NAKAGAWA,Ryuichi - Faculty of Economics Department of Economics Industrial and Business Economics

NAKAGAWA, Ryuichi	pseudonym etc:RYU NAKAGAWA

Faculty, Department/Institute

Faculty of Economics Department of Economics Industrial and Business Economics

Academic status (qualification)

Professor Apr. 1,2009

Undergraduate Degrees・University

Okayama University Faculty of Economics1993 Graduated

Graduate Degrees・University

Kyoto University Doctor's Degree Program 2001 Completed
Okayama University Master's Degree Program 1995 Completed

Academic Degrees

Mar. 1995 Okayama University
Sep. 2001 Kyoto University

Homepage Address, E-mail Address

Homepage Address：http://www2.itc.kansai-u.ac.jp/~ryu-naka/

Research fields

Research fields	keyword
Macroeconomics	Monetary macroeconomics;Monetary policy;Banking

Research topics

research topic	Stability of the equilibrium under adaptive learning
Study theme state	Individual Research
research duration
Research Programs
keyword
Research field
Research Topics Overview

research topic	Herd behavior by financial intermediaries
Study theme state	Joint research within Japan
research duration	2004 ～ 2010
Research Programs
keyword
Research field
Research Topics Overview

research topic	Monetary policy rules
Study theme state	Individual Research
research duration	2001 ～ 2007
Research Programs
keyword
Research field
Research Topics Overview

research topic	Bank lending channel and business cycles
Study theme state	Individual Research
research duration	2000 ～ 2001
Research Programs
keyword
Research field
Research Topics Overview

research topic	Financial crisis in Japan during 1990s
Study theme state	Individual Research
research duration	1998 ～ 2000
Research Programs
keyword
Research field
Research Topics Overview

research topic	Japanese monetary policy
Study theme state	Individual Research
research duration	1995 ～ 1998
Research Programs
keyword
Research field
Research Topics Overview

Research Activities

RYU NAKAGAWA is working for the faculty of economics, KANSAI University. During the past few years, I have been doing research on monetary policy and the financial system in Japan: the market operation by the Bank of Japan, the credit channel of monetary policy, the financial distress in Japan during the 1990s, and so on. Now I am studying monetary policy rules under financial market imperfection in particular.

Research Career

Assistant Professor Department of Economics Hiroshima University of Economics 1998/4/1～2003年/3/31
2003/4/1～2007年/3/31
2006/10/1～2007年/9/30
2007/4/1～2009年/3/31
2008/8/1～2009年/3/31
2008/8/1～2009年/3/31
2009/4/1～2009年/9/30
2013/8/21～2014年/3/15
2016/7/23～2017年/3/14

Awards

Feb. 20,1998
Feb. 26,2008

Academic Associations

所属学会・団体名	役職名 (役職在任期間)
Japan Society of Monetary Economics
American Economic Association
Econometric Society
Western Economic Association International
Royal Economic Society
European Economic Association

Topics for Business-Government-Universities Joint Reserch

Monetary policy rules under financial market imperfection

Joint Projects/Commissioned Projects

1997 - 1998 Joint research collaboration between industry and academia
1998 - 1999
1998 - 1999
1999 - 2000
1999 - 2000 From contract research companies
2000 - 2001
2000 - 2001 From contract research companies
2000 - 2001 From contract research companies
2001 - 2002
2001 - 2002
2001 - 2002
2001 - 2002
2002 - 2003
2002 - 2003
2003 - 2004
2004 - 2005
2006 - 2007
2007 - 2008
2007 - 2008
2008 - 2011
2008 - 2008
2008 - 2009
2008 - 2009
2008 - 2010
2009 - 2010
2010 - 2010
2010 - 2011
2011 - 2015
2013 - 2013
2013 - 2013
2015 - 2019
2016 - 2018
2009
2019 - 2019

