Japanese Financial System

• “The Normalization of Wage Dynamics” (with Takeo Hoshi), Asian Economic Policy Review, forthcoming, https://doi.org/10.1111/aepr.12503. 
• “The Great Disconnect: The Decoupling of Wage and Price Inflation in Japan” (with Takeo Hoshi), in Takeo Hoshi and Philip Lipscy eds. The Political Economy of the Abe Government and Abenomics Reforms, Cambridge University Press, 2021, pp. 170-199.
• "Will the U.S. and Europe Avoid a Lost Decade? Lessons from Japan’s Post Crisis Experience" with Takeo Hoshi. IMF Economic Review, April 2015, v.63(1), pp. 110-163.
• "What Stopped Japan's Economic Growth? Prescriptions for the Revival (Nani ga Nihon no Seicho wo Tometanoka -- Saisei he no Shohosen)," with Takeo Hoshi, Nikkei, 2013.
• "Policy Options for Japan's Revival", with Takeo Hoshi, National Institute for Research Advancement, June 2012.
• "Why Did Japan Stop Growing," with Takeo Hoshi, report commissioned by the National Institute for Research Advancement, January 2011.
• Japan's Bubble, Deflation and Long-term Stagnation, jointly edited with Koichi Hamada and David E. Weinstein, MIT Press, 2011. [Introduction].
• "Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan," with Takeo Hoshi, Journal of Financial Economics, 2010, vol. 97(3), pp. 398-417.
• "Zombie Lending and Depressed Restructuring in Japan," with Ricardo Caballero and Takeo Hoshi, American Economic Review, December 2008, vol. 98(5), pp. 1943–77.
• "Solutions to Japan's Banking Problems: What might work and what definitely will fail," with Takeo Hoshi, in Takatoshi Ito, Hugh Patrick, and David Weinstein eds., Reviving Japan's Economy: Problems and Prescriptions, MIT Press, 2005.
• Structural Impediments to Growth in Japan, edited with Magnus Blomström, Jennifer Corbett and Fumio Hayashi, NBER, University of Chicago Press, 2003.
• "Japan's Economic and Financial Crisis: An Overview" with Takeo Hoshi, The Journal of Economic Perspectives, Winter 2004.
• "Sorting out Japan's financial crisis", Federal Reserve Bank of Chicago Economic Perspectives, Fourth Quarter 2002, pp. 42-55.
• Corporate Financing and Governance in Japan: The Road to the Future, with Takeo Hoshi, MIT Press, September 2001.
• "The Japanese Banking Crisis: Where Did It Come From and How Will It End?" with Takeo Hoshi, in Ben Bernanke and Julio Rotemberg eds. NBER Macroeconomics Annual 1999, 14, pp. 129-201.
• "The Choice between Public Debt and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan," with Takeo Hoshi and David Scharfstein, NBER Working Paper 4421.
• "Lessons from the Japanese Main Bank System for Financial System Reform in Poland," in The Japanese Main Bank System: Its Relevancy for Developing and Transforming Economies, with Takeo Hoshi and Gary Loveman, edited by Masahiko Aoki and Hugh Patrick, Oxford University Press, 1994, pp. 592-633.
• "Corporate Structure, Liquidity and Investment: Evidence from Japanese Industrial Groups," with Takeo Hoshi and David Scharfstein, Quarterly Journal of Economics, 1991, vol. 106, pp. 33-60. (Reprinted in Empirical Corporate Finance edited by Michael J. Brennan for Edward Elgar Publishing Limited, UK, 2000).
• "The Role of Banks in Reducing the Costs of Financial Distress in Japan," with Takeo Hoshi and David Scharfstein, Journal of Financial Economics, 1990, vol. 27, pp. 67-88. (Journal of Financial Economics All Star Paper.)
• "Bank Monitoring and Investment: Evidence from the Changing Structure of Japanese Corporate Banking Relationships," with Takeo Hoshi and David Scharfstein, in Asymmetric Information, Investment and Capital Markets, edited by R. Glenn Hubbard, University of Chicago Press, 1990, pp. 105-126.
• "Evidence on q and Investment for Japanese Firms," with Takeo Hoshi, Journal of Japanese and International Economies, 1990, vol. 4, pp. 371-400.

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