Takatoshi Ito: Scholarship on Japan's Economy Transformed

Kosuke Aoki, Alan Auerbach, Charles Horioka, Anil Kashyap, Tsutomo Watanabe and David