Research Publications

No.	Type of publication	Date of publication (Date of presentation)	Title	Type of research result	Jointly authored or single authored	Publisher and journal name	Volume number
1	Academic presentation7	2017/2/27～2017,02,27,,,	Stable Sunspot Equilibria with Private Information		Co-author
2	Academic presentation7	2016/8/23～2016,08,23,,,	Stable Sunspot Equilibria with Private Information		Co-author
3	Papers1	2016/8～2016,08,00,,,	Stable Sunspot Equilibria with Private Information	In-house publication	Co-author	Economic Society of Kansai University Working Paper Series	No.F-78
4	Academic presentation7	2016/5/21～2016,05,21,,,	Stable Sunspot Equilibria with Private Information		Co-author
5	Academic presentation7	2016/3/21～2016,03,21,,,	Stable Sunspot Equilibria with Private Information		Co-author
6	Papers1	2015/10～2015,10,00,,,	Learnability of an Equilibrium with Private Information	Academic Journal	Single-Author	Journal of Economic Dynamics and Control	Vol. 59, pp. 58 – 74
7	Academic presentation7	2015/7/1～2015,07,01,,,	Learnability of an Equilibrium with Private Information		Single-Author
8	Papers1	2014/6～2014,06,00,,,	Financial Frictions under Adaptive Learning		Co-author
9	Academic presentation7	2014/1/31～2014,01,31,,,	Learnability of an Equilibrium with Private Information		Single-Author
10	Papers1	2012/9～2012,09,00,,,	The Economic Impact of Herd Behavior in the Japanese Loan Market	Academic Journal	Co-author	Pacific-Basin Finance Journal	Vol.20, Iss. 4, pp. 600 – 613
11	Academic presentation7	2012/3/27～2012,03,27,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
12	Papers1	2011/10～2011,10,00,,,	Herd Behavior by Japanese Banks after Financial Deregulation	Academic Journal	Co-author	Economica	Vol.78, Iss.312, pp.618 – 636
13	Academic presentation7	2011/8/13～2011,08,13,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
14	Academic presentation7	2011/7/1～2011,07,01,,,	Herd Behavior among Regional Banks		Single-Author
15	Papers1	2010/11～2010,11,00,,,	Herding by Japanese Banks: Evidence from Geographical Loan Data	In-house publication	Single-Author	Economic Society of Kansai University Working Paper Series	No.F-45
16	Papers1	2010/11～2010,11,00,,,	Learnability of Heterogeneous Misspecification Equilibrium	Academic Journal	Single-Author
17	Academic presentation7	2010/8/26～2010,08,26,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
18	Academic presentation7	2010/8/2～2010,08,02,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
19	Academic presentation7	2010/7/13～2010,07,13,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
20	Academic presentation7	2010/7/2～2010,07,02,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
21	Academic presentation7	2010/6/30～2010,06,30,,,	The Economic Impact of Herd Behavior in the Japanese Loan Market		Co-author
22	Academic presentation7	2010/6/6～2010,06,06,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
23	Academic presentation7	2010/5/28～2010,05,28,,,	Learnability of Heterogeneous Misspecification Equilibrium		Single-Author
24	Academic presentation7	2010/5/15～2010,05,15,,,	The Economic Impact of Herd Behavior in the Japanese Loan Market		Co-author
25	Academic presentation7	2010/3/25～2010,03,25,,,	The Economic Impact of Herd Behavior in the Japanese Loan Market		Co-author
26	Papers1	2010/3～2010,03,00,,,	Learnability of Heterogeneous Misspecification Equilibrium	In-house publication	Single-Author	Economic Society of Kansai University Working Paper Series	No.F-42
27	Academic presentation7	2009/7/10～2009,07,10,,,	Herd Behavior by Japanese Banks in Local Financial Markets		Single-Author
28	Academic presentation7	2009/6/30～2009,06,30,,,	Herd Behavior by Japanese Banks in Local Financial Markets		Single-Author
29	Papers1	2009/6～2009,06,00,,,	Equilibrium Indeterminacy under Forward-Looking Interest Rate Rules	In-house publication	Single-Author	Kansai University Working Paper	No.F-39
30	Academic presentation7	2009/3/24～2009,03,24,,,	Herd Behavior by Japanese Banks in Local Financial Markets		Single-Author
31	Papers1	2008/10～2008,10,00,,,	Herd Behavior by Japanese Banks in Local Financial Markets	In-house publication	Single-Author	Research Center of Socionetwork Strategies Discussion Paper Series (Kansai University)	No.71
32	Academic presentation7	2008/8/4～2008,08,04,,,	Herd Behavior by Japanese Banks in Local Financial Markets		Single-Author
33	Papers1	2008/8～2008,08,00,,,	Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s	In-house publication	Co-author		No.69
34	Academic presentation7	2008/7/18～2008,07,18,,,	Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s		Co-author
