KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

Career 【 Display / hide 】

• 1987.04

  -

  2019.08

  Bank of Japan

• 2019.09

  -

  Present

  Keio University, Faculty of Economics, Professor

Academic Background 【 Display / hide 】

Academic Background 【 Display / hide 】

• 1983.04

  -

  1987.03

  Keio University, Faculty of Economics

  University, Graduated

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

• Ph. D in Economics, Keio University, Dissertation, 2000.06

  　Economic Analysis on Prices

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Money and finance

• Humanities & Social Sciences / Economic policy

• Humanities & Social Sciences / Economic statistics

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• 中央銀行

• Japanese Economy

• Price Index

• Monetary Policy

Research Themes 【 Display / hide 】

Research Themes 【 Display / hide 】

• Yield Curve Dynamics and Functional Monetary Policy Shocks , 

  2026.01

  -

  Present

  　View Summary

  In Japan, due to the prolonged period of ultra-low interest rate environments, we need to consider not just pure monetary policy effects from changes in the monetary policy stance but also information effects arising from the central bank’s communication of its private policy information. In this study, we examine the identification of monetary policy shocks using a functional shock approach based on estimated yield curve information.

• Narratives of High Frequency Indentifications of Monetary Policy Shocks, 

  2025.07

  -

  Present

  　View Summary

  Unlike central banks in major economies, the Bank of Japan does not set a predetermined time for announcing the results of its Monetary Policy Meeting. To identify monetary policy shocks using high-frequency data, we need to account for this institutional characteristic explicitly. In this study, we address this issue by incorporating news flow information into analyses using tick-by-tick and daily data.

• Revisiting Shadow Short-term Interest Rate Models: Evidence from the Ultra-Low Interest Rate Environment in Japan, 

  2019.10

  -

  Present

  　View Summary

  Shadow short-term interest rate (SSR) models are expected to provide effective monetary policy indicators under the effective lower bound (ELB) constraint on nominal interest rates. This paper revisits the SSR models using yield curve data from the prolonged ultra-low interest rate environment in Japan. Specifically, this paper compares the various specifications of the SSR models based on the Nelson-Siegel model by focusing on a trade-off between estimation performance and theoretical
  consistency. This paper highlights the importance of evaluating monetary
  policy easing effects using the entire yield curve fluctuations, rather than relying solely on SSR estimates, especially in the ultra-low interest rate environment in Japan.

Books 【 Display / hide 】

Books 【 Display / hide 】

• Monetary Policy: Theory and Practice

  Shigenori Shiratsuka, Keio University Press, 2023.05

• An Economic Analysis of Pricing

  Shigenori Shiratsuka, University of Tokyo Press, 1998.06

Papers 【 Display / hide 】

Papers 【 Display / hide 】

• Toward a guidepost for quantitative tightening: the case of the Bank of Japan

  Shigenori Shiratsuka

  The Japanese Economic Review  2026

  Research paper (scientific journal), Single Work, Lead author, Last author, Corresponding author, Accepted

  • Access to Document (DOI)

• Monetary Policy Effectiveness under the Ultra-Low Interest Rate Environment: Evidence from Yield Curve Dynamics in Japan

  Shigenori Shiratsuka

  Oxford Bulletin of Economics and Statistics 87 ( 1 ) 98 - 121 2025.02

  Research paper (scientific journal), Single Work, Lead author, Last author, Corresponding author, Accepted

  • Access to Document (DOI)

• What did the Bank of Japan do under the yield curve control policy?

  Shigenori Shiratsuka

  Journal of the Japanese and International Economies 76 2025

  Research paper (scientific journal), Single Work, Lead author, Last author, Corresponding author, Accepted

  • Access to Document (DOI)

• Consumer price measurement under the first wave of the COVID-19 spread in Japan: Scanner data evidence for retailers in Tokyo

  Masahiro Higo, Shigenori Shiratsuka

  Japan and the World Economy 65 2023.03

  Research paper (scientific journal), Joint Work, Corresponding author, Accepted

  • Access to Document (DOI)

• 中央銀行の政策運営におけるマクロプルーデンスの視点

  白塚　重典

  『金融研究』 (日本銀行金融研究所)  第30巻第3号 2011.08

  Research paper (scientific journal), Single Work, Accepted

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

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

• Macroeconomic dynamics and policy management in the post COVID-19 era

  Shiratsuka, Shigenori

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2022

• Central bank digital currency and financial system

  Shiratsuka, Shigenori

  Mita journal of economics (慶應義塾経済学会)  114 ( 3 ) 257 (19) - 273 (35) 2021.10

  ISSN  00266760

• Medium- and long-term consequences of emergency economic measures including fiscal expansion and economic policy in the post-Covid-19 era

  Shiratsuka, Shigenori

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2021

• Lessons from unconventional monetary policy in Japan

  Shiratsuka, Shigenori

  学事振興資金研究成果実績報告書 (慶應義塾大学)  2020

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• INTRODUCTION TO THE JAPANESE ECONOMY

  2020, Spring Semester, Within own ｆaculty

• JAPANESE ECONOMIC SYSTEM A

  2020, Spring Semester, Lecture, Within own ｆaculty

• JAPANESE ECONOMIC SYSTEM B

  2020, Autumn Semester, Lecture, Within own ｆaculty

• INTRODUCTION TO THE JAPANESE ECONOMY

  2020, Autumn Semester, Lecture, Within own ｆaculty

• MONEY, BANKING, AND FINANCE

  2020, Autumn Semester, Lecture, Within own ｆaculty

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Memberships in Academic Societies 【 Display / hide 】

Memberships in Academic Societies 【 Display / hide 】

• Japan Society of Monetary Economics, 

  2019

  -

  Present

• Tokyo Center for Economic Research, 

  2019

  -

  Present

• Japan Economic Association, 

  2000

  -

  Present

Committee Experiences 【 Display / hide 】

Committee Experiences 【 Display / hide 】

• 2019.10

  -

  Present

  統計委員会委員, 総務省統計委員会