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Introduction

Our country, after the collapse of the asset price bubble in the early 1990s, faced a long-term economic stagnation and effectively encountered the effective lower bound constraint on nominal interest rates in 1995, which forced us to operate unconventional monetary policies for an extended period. In this context, the Bank of Japan has been tackling numerous challenges, such as developing and implementing new monetary policy tools, and reconstructing the policy management framework under a low interest rate environment, all aimed at overcoming deflation and continuously achieving price stability. Based on these experiences as a central bank economist, I am advancing research focused on issues surrounding monetary policy, always keeping in mind the relationship between theory and practice.

Achievements

■Post-Covid-19 Economic and Monetary Policy
Research Objective: To address economic policy in the post-Covid-19 era from both micro and macro perspectives, focusing on theoretical and empirical research as well as policy-oriented proposals.
■Monetary Policy Analysis and Effectiveness
・Research Objective: To examine the effectiveness of monetary policy under the ultra-low interest rate environment in Japan through the analysis of yield curve dynamics.
- Title: Monetary Policy Effectiveness under the Ultra‐Low Interest Rate Environment: Evidence from Yield Curve Dynamics in Japan, Shiratsuka Shigenori （Oxford Bulletin of Economics and Statistics） 87 （ 1 ） 98-121 Feb. 2025
Research Objective: Reexamining unconventional monetary policy in Japan over the past 25 years to sort out lessons learned for future monetary policy management.
■Financial System Stability and Revitalization
Research Objective: To explore the direction for revitalizing the financial system by utilizing general-purpose central bank digital currencies (CBDCs) to ensure payment system stability and promote financial intermediary functions.
■Price Index and CPI Analysis
・Research Objective: To examine the CPI measurement errors under the first wave of the COVID-19 spread in Japan using high-frequency quality-adjusted price indices from daily scanner data in Tokyo.
- Title: Consumer price measurement under the first wave of the COVID-19 spread in Japan: Scanner data evidence for retailers in Tokyo, Higo Masahiro, Shiratsuka Shigenori （Japan and the World Economy） 65 101176 Mar. 2023

Areas of Research

・Revisiting the Shadow Interest Rate Model
・Economic Analysis of Consumer Prices Using Government Statistical Microdata
・Re-examining Yield Curve Fluctuations in a Low Interest Rate Environment: Application of the Dynamic Nelson-Siegel Model
・Money and Finance
・Economic Policy
・Economic Statistics

Social Contributions

・Economic Recovery and Resilience Post-Covid-19: This research provides practical policy recommendations to help societies recover from the economic impacts of Covid-19 and build resilience against future crises.
・Monetary Policy and Economic Stability: By analyzing Japan's monetary policy challenges, this research aids in improving economic stability and the effectiveness of monetary interventions.
・Financial System Revitalization through Digital Currencies: This research explores the potential of central bank digital currencies (CBDCs) to enhance payment system stability and financial intermediation, contributing to the revitalization of the financial system.
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