35	Academic presentation7	2008/5/24～2008,05,24,,,	Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s		Co-author
36	Papers1	2008/3/1～2008,03,01,,,	Herd Behavior in the Japanese Loan Market: Evidence from Semi-Macro Data	In-house publication	Co-author	KANSAI UNIVERSITY REVIEW OF ECONOMICS	No.10
37	Papers1	2008/3～2008,03,00,,,	Herd Behavior in the Japanese Loan Market:Evidence from Semi-Macro Date	In-house publication	Co-author	Kansai University Review of Economics	No.10 pp.25-49
38	Papers1	2007/12～2007,12,00,,,	Herd Behavior by Japanese Banks after Financial Deregulation in the 1980s	In-house publication	Co-author		No.257
39	Papers1	2007/10/1～2007,10,01,,,	Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data	Academic Journal	Co-author	JOURNAL OF FINANCIAL INTERMEDIATION	Vol.16, No.4, pp.555 - 583
40	Papers1	2007/10～2007,10,00,,,	Herd Behavior in the Japanese Loan Market:Evidence from Bank Panel Data	Academic Journal	Co-author	Journal of Financial Intermediation	Vol.16 No.4, pp.555-583
41	Academic presentation7	2007/7/4～2007,07,04,,,	Herd Behavior in the Japanese Bank Lending Market since the 1980s		Co-author
42	Academic presentation7	2006/12/18～2006,12,18,,,	The Taylor Principle and Indeterminacy under a Financial Market Imperfection		Single-Author
43	Academic presentation7	2006/7/6～2006,07,06,,,	The Taylor Principle and Indeterminacy under a Financial Market Imperfection		Single-Author
44	Papers1	2006/5/1～2006,05,01,,,	The Taylor Principle and Indeterminacy under a Financial Market Imperfection	In-house publication	Single-Author	Kansai University Working Paper	No.F-21
45	Academic presentation7	2005/9/17～2005,09,17,,,	Optimal Monetary Policy in a Credit Economy		Single-Author
46	Papers1	2005/8/1～2005,08,01,,,	Monetary Policy Rules in a Credit Economy	Academic Journal	Single-Author	KYOTO UNIVERSITY ECONOMIC REVIEW	Vol.176, No.2, pp.38 - 58
47	Academic presentation7	2005/7/15～2005,07,15,,,	Optimal Monetary Policy in a Credit Economy		Single-Author
48	Papers1	2005/6/1～2005,06,01,,,	Optimal Monetary Policy in a Credit Economy	In-house publication	Single-Author	Kansai University Working Paper	No.F-19
49	Academic presentation7	2004/9/25～2004,09,25,,,	Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data		Co-author
50	Academic presentation7	2004/9/25～2004,09,25,,,	Herd Behavior in the Japanese Loan Market:Evidence from Bank Panel Data		Co-author
51	Academic presentation7	2004/7/7～2004,07,07,,,	Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data		Co-author
52	Academic presentation7	2004/7/7～2004,07,07,,,	Herd Behavior in the Japanese Loan Market:Evidence from Bank Panel Data		Co-author
53	Academic presentation7	2004/7/1～2004,07,01,,,	Herd Behavior in the Japanese Loan Market: Evidence from Bank Panel Data		Co-author
54	Academic presentation7	2004/7/1～2004,07,01,,,	Herd Behavior in the Japanese Loan Market:Evidence from Bank Panel Data		Co-author
55	Papers1	2004/7～2004,07,00,,,	Herd Behavior by Regional Banks in Japan	In-house publication	Single-Author	Postal Savings Promotion Society, Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Public Finance and the Behavior by Japanese Banks, Firms, and Households	pp.137-154
56	Papers1	2003/6/1～2003,06,01,,,	Banks' Balance Sheets and the Effectiveness of Monetary Policy	In-house publication	Single-Author	Postal Savings Promotion Society, Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Behavior by Financial Institutions and Public Assistance	pp.43-57
57	Academic presentation7	2002/10/12～2002,10,12,,,	Herd Behavior between Different Types of Banks in Japan		Co-author
58	Papers1	2002/3/1～2002,03,01,,,	Transmission Mechanism of Monetary Policy in Japan: An Empirical Approach using Macroeconomic Data during 1977 - 1999	Academic Journal	Single-Author	KOBE UNIVERSITY, JOURNAL OF ECONOMICS AND BUSINESS ADMINISTRATION	Vol.185, No.3, pp.1-20
59	Papers1	2001/3/1～2001,03,01,,,	The Controllability of High-powered Money and Market Operations in Japan	Academic Journal	Single-Author	JAPAN SOCIETY OF MONETARY ECONOMICS, REVIEW OF MONETARY AND FINANCIAL STUDIES	No.17, pp.38-48
60	Papers1	1998/5/1～1998,05,01,,,	Lending Channel of Monetary Policy in Japan	Academic Journal	Single-Author	JAPAN SECURITIES RESEARCH INSTITUTE, JOURNAL OF FINANCIAL AND SECURITIES MARKETS	No.13, pp.107-131
61	Papers1	1997/10/1～1997,10,01,,,	Market Operations by Monetary Policy in Japan: Theoretical and Empirical Analysis	Academic Journal	Single-Author	KYOTO UNIVERSITY ECONOMIC REVIEW	Vol.160, No.4, pp.41 - 61
62	Papers1	1996/11/1～1996,11,01,,,	Japanese Monetary Policy during 1981 - 1985: An Relationship with Exchange Rates	Academic Journal	Single-Author	KYOTO UNIVERSITY ECONOMIC REVIEW	Vol.158, No.5, pp.25-45

