NAKAJIMA, Tomoyuki

NAKAJIMA, Tomoyuki

Name / Position

NAKAJIMA, Tomoyuki / Professor


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Curriculum Vitae


1999 Ph.D. University of Chicago
1994 M.A. Kyoto University
1992 B.A. Kyoto University

Professional Experience

2017 Professor, Faculty of Economics, University of Tokyo
2011 Professor, Institute of Economic Research, Kyoto University
2003 Associate Professor, Institute of Economic Research, Kyoto University
1999 Assistant Professor, Department of Economics, Brown University

Research Field


Research Theme

Macroeconomic models with heterogeneous agents.



  • “The effectiveness of consumption taxes and transfers as insurance against idiosyncratic risk,” Journal of Money, Credit, and Banking, 52, 505-530, 2020. (with Shuhei Takahasi).
  • “Why prices don't respond sooner to a prospective sovereign debt crisis,” Review of Economic Dynamics, 29, 235-255, 2018. (with R. Anton Braun).
  • “The optimum quantity of debt for Japan,” Journal of the Japanese and International Economies, 46, 17-26, 2017. (with Shuhei Takahashi).
  • “Constrained inefficiency and optimal taxation with uninsurable risks,” Journal of Public Economic Theory, 18, 1-28, 2016. (with Piero Gottardi and Atsushi Kajii).
  • “Optimal taxation and debt with uninsurable risks to human capital accumulation,” American Economic Review, 105, 3443-3470, 2015. (with Piero Gottardi and Atsushi Kajii).
  • “Safe asset shortages and asset price bubbles,” Journal of Mathematical Economics, 53, 164-174, 2014. (with Kosuke Aoki and Kalin Nikolov).
  • “Global liquidity trap,” Journal of Monetary Economics, 60, 936-949, 2013. (with Ippei Fujiwara, Nao Sudo, and Yuki Teranishi).
  • “Countercyclical idiosyncratic risk: an aggregation result and application to optimal monetary policy,” Journal of the European Economic Association, 10, 1450-1470, 2012. (with R. Anton Braun).
  • “Collateral constraint and news driven cycles,” Macroeconomic Dynamics, 16, 752-776, 2012. (with Keiichiro Kobayashi and Masaru Inaba).
  • “Optimal monetary Policy with imperfect unemployment insurance,” Journal of Economic Dynamics and Control, 34, 365-387, 2010.
  • “Liquidity trap and optimal monetary policy in open economies,” Journal of the Japanese and International Economies, 22, 1-33, 2008.
  • “Asset price fluctuations in Japan: 1980-2000,” Japan and the World Economy, 20, 129-153, 2008.
  • “Unemployment and indeterminacy,” Journal of Economic Theory, 126, 314-327, 2006.
  • “Monetary policy with sticky prices and segmented markets,” Economic Theory, 27, 163-177, 2006.
  • “Money and prices under uncertainty,” Review of Economic Studies, 72, 223-246, 2005. (with Herakles Polemarchakis).
  • “A business cycle model with variable capacity utilization and demand disturbances,” European Economic Review, 49, 1331-1360, 2005.
  • “Catch-up in turn in a multi-country international trade model with learning-by-doing and invention,” Journal of Development Economics, 72, 117-138, 2003.
  • “Sunspot fluctuations in asset prices and business cycles in Japan over 1986-1999,” Japanese Economic Review, 54, 253-274, 2003.

Other Professional Activities and Awards


  • JSPS Prize (FY2013)