Yuki Teranishi

---

Welcome to my Homepage!
I am a staff economist at the Bank of Japan. My fields of specialization are Macroeconomics and Monetary Economics, focusing on Optimal Monetary Policy.

Master of Philosophy in Economics from Columbia University at Spring 2007.
Doctor of Philosophy with Distinction in Economics from Columbia University at Spring 2008.

Please open my papers!

• Monetary Policy Analysis



• "Optimal Commitment under Shifting Uncertainty," still in process.



• "Global Liquidity Trap: A Simple Analytical Investigation" with Ippei Fujiwara and Nao Sudo, International Journal of Central Banking, Forthcoming.
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2009-E-31.



• "Credit Spread and Monetary Policy."
  --- Under submission.
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2009-E-14.



• "Financial Stability in Open Economies" with Ippei Fujiwara.
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2009-E-09.
  --- This paper was presented on June-July 2008 at ZEI International Summer School, which was held at University of Bonn, Germany.
  --- Also, presented on December 2008 at Workshop on Monetary Policy in Open Economies, which was held at the Reserve Bank of Australia, Sydney, Australia.
  --- Also, presented on January 2009 at Research Workshop of Financial Markets and Institutions Network, which was held at the BIS/BSP, Cebu, Philippine.
  --- Also, presented on May 2009 at Conference on Quantitative Approaches to Monetary Policy in Open Economies, which was held at the Federal Reserve Bank of Atlanta, Atlanta, US.
  --- Also, presented on August 2009 at Conference on Globalization and Optimal Monetary Policy, which was jointly held by Bank of Canada and Bank of Korea in Seoul, Korea.



• "Optimal Monetary Policy under Imperfect Financial Integration" with Nao Sudo.
  --- Under submission.
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2008-E-25.



• "Optimal Monetary Policy under Staggered Loan Contracts."
  --- Under submission.
  --- Another version is available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2008-E-8.

Supplemental Paper "Staggered Loan Contract in a Utility Maximizing Framework," Mimeo.


• "Optimal Monetary Policy Rule under the Non-Negativity Constraint on Nominal Interest Rates" with Tomohiro Sugo, Economics Letters, 89, 2005.
  ---Available here by the Bank of Japan Working Paper Series, No.04-E-10.

Technical Paper "Optimal Monetary Policy Rule under the Non-Negativity Constraint on Nominal Interest Rates" with Tomohiro Sugo.
Supplemental Paper "The Zero Interest Rate Policy" with Tomohiro Sugo.
--- This paper was presented on June 2006 at ZEI International Summer School, which was held at University of Bonn, Germany.


• "Zero Bound on Nominal Interest Rates and Ex Ante Positive Inflation: A Cost Analysis."
  --- Available here by Bank of Japan Working Paper Series, Bank of Japan, No.03-E-8.



• "Optimal Monetary Policy at the Zero-Interest-Rate Bound" with Taehun Jung and Tsutomu Watanabe, Journal of Money, Credit and Banking, 37, 2005.
  --- This paper was presented on September 2001 at NBER Japan Project Meeting which was held at Swedish Embassy, Tokyo, Japan.

• Optimization Based Model



• "Real Exchange Rate Dynamics under Staggered Loan Contracts" with Ippei Fujiwara.
  --- Under submission.
  --- Another version is available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2008-E-11.

Supplemental Paper "A Source of Global Economic Fluctuation: Wide Net of Loan Contract," Mimeo.


• "A Dynamic New Keynesian Life-Cycle Model: Societal Aging, Demographics, and Monetary Policy" with Ippei Fujiwara, Journal of Economic Dynamics and Control, 32 (8), 2008.
  Tentative title was "Monetary Policy in a Life-Cycle Economy: Distributional Consequences of Monetary Policy Rule".
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2007-E-4.
  --- This paper was presented on December 2005 at the conference of DSGE Modeling at Policymaking Institutions: Progress and Prospects, which was held at the Federal Reserve Board, Washington, USA. This conference is supported by the Journal of Economic Dynamics and Control.
  --- Also, presented on September 2005 at the Central Bank Modelling Workshop which was held at the South African Reserve Bank, Pretoria, South Africa.
  --- Also, invited and presented on May 2007 at the Bank of Canada, Ottawa, Canada.



• "The Japanese Economic Model: JEM" with Ippei Fujiwara, Naoko Hara and Yasuo Hirose, Monetary and Economic Studies, 23 (2), 2005.
  --- Available here by the Bank of Japan Working Paper Series, No.2004-E-03.
  --- This paper was presented on June 2004 at Far Eastern Meeting of Economic Society, which was held at Yonsei University, Korea.
  --- Also, presented on September 2003 at the Central Banker’s Model Conference: Dynamic General Equilibrium Model at Central Bank, which was held at De Nederlandsche Bank, Amsterdam, Netherlands.

• Empirical Analysis



• "Inflation Targeting and Monetary Policy Activism" with Toshitaka Sekine.
  --- Revision requested.
  --- Another version is available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2008-E-13.
  --- This paper was presented on June 2007 at North American Summer Meetings of the Econometric Society, which was held at Duke University, USA.
  --- Also, presented on June 2007 at 13th International Conference on Computing in Economics & Finance, which was held at HEC Montreal, Montreal, Canada.



• "The Evolution of Loan Rate Stickiness Across the Euro Area" with Jouchi Nakajima.
  --- Available here by IMES Discussion Paper, Institute for Monetary and Economic Studies, Bank of Japan, No.2009-E-10.