International academic conferenceCo-authorMcGough, Bruce;Nakagawa, Ryuichi2019/6/27～2019/6/27

PapersUnrefereedIn-house publicationSingle-AuthorNakagawa, Ryuichi2019/3/1～2019/3/1

PapersUnrefereedAcademic JournalCo-authorMcGough, Bruce;Nakagawa, Ryuichi2019/1/1～2019/1/1

PapersUnrefereedAcademic JournalCo-authorMcGough, Bruce;Nakagawa, Ryuichi2018/10/1～2018/10/1

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2018/9/1～2019/9/1

Academic presentationCo-authorMcGough, Bruce;Nakagawa, Ryuichi2018/8/4～2018/8/4

Academic presentationStable Sunspot Equilibria with Private InformationCo-authorMcGough, B.;R. Nakagawa2017/2/27～Faculty Work in Progress SeminarLondon School of Economics and Political Science (London)

Academic presentationStable Sunspot Equilibria with Private InformationCo-authorMcGough, B.;R. Nakagawa2016/8/23～31st Annual Congress of the European Economic Association & 69th European Meeting of the Econometric SocietyGeneva

PapersStable Sunspot Equilibria with Private InformationUnrefereedIn-house publicationCo-authorMcGough,B.;R.NakagawaEconomic Society of Kansai University Working Paper Series No.F-782016/8～

Academic presentationStable Sunspot Equilibria with Private InformationCo-authorMcGough, B.;R. Nakagawa2016/5/21～Midwest Macro Meetings Spring 2016 Purdue University

Academic presentationStable Sunspot Equilibria with Private InformationCo-authorMcGough, B.;R. Nakagawa2016/3/21～Royal Economic Society 2016 Annual Conference University of Sussex

PapersLearnability of an Equilibrium with Private InformationIn refereedAcademic JournalSingle-AuthorNakagawa,R.Journal of Economic Dynamics and Control Vol. 59, pp. 58 – 742015/10～

