Fellow Researchers Profile



Senior Research Fellow

Professor, KIER Kyoto University
Research Fellow, Tinbergen Institute
Research Fellow, CESifo


  • Intermediation Economics
  • Industrial Organization
  • Money and Banking
  • Macroeconomics
  • Labor Economics



January, 2006 PhD, Economics, University of Essex, UK
March, 1998 MA, Economics, Kyoto University
March, 1996 BA, Economics, Waseda University


2022- Professor, KIER Kyoto University
2013- Research Fellow, CESifo
2012- Research Fellow, Tinbergen Institute
2012-2022 Associate Professor, School of Business and Economics, Vrije Universiteit Amsterdam
2012-2017 Vidi Fellow, Dutch Government
2011-2012 Associate Professor, Universidad Carlos III, SPAIN
2009-2012 Ramon y Cajar, Spanish Government
2006-2009 Juan de la Cierva, Spanish Government
2005-2011 Assitant Professor, Universidad Carlos III, SPAIN


  • Endogenous cycles in collateralized credit (with Vyacheslav Arbuzov, Yu Awaya and Hiroki Fukai), forthcoming, Journal of Money, Credit and Banking
  • Marketmaking middlemen (with Pieter Gautier and Bo Hu), forthcoming, RAND Journal of Economics
  • Rational bubbles and middlemen (with Yu Awaya and Kohei Iwasaki), Theoretical Economics, 17-4 (2022), 1559-1587
  • A model of collateral: endogenizing the borrowing constraint (with Yu Awaya and Hiroyuki Fukai), International Economic Review, 62-32 (2021) 1131-1151
  • Multiproduct intermediaries (with Andrew Rhodes and Jidong Zhou), Journal of Political Economy, 129-2 (2021) 421-464
  • Middlemen: a directed search equilibrium approach, BE Journal of Macroeconomics (Advances), 20-2 (2020) 1-37
  • Banking crises and liquidity in a monetary economy (with Tarishi Matsuoka), Journal of Economics Dynamics and Control, 108 (2019) 1-22
  • Middlemen: the visible market makers, Japanese Economic Review, 96-2 (2018) 156-170
  • Competition in the presence of individual demand uncertainty (with Marc Möller), RAND Journal of Economics, 47 (2016) 273-292
  • Collective versus decentralized wage bargaining and the efficient allocation of resources (with Xiaoming Cai, Pieter Gautier, Coen Teulings) Labour Economics, 26 (2014) 34-42
  • Liquidity constraints in a monetary economy, (with Leo Ferraris) International Economic Review, 53 (2012) 255-277
  • Collateral fluctuations in a monetary economy, (with Leo Ferraris) Journal of Economic Theory, 146 (2011) 1915-1940
  • A model of merchants, Journal of Economic Theory 145 (2010) 1865–1889
  • Advance purchase discounts versus clearance sales, (with Marc Möller) Economic Journal 547 (2010) 1125-1148
  • Collateral secured loans in a monetary economy, (with Leo Ferraris) Journal of Economic Theory 143 (2008) 405-424
  • Inflation, price competition, and consumer search technology, Journal of Economic Dynamics and Control 32 (2008) 3780–3806