HOMEFaculty ≫ KITAMURA, Yukinobu

KITAMURA, Yukinobu

Professor / Research Division of Economic Measurement and Statistics / Research Centre for Information and Statistics of Social Science

Applied Econometrics, Macroeconomics, Monetary and Fiscal Policy, and Public Economics


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Previous research

My research activities began when I started working at the Institute for Monetary and Economic Studies (IMES) at the Bank of Japan in 1991. In those days, I was primarily concerned with the quantitative analysis of household savings and asset accumulation. Subsequently, the scope of my research broadened to include monetary policy issues; moreover, I initiated full-blown empirical research and policy discussion on inflation indexed bonds in Japan, which resulted in the Ministry of Finance beginning to issue such bonds in Japan in 2004. In addition, I conducted research providing the theoretical underpinning for the issuance of 2000 Yen notes under the Obuchi administration.
In addition, I also continued with the panel data analysis I started at the IMES. During the latter half of the 1990s, I conducted research relating to the debate on the state of Japan’s public finances using generational accounting techniques. Finally, in the field of economic history, I have been involved in research on business cycles and prices. Specifically, my research in this area has dealt with the relationship between changes in financial variables such as prices and interest rates and structural changes during the Industrial Revolution and the Great Depression.


Current research projects

My current research revolves around the following seven themes: (1) analysis of dynamic changes in consumption patterns, decision-making with regard to marriage, growth in children’s body size (i.e., auxology), and the construction of an consumer price index for individual households with the help of various microeconometric techniques; (2) interaction between fiscal and monetary policy under large public debt in Japan and other countries; (3) analysis of information obtained from an assessment of inflation indexed bonds in Japan; (4) research on the living conditions of the old in Japan, the financial resources necessary in old age, and institutional arrangements to make such resources available; (5) calculation of the consumption tax rate based on optimal consumption tax theory; (6) the effects of lending by public financing institutions and private financial institutions on small and medium enterprises; and (7) the analysis of Japan’s prewar farm economy using panel data.


micro-econometrics, panel data analysis, consumption, price level, agricultural economics, monetary and fiscal policy, marriage problem