Details about Makoto Nakajima

Access statistics for papers by Makoto Nakajima.

Last updated 2025-04-24. Update your information in the RePEc Author Service.

Short-id: pna79

Working Papers

2023

1. Monetary Policy with Racial Inequality
   Opportunity and Inclusive Growth Institute Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2023) View citations (3)

2021

2. Doves for the Rich, Hawks for the Poor? Distributional Consequences of Systematic Monetary Policy
   ECONtribute Discussion Papers Series, University of Bonn and University of Cologne, Germany View citations (18)
   Also in Opportunity and Inclusive Growth Institute Working Papers, Federal Reserve Bank of Minneapolis (2021) View citations (8)

2020

3. Capital Income Taxation with Housing
   Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
   See also Journal Article Capital income taxation with housing, Journal of Economic Dynamics and Control, Elsevier (2020) View citations (8) (2020)

2019

4. Credit, Bankruptcy, and Aggregate Fluctuations
   Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2014) View citations (8)
   2015 Meeting Papers, Society for Economic Dynamics (2015)
   NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (8)
5. Cyclical Labor Income Risk
   Working Papers, Federal Reserve Bank of Philadelphia View citations (5)
   Also in Opportunity and Inclusive Growth Institute Working Papers, Federal Reserve Bank of Minneapolis (2019)
   2019 Meeting Papers, Society for Economic Dynamics (2019) View citations (7)
6. Home Equity in Retirement
   Working Papers, Federal Reserve Bank of Philadelphia View citations (15)
   Also in NFI Working Papers, Indiana State University, Scott College of Business, Networks Financial Institute (2011) View citations (15)
   See also Journal Article HOME EQUITY IN RETIREMENT, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2020) View citations (22) (2020)

2018

7. Medical Expenses and Saving in Retirement: The Case of U.S. and Sweden
   Opportunity and Inclusive Growth Institute Working Papers, Federal Reserve Bank of Minneapolis View citations (11)

2016

8. Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default
   2016 Meeting Papers, Society for Economic Dynamics View citations (2)
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2016) View citations (2)
   Working Papers, Federal Reserve Bank of Philadelphia (2015) View citations (2)
   See also Journal Article Assessing bankruptcy reform in a model with temptation and equilibrium default, Journal of Public Economics, Elsevier (2017) View citations (16) (2017)
9. Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy
   International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (56)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (212)
10. Worker flows and job flows: a quantitative investigation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (23)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2009) View citations (9)
    Working Papers, Federal Reserve Bank of Philadelphia (2013) View citations (6)
    See also Journal Article Worker Flows and Job Flows: A Quantitative Investigation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2016) View citations (24) (2016)

2015

11. Health-care reform or labor market reform? A quantitative analysis of the affordable care act
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2015) View citations (3)
    2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (4)

2014

12. Intergenerational Redistribution through Monetary Policy
    2014 Meeting Papers, Society for Economic Dynamics
13. Reverse mortgage loans: a quantitative analysis
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
    Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (5)
    Working Papers, Federal Reserve Bank of Philadelphia (2013) View citations (7)
    See also Journal Article Reverse Mortgage Loans: A Quantitative Analysis, Journal of Finance, American Finance Association (2017) View citations (66) (2017)

2013

14. A tale of two commitments: equilibrium default and temptation
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)
15. Housing in Retirement Across Countries
    Working Papers, Center for Retirement Research at Boston College, Center for Retirement Research View citations (12)
16. Monetary Policy with Heterogeneous Agents
    2013 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2012) View citations (91)

2012

17. Housing in Retirement: A Cross-Country Analysis
    2012 Meeting Papers, Society for Economic Dynamics

2011

18. A Quantitative Analysis of Unemployment Benefit Extensions
    Global COE Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University View citations (14)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2011) View citations (10)
    2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (8)
    See also Journal Article A quantitative analysis of unemployment benefit extensions, Journal of Monetary Economics, Elsevier (2012) View citations (75) (2012)
19. Home equity withdrawal in retirement
    Working Papers, Federal Reserve Bank of Philadelphia View citations (10)
    Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (2)
20. Rising indebtedness and temptation: a welfare analysis
    Working Papers, Federal Reserve Bank of Philadelphia
    See also Journal Article Rising indebtedness and temptation: A welfare analysis, Quantitative Economics, Econometric Society (2012) View citations (24) (2012)

2010

21. Business cycles in the equilibrium model of labor market search and self-insurance
    Working Papers, Federal Reserve Bank of Philadelphia View citations (16)
    See also Journal Article BUSINESS CYCLES IN THE EQUILIBRIUM MODEL OF LABOR MARKET SEARCH AND SELF‐INSURANCE, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2012) View citations (29) (2012)
22. Optimal capital income taxation with housing
    Working Papers, Federal Reserve Bank of Philadelphia View citations (30)

