Through a Glass, Darkly: Monetary Policy under Uncertainty (tentative)

(forthcoming)

October 2024 · David Murakami (JMP)

International Bewley Banks

(forthcoming)

September 2023 · Maria Ludovica Ambrosino and David Murakami

Memory Decay and Determinacy

(forthcoming)

September 2023 · Guido Ascari, David Murakami, and Yifan Zhang

Unconventional Policy in a Low Interest Rate Environment

(forthcoming)

July 2023 · Guido Ascari, David Murakami, Ivan Shchapov, and Francesco Zanetti

It is Taxing to be Coherent

Without relaxing the assumptions of full information and rational expectations, we show that appropriate fiscal targeting rules ensure that New Keynesian models subject to the ZLB possess a unique solution.

January 2023 · David Murakami and Ivan Shchapov

CBDCs, Financial Inclusion, and Optimal Monetary Policy

We use a New Keynesian DSGE model to explore the financial inclusion tradeoffs of extending a retail-indirect CBDC to the unbanked, as well as optimal monetary considerations.

May 2022 · David Murakami, Ivan Shchapov, and Ganesh Viswanath Natraj (R&R from Macroeconomic Dynamics)

Cryptocurrencies in Emerging Markets: A Stablecoin Solution?

We study the macroeconomic effects of introducing cryptocurrencies in a workhorse small open economy model. Cryptocurrency adoption attenuates both domestic and foreign monetary policy transmission, and flexible exchange rates provide an effective buffer against cryptocurrency price shocks. Our findings motivate the increasing use of stablecoins in emerging markets as a hedge against macroeconomic uncertainty.

October 2021 · David Murakami and Ganesh Viswanath Natraj (R&R from JIMF)

Gone with the Wind: Monetary Policy and the Global Financial Cycle

Using a SOE NK model with an international banking sector, I explore the validity of the trilemma-dilemma debate and global financial cycles. I then use data from South Korea to estimate the model with Bayesian methods.

June 2021 · David Murakami

Japanese Real Interest Rates over the Life-Cycle

We use an OTANK model to explore the relationship between productivity, demographic shifts, and interest rates in Japan for the post-bubble era.

January 2021 · Momo Komatsu, David Murakami, and Ivan Shchapov (R&R from JER)