Takatoshi Ito: Scholarship on Japan's Economy Transformed

Kosuke Aoki, Alan Auerbach, Charles Horioka, Anil Kashyap, Tsutomu Watanabe and David Weinstein

No 2025-20, AGI Working Paper Series from Asian Growth Research Institute

Abstract: Takatoshi Ito, who passed away in September 2025, was a leading scholar of macroeconomics and international finance. This column, written by a group of friends and colleagues, outlines his many contributions in a lifetime of research, teaching and policy-making in Japan, the United States and around the world. His work is particularly notable for challenging the widespread perception that standard economic analysis is somehow ill- suited for understanding the Japanese economy. Indeed, using the discipline's rigorous tools, he illuminated challenges that Japan faced earlier and more acutely than other countries - including population decline and ageing, ballooning government debt, the zero lower bound and unconventional monetary policies, real estate bubbles and their collapse, and the banking sector's problem of non-performing loans.

Keywords: Asian economies; exchange rate fluctuations; foreign exchange intervention; inflation targeting; international finance; invoicing currency; Japanese economy; macroeconomics; monetary policy; Takatoshi Ito; zero interest rate policy (search for similar items in EconPapers)
JEL-codes: E52 E58 F14 F31 G15 O53 (search for similar items in EconPapers)
Date: 2025-11
New Economics Papers: this item is included in nep-his, nep-ifn, nep-mac, nep-opm and nep-sea
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Working Paper: Takatoshi Ito: Scholarship on Japan’s Economy Transformed (2025)
Working Paper: Takatoshi Ito: Scholarship on Japan's Economy Transformed (2025)
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