、政策対応を提案する。従来は金融要因や構造要因(高齢化)がグローバル・インバランスの主な原因として指摘されていた。しかし現在は、国際資金移動と世界貿易の構造が共に大きく変化している。その事実を背景に、本研究では、国際金融的側面、国際貿易的側面の両面を考慮した分野横断的視点からの分析を行う。

  • ロボット化（自動化）は、経済活動のあり方を変えてしまうのか？

    2021.04
    -
    2025.03

    MEXT,JSPS, Grant-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Principal investigator

  • Government debt as international liquidity

    2018.04
    -
    2021.03

    MEXT,JSPS, Grant-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (A) , Principal investigator

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Other 【 Display / hide 】

  • 　View Details

    Editor, Asia and the Pacific Policy Studies, 2012-

  • 　View Details

    Associate Editor, Japan and the World Economy, 2009-

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    Research Associate, Globalization and Monetary Policy Institute, FRB Dallas, 2010-

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    Deputy Director, Centre for Applied Macroeconomic Analysis, Australian National University, 2011-

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    Fellow, Euro Area Business Cycle Network, 2010-

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Courses Taught 【 Display / hide 】

  • SEMINAR: MACROECONOMICS

    2024

  • RESEARCH SEMINAR D

    2024

  • RESEARCH SEMINAR C

    2024

  • RESEARCH SEMINAR B

    2024

  • RESEARCH SEMINAR A

    2024

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