Academic presentationLearnability of an Equilibrium with Private InformationSingle-AuthorNakagawa,R.2015/7/1～Western Economic Association International 90th Annual Conference Hilton Hawaiian Village Waikiki Beach Resort, Honolulu

PapersFinancial Frictions under Adaptive LearningUnrefereedCo-authorMcGough, B. ;R. Nakagawa2014/6～

Academic presentationLearnability of an Equilibrium with Private InformationSingle-AuthorNakagawa,R.2014/1/31～Macro Group WorkshopUniversity of Oregon

PapersThe Economic Impact of Herd Behavior in the Japanese Loan MarketIn refereedAcademic JournalCo-authorNakagawa,R.;H. Oiwa;F. TakedaPacific-Basin Finance JournalVol.20, Iss. 4, pp. 600 – 6132012/9～

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2012/3/27～Royal Economic Society 2012 Annual ConferenceUniversity of Cambridge

UnrefereedSingle-Author2012/2/12～

PapersHerd Behavior by Japanese Banks after Financial DeregulationIn refereedAcademic JournalCo-authorNakagawa,R.;H.UchidaEconomicaVol.78, Iss.312, pp.618 – 6362011/10～

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2011/8/13～Korea University, Seoul

Academic presentationHerd Behavior among Regional BanksSingle-AuthorNakagawa,R.2011/7/1～Western Economic Association International 86th Annual Conference San Diego, California

PapersHerding by Japanese Banks: Evidence from Geographical Loan DataUnrefereedIn-house publicationSingle-AuthorNakagawa,R.Economic Society of Kansai University Working Paper SeriesNo.F-452010/11～

PapersLearnability of Heterogeneous Misspecification EquilibriumUnrefereedAcademic JournalSingle-Author2010/11～

PapersUnrefereedAcademic JournalSingle-Author2010/9～

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/8/26～European Economic Association 25th Annual CongressUniversity of Glasgow, Glasgow

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/8/2～SWET: Summer Workshop on Economic Theory

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/7/13～

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/7/2～Western Economic Association International 85th Annual Conference Portland, Oregon

PapersUnrefereedIn-house publicationSingle-Author2010/7～

Academic presentationThe Economic Impact of Herd Behavior in the Japanese Loan MarketCo-authorNakagawa, R;H. Oiwa;F. Takeda2010/6/30～Western Economic Association International 85th Annual Conference Hilton Portland & Executive Tower, Portland

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/6/6～

Academic presentationLearnability of Heterogeneous Misspecification EquilibriumSingle-AuthorNakagawa,R.2010/5/28～Canadian Economic Association 44th Annual Conference Universite Laval, Quebec City

Academic presentationThe Economic Impact of Herd Behavior in the Japanese Loan MarketCo-authorNakagawa, R;H. Oiwa;F. Takeda2010/5/15～

Academic presentationThe Economic Impact of Herd Behavior in the Japanese Loan MarketCo-authorNakagawa, R;H. Oiwa;F. Takeda2010/3/25～

PapersLearnability of Heterogeneous Misspecification EquilibriumUnrefereedIn-house publicationSingle-AuthorNakagawa,R.Economic Society of Kansai University Working Paper Series No.F-422010/3～

Academic presentationSingle-Author2010/2/9～

PapersUnrefereedAcademic JournalSingle-Author2010/2～

Academic presentationHerd Behavior by Japanese Banks in Local Financial MarketsSingle-AuthorRYU-ICHI NAKAGAWA2009/7/10～Econometric　Society Australasian Meeting 2009Australian National University, Canberra

Academic presentationHerd Behavior by Japanese Banks in Local Financial MarketsSingle-AuthorRYU-ICHI NAKAGAWA2009/6/30～Western Economic Association International 84th　Annual　ConferenceThe Sheraton　Vancouver　Wall Centre,　Vancouver

PapersEquilibrium Indeterminacy under Forward-Looking Interest Rate RulesIn-house publicationSingle-Author中川　竜一Kansai University Working PaperNo.F-392009/6～