2009

23. Equilibrium Default and Temptation
    2009 Meeting Papers, Society for Economic Dynamics
24. Rising indebtedness and hyperbolic discounting: a welfare analysis
    Working Papers, Federal Reserve Bank of Philadelphia

2007

25. A quantitative theory of unsecured consumer credit with risk of default
    Working Papers, Federal Reserve Bank of Philadelphia View citations (373)
    Also in Centro de Alti­simos Estudios Ri­os Pe©rez(CAERP), Centro de Altisimos Estudios Rios Perez (CAERP) (2002)
    See also Journal Article A Quantitative Theory of Unsecured Consumer Credit with Risk of Default, Econometrica, Econometric Society (2007) View citations (489) (2007)

2006

26. Business Cycles in the Equilibrium Model of Labor Search and Self-Insurance
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (15)

2005

27. Rising Earnings Instability and Prices of Housing and Financial Assets
    2005 Meeting Papers, Society for Economic Dynamics View citations (3)

Journal Articles

2025

1. Medical Expenses and Saving in Retirement: The Case of the United States and Sweden
   American Economic Journal: Macroeconomics, 2025, 17, (1), 161-202
2. Preface to the JER special issue on “Heterogeneity and Macroeconomics”
   The Japanese Economic Review, 2025, 76, (2), 227-229

2020

3. Baby Boomers vs. Millennials Through Monetary Policy?
   Economic Insights, 2020, 5, (4), 1-11
4. Capital income taxation with housing
   Journal of Economic Dynamics and Control, 2020, 115, (C) View citations (8)
   See also Working Paper Capital Income Taxation with Housing, Working Papers (2020) View citations (5) (2020)
5. HOME EQUITY IN RETIREMENT
   International Economic Review, 2020, 61, (2), 573-616 View citations (22)
   See also Working Paper Home Equity in Retirement, Working Papers (2019) View citations (15) (2019)

2017

6. Assessing bankruptcy reform in a model with temptation and equilibrium default
   Journal of Public Economics, 2017, 145, (C), 42-64 View citations (16)
   See also Working Paper Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default, 2016 Meeting Papers (2016) View citations (2) (2016)
7. Reverse Mortgage Loans: A Quantitative Analysis
   Journal of Finance, 2017, 72, (2), 911-950 View citations (66)
   See also Working Paper Reverse mortgage loans: a quantitative analysis, Working Papers (2014) View citations (6) (2014)
8. Taxing The 1 Percent
   Economic Insights, 2017, 2, (2), 1-10 View citations (1)

2016

9. Worker Flows and Job Flows: A Quantitative Investigation
   Review of Economic Dynamics, 2016, 22, 1-20 View citations (24)
   See also Software Item Code and data files for "Worker Flows and Job Flows: A Quantitative Investigation", Computer Codes (2016) (2016)
   Working Paper Worker flows and job flows: a quantitative investigation, Working Papers (2016) View citations (23) (2016)

2015

10. The redistributive consequences of monetary policy
    Business Review, 2015, (Q2), 9-16 View citations (19)

2013

11. The diverse impacts of the great recession
    Business Review, 2013, (Q2), 17-29

2012

12. A quantitative analysis of unemployment benefit extensions
    Journal of Monetary Economics, 2012, 59, (7), 686-702 View citations (75)
    See also Working Paper A Quantitative Analysis of Unemployment Benefit Extensions, Global COE Hi-Stat Discussion Paper Series (2011) View citations (14) (2011)
13. BUSINESS CYCLES IN THE EQUILIBRIUM MODEL OF LABOR MARKET SEARCH AND SELF‐INSURANCE
    International Economic Review, 2012, 53, (2), 399-432 View citations (29)
    See also Working Paper Business cycles in the equilibrium model of labor market search and self-insurance, Working Papers (2010) View citations (16) (2010)
14. Everything you always wanted to know about reverse mortgages but were afraid to ask
    Business Review, 2012, (Q1), 19-31 View citations (2)
15. Rising indebtedness and temptation: A welfare analysis
    Quantitative Economics, 2012, 3, (2), 257-288 View citations (24)
    See also Working Paper Rising indebtedness and temptation: a welfare analysis, Working Papers (2011) (2011)

2011

16. Understanding house-price dynamics
    Business Review, 2011, (Q2), 20-28 View citations (3)

2007

17. A Quantitative Theory of Unsecured Consumer Credit with Risk of Default
    Econometrica, 2007, 75, (6), 1525-1589 View citations (489)
    See also Working Paper A quantitative theory of unsecured consumer credit with risk of default, Working Papers (2007) View citations (373) (2007)

Chapters

2016

1. Housing and Saving in Retirement Across Countries
   Palgrave Macmillan View citations (7)

Software Items

2016

1. Code and data files for "Worker Flows and Job Flows: A Quantitative Investigation"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article Worker Flows and Job Flows: A Quantitative Investigation, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2016) View citations (24) (2016)