Institute of Social Science The University of Tokyo

the University of Tokyo


Research Staff

Masayuki Otaki

update at 26 April 2016

Division Department of Comparative Contemporary Economics
Research fields Macroeconomics, Business Cycle Theory, Economic Growth Theory

Teaching and Research Appointments

April 1996 − March 2001 Associate Professor, Institute of Social Science, University of Tokyo
April 1996 − March 1998 Visiting Chief Economist, Research Institute of Finance, Ministry of Finance
June 1998 − May 2004 Visiting Chief Economist, Economic Research Institute, Economic Planning Agency
April 2001 − Professor, Institute of Social Science, University of Tokyo

Publications (2015- )


  1. Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy, Springer, Tokyo, Japan 2015.
  2. The Origin of Prolonged Economic Stagnation in Current Japan: the Factitious Deflation and the Meltdown of Firm as an Entity, Routledge, London 2015.

Journal Articles and Book Chapters

  1. “On the Limit of Human Cognition: Is Artisanship always Dominated by Profit Motive?” International Journal of Humanities Social Sciences and Education, Vol.2, Issue 6 (2015), 49-57.
  2. “Local altruism as an environmental ethic in CO2 emissions control,” Atmospheric and Climate Sciences, (2015), Vo.5, 433-440.
  3. “Public debt as a burden on the future generation: a Keynesian approach,” Theoretical Economics Letters (2015) Vol.5, 651-658
  4. “Ramsey’s belief and the plausibility of Keynesian economics,” Theoretical Economic Letters (2015), Vol.5, 725-729.
  5. “Modified Ramsey’s Rule, Optimal Carbon Tax and Economic Growth,” Atmospheric Climate Sciences (2016) Vol. 6, 224-235, coauthored with Morio Kuninori
  6. “Properties of the Social Discount Rate and Negative Intertemporal Externality in the Utility or Production Function,” Low Carbon Economy (2016) Vol.7, 47-53.

Selected publications ( -2014)


  1. The Theory of Business Cycle: A Structural Analysis of Contemprary Japanese Economy, University of Tokyo Press, January 1994. (Awarded by the 37th Nikkei-Keizai Tosho Bunka Prize)
  2. Modern Macroeconomic Dynamics, Co-eds with Kazumi Asako, University of Tokyo Press, April 1997.
  3. Economics of Growth and Cycles, Co-eds with Hiroshi Yoshikawa, University of Tokyo Press, February 2000.
  4. Understanding Business Cycle: The Economics of Speculative Bubbles and Non-Performing Debts, Chikuma-Shobo, April 2001.
  5. Dynamic and General Equilibrium Macroeconomics: Theory of Money and Effective Demand, University of Tokyo Press, September 2005.
  6. The Long Run Depression in Heisei Era: A Political Economic Approach, Eds, University of Tokyo Press, June 2008.
  7. Studying Foundamentals of Economics, Yuhikaku, August 2009.
  8. Foundamentals of the Theory of Money and Employment, Keiso-Shobo, May 2011.
  9. The Origin of Heisei Long Depression: From the Views of Employment and Finacial Markets, Iwanami-Shoten, December 2011.

Journal Articles

  1. “Accumulation of Human Capital and the Business Cycle”(Coauthored with Kyoji Fukao), Journal of Political Economy, 101(1): pp.73-99, February 1993.
  2. “Finacial Globalization and Foreign Exchange Speculation” Sung-Jo Park and Seigo Hirowatari (eds.), Strategies Towards Globalization: European and Japanese Perspectives, Institute for Asian Studies, Berling Free University: pp.297-307, 2002.
  3. “The dynemically extended Keynesian cross and the welfare-improving fiscal policy”, Economics Letters,96(1): pp.23-29, 2007.
  4. “A welfare economics foundation of the full-employment policy”, Economics Letters, 102(1): pp.1-3, 2009.
  5. “A pure theory of aggregate price determination”, Theoretical Economics Letters Vol. 1 No.3: pp. 122-128, November 2011.
  6. “On the dynamic role of monopolistic competition in the monetary economy”(Coauthored with Yoshihiro Tamai) ,Theoretical Economics Letters, Vol. 1. No.3: pp.114-117, November 2011.
  7. “The Role of Money: Credible Asset or Neumeraire?”. Theoretical Economics Letters 2012 No.2, pp.180-182.
  8. “A Keynesian Model of a Small Open Economy under a Flexible Exchange Rate”. Theoretical Economics Letters 2012, Vol.2, pp.278-282.
  9. “A Keynesian Endogenous Growth Theory with a Rigorous Microeconomic Foundation”. Theoretical Economics Letters Vol.2, pp.365-368.
  10. “A Macroeconomic Consequence of Foreign Direct Investment: The Welfare Economics of Industrial Hollowing”. Theoretical Economics Letters 2012, Vol.2 412-417.
  11. “The Stability of a Regionally Fixed Exchage Rate System: Can Euro Be Sustained by Austere Fiscal Discipline?” Journal of Business and Economics, 2012 Vol.3, pp.249-254.
  12. “A Microeconomics Foundation for Optimum Currency Area: The Case for Perfect Capital Mobility and Immobile Labor Force”. Theoretical Economics Letters, Vol.2, 2012, pp.395-399.
  13. “A Study on Lucas' s “Expectations and the Neutrality of Money””. Theoretical Economics Letters, Vol.2, 2012, pp.438-440.
  14. “A Microeconomic Foundation for the Phillips Curveunder Complete Markets without any Price Stickiness: A Keynesian View”. Theoretical Economics Letters, Vol.2, 2012, pp.482-486 (coauthored with Y.Tamai).
  15. “The Aggregation Problem in the Employment Theory: The Representative Individual Model or Individual Employees Model?” Theoretical Economics Letters Vol.2, 2012, pp.530-533.
  16. “Endogenous Social Discount Rate, Proportional Carbon Tax, and Sustainability: Do We Have the Right to Discount Future Generations' Utility?” Environmental Systems Research, Vol.2, 2013.
  17. “How a Key Currency Functions as an International Liquidity Provision and Insurance System”. Theoretical Economics Letters, Vol.3 2012, pp.43-47.
  18. “The Evaluation of Dexterity and a Theory of the Growth of a Firm”. Forthcoming in Modern Economics.
  19. “Can Bailout Improve the Economic Welfare? A Structural Derivation of the Option Price”. Forthcoming in Theoretical Economics Letters.
  20. “A Study on Lucas' s “Expectations and the Neutrality of Money-II””. Forthcoming in Theoretical Economics Letters.
  21. “On the Endogenous Sustainability of Economic Growth: Why Is the Scale of Government Enlarged”? Forthcoming in Theoretical Economics Letters.

Topics of research

(1) Microeconomic foundation for Keynesian economics as a dynamic and general equilibrium analysis: Towards the Unification the Macro and Micro econmics
(2) Recionclilation of the Keynesian and Monetrarist views on money
(3) Recapturing the welfare role of social security net as a forced insurance from the view of utilitarian: A critical view of Roles' Theory of Justice
(4) Determining social discount rate and the optimal carbon tax rate under utilitarian definition of sustainability
(5) Organization of social order and the role of education

Educational Activities in 2016

Graduate School of Economics, University of Tokyo Theoretical Environmental Economics
Faculty of Humanity and Environment, Hosei University Microeconomics I, II; Macroeconomics I, II