Academic presentationHerd Behavior by Japanese Banks in Local Financial MarketsSingle-AuthorRYU-ICHI NAKAGAWA2009/3/24～Western Economic Association International 8th　Biennial Pacific Rim ConferenceRyukoku University, Kyoto

Academic presentationSingle-AuthorNAKAGAWA,Ryuichi2009/2/19～

PapersSingle-Author中川　竜一2009/2～

PapersHerd Behavior by Japanese Banks in Local Financial MarketsIn-house publicationSingle-AuthorRYU-ICHI　NAKAGAWAResearch Center of Socionetwork Strategies Discussion Paper Series (Kansai University)No.712008/10～

Academic presentationHerd Behavior by Japanese Banks in Local Financial MarketsSingle-AuthorRYU-ICHI NAKAGAWA2008/8/4～3ｒｄ　International Symposium on Economic Theory, Policy and Applications Athens Institute for Education and Research, Athens

PapersHerd Behavior by Japanese Banks after Financial Deregulation in the 1980sIn-house publicationCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UHIDANo.692008/8～

Academic presentationHerd Behavior by Japanese Banks after Financial Deregulation in the 1980sCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2008/7/18～2008　Far　Eastern　and South Asian Meeting of the Econometric SocietySingapore Management University, Singapore

Academic presentationHerd Behavior by Japanese Banks after Financial Deregulation in the 1980sCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2008/5/24～

PapersHerd Behavior in the Japanese Loan Market: Evidence from Semi-Macro DataUnrefereedIn-house publicationCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDAKANSAI UNIVERSITY REVIEW OF ECONOMICSNo.102008/3/1～This paper examines whether or not herd behavior exists between different types of Japanese banks. Using data of loans outstanding by bank type from 1980 to 2000, we investigate statistical causality between loans from different types of banks in Japan. The results manifest significant causality from city banks to regional banks, from long-term credit banks to city banks, and from trust banks to city banks. Consistent with historical events in Japan, these relationships have been found especially for loans to emerging industries and for loans in the 1980s. We also conducted analysis to clarify possible causes of the detected herding. Among different stories behind herd behavior, the results are most consistent with the behavior based on reference from another type of banks. The results between long-term credit banks and city banks are also consistent with the Cowbell-like effect.

PapersHerd Behavior in the Japanese Loan Market:Evidence from Semi-Macro DateIn-house publicationCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDAKansai University Review of EconomicsNo.10 pp.25-492008/3～

PapersHerd Behavior by Japanese Banks after Financial Deregulation in the 1980sIn-house publicationCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UHIDANo.2572007/12～

PapersHerd Behavior in the Japanese Loan Market: Evidence from Bank Panel DataIn refereedAcademic JournalCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDAJOURNAL OF FINANCIAL INTERMEDIATIONVol.16, No.4, pp.555 - 5832007/10/1～Far Eastern Meeting of the Econometric Society, Yonsei University, Seoul, July 1, 2004This paper investigates whether Japanese banks had been following herd behavior in the domestic loan market from 1975 through 2000. Applying the technique developed by Lakonishok, Shleifer, and Vishny (1992, J. of Fin. Econ.) to the data from loans outstanding to different types of borrowers, we obtain evidence indicative of the existence of herding. City banks in Japan had been following a cyclical pattern of herding with one of the peaks around the bubble period in the late 1980s. Adjusting further for herding resulting from rational behavior, irrational herding by city banks was observed only in the bubble period. The results imply that irrational bank behavior in the late 1980s might have contributed to the problems associated with bad loans.

PapersHerd Behavior in the Japanese Loan Market:Evidence from Bank Panel DataAcademic JournalCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDAJournal of Financial IntermediationVol.16 No.4, pp.555-5832007/10～

Academic presentationHerd Behavior in the Japanese Bank Lending Market since the 1980sCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2007/7/4～Australasian Meeting of the Econometric SocietyUniversity of Queensland, Brisbane, Australia

Academic presentationThe Taylor Principle and Indeterminacy under a Financial Market ImperfectionSingle-AuthorRYU-ICHI NAKAGAWA2006/12/18～

Academic presentationThe Taylor Principle and Indeterminacy under a Financial Market ImperfectionSingle-AuthorRYU-ICHI NAKAGAWA2006/7/6～Australasian Meeting of the Econometric SocietyAlice Springs, Australia

PapersThe Taylor Principle and Indeterminacy under a Financial Market ImperfectionUnrefereedIn-house publicationSingle-AuthorRYU-ICHI NAKAGAWAKansai University Working PaperNo.F-212006/5/1～Australasian Meeting of the Econometric Society, Alice Springs, 6 July 2006This paper investigates the impact of a financial market imperfection on the conditions that monetary policy rules must satisfy for the determinacy of a rational-expectations equilibrium. A financial market imperfection can disturb intertemporal substitution in certain cases. If a financial market is sufficiently imperfect, this imperfection can cause the real interest rate elasticity of aggregate demand to become positive. In this case, the Taylor principle is not the unique necessary and sufficient condition for monetary policy rules to ensure determinacy. If the central bank responds to current inflation, then the Taylor principle is a sufficient, but not a necessary, condition. Moreover, if the bank responds to expected inflation, the Taylor principle is neither a necessary nor a sufficient condition. Our calibration results suggest that it may be dangerous for a central bank to adhere solely to the Taylor principle when real financial markets are immature or bankrupt, as was the case for the Japanese market during the 1990s.

PapersIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2006/3～

Academic presentationOptimal Monetary Policy in a Credit EconomySingle-AuthorRYU-ICHI NAKAGAWA2005/9/17～

PapersMonetary Policy Rules in a Credit EconomyIn refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAKYOTO UNIVERSITY ECONOMIC REVIEWVol.176, No.2, pp.38 - 582005/8/1～JAPANESE ECONOMIC ASSOCIATION

PapersAcademic JournalSingle-AuthorNAKAGAWA,RyuichiKYOTO UNIVERSITY ECONOMIC REVIEW2005/8～

Academic presentationOptimal Monetary Policy in a Credit EconomySingle-AuthorRYU-ICHI NAKAGAWA2005/7/15～

PapersOptimal Monetary Policy in a Credit EconomyUnrefereedIn-house publicationSingle-AuthorRYU-ICHI NAKAGAWAKansai University Working PaperNo.F-192005/6/1～This paper investigates the performance of monetary policy rules in a credit economy. In particular, the paper considers whether or not performance depends upon financial market imperfection. For this purpose, the paper analyzes a credit economy model incorporating a financial friction into a new Keynesian macroeconomic model. The answer is yes. First, the central bank should respond to output rather than to inflation if the financial market is markedly imperfect. Second, under this market condition, the bank should not adopt policy smoothing. Third, the bank should not respond to inflation as aggressively under financial and wealth distribution shocks as under a common supply shock. The results are exactly the same even if the economy takes account of the stability of nominal interest rate or if the central bank responds to expected inflation rather than current inflation. The paper therefore does not support inflation targeting as the dominant strategy of monetary policy and suggests instead that, in practice, the Taylor rule might be more appropriate in fragile financial markets.

Book reviewUnrefereedAcademic JournalSingle-AuthorNAKAGAWA,Ryuichi2004/12/1～

Academic presentationHerd Behavior in the Japanese Loan Market: Evidence from Bank Panel DataCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2004/9/25～

Academic presentationHerd Behavior in the Japanese Loan Market:Evidence from Bank Panel DataCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2004/9/25～

Academic presentationHerd Behavior in the Japanese Loan Market: Evidence from Bank Panel DataCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2004/7/7～2004 Australasian Meeting of the Econometric Society

Academic presentationHerd Behavior in the Japanese Loan Market:Evidence from Bank Panel DataCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2004/7/7～2004Australasian Meeting of the Econometric SocietyMonash University, Melbourne ,Australia

Academic presentationHerd Behavior in the Japanese Loan Market: Evidence from Bank Panel DataCo-authorRYU-ICHI NAKAGAWA;HIROFUMI UCHIDA2004/7/1～2004 Far Eastern Meeting of the Econometric Society

Academic presentationHerd Behavior in the Japanese Loan Market:Evidence from Bank Panel DataCo-author2004/7/1～2004Far Eastern Meeting of the Econometric SocietyYonsei University,Seoul Korea

PapersHerd Behavior by Regional Banks in JapanUnrefereedIn-house publicationSingle-AuthorRYU-ICHI NAKAGAWAPostal Savings Promotion Society, Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Public Finance and the Behavior by Japanese Banks, Firms, and Householdspp.137-1542004/7～

PapersBanks' Balance Sheets and the Effectiveness of Monetary PolicyUnrefereedIn-house publicationSingle-AuthorRYU-ICHI NAKAGAWAPostal Savings Promotion Society, Kawaguchi,S. and A.Furukawa eds, Japanese Financial System: Behavior by Financial Institutions and Public Assistancepp.43-572003/6/1～

Co-author2003/2/14～

Academic presentationHerd Behavior between Different Types of Banks in JapanCo-authorRYU-ICHI NAKAGAWA;Hirofumi Uchida2002/10/12～

BookMonographCo-author2002/9～

PapersUnrefereedOtherSingle-AuthorNAKAGAWA,Ryuichi2002/6/1～

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2002/6/1～

PapersIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2002/5～

PapersTransmission Mechanism of Monetary Policy in Japan: An Empirical Approach using Macroeconomic Data during 1977 - 1999In refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAKOBE UNIVERSITY, JOURNAL OF ECONOMICS AND BUSINESS ADMINISTRATIONVol.185, No.3, pp.1-202002/3/1～JAPAN SOCIETY OF MONETARY ECONOMICS

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2002/3/1～20011001-20020331

Single-AuthorNAKAGAWA,Ryuichi2001/12/3～

PapersSingle-AuthorNAKAGAWA,Ryuichi2001/11～

Academic presentationMonographSingle-AuthorRYU-ICHI NAKAGAWA2001/9/29～

BookMonographSingle-AuthorNAKAGAWA,Ryuichi2001/9/25～

PapersIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2001/6～

Academic presentationSingle-AuthorNAKAGAWA,Ryuichi2001/5/26～

Translated article or paperMonographCo-author2001/5/1～

PapersThe Controllability of High-powered Money and Market Operations in JapanIn refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAJAPAN SOCIETY OF MONETARY ECONOMICS, REVIEW OF MONETARY AND FINANCIAL STUDIESNo.17, pp.38-482001/3/1～JAPANESE ECONOMIC ASSOCIATION

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2000/12/1～

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2000/9/1～

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi2000/6/1～

Academic presentationSingle-AuthorNAKAGAWA,Ryuichi2000/5/13～

Academic presentationSingle-AuthorNAKAGAWA,Ryuichi1999/5/29～

PapersLending Channel of Monetary Policy in JapanIn refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAJAPAN SECURITIES RESEARCH INSTITUTE, JOURNAL OF FINANCIAL AND SECURITIES MARKETSNo.13, pp.107-1311998/5/1～

Single-AuthorRYU-ICHI NAKAGAWA1998/2/2～

Academic presentationSingle-AuthorNAKAGAWA,Ryuichi1997/11/2～

PapersMarket Operations by Monetary Policy in Japan: Theoretical and Empirical AnalysisIn refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAKYOTO UNIVERSITY ECONOMIC REVIEWVol.160, No.4, pp.41 - 611997/10/1～

Academic presentationMonographSingle-AuthorNAKAGAWA,Ryuichi1997/5/17～

PapersJapanese Monetary Policy during 1981 - 1985: An Relationship with Exchange RatesIn refereedAcademic JournalSingle-AuthorRYU-ICHI NAKAGAWAKYOTO UNIVERSITY ECONOMIC REVIEWVol.158, No.5, pp.25-451996/11/1～

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi1996/7/1～

PapersUnrefereedIn-house publicationSingle-AuthorNAKAGAWA,Ryuichi1995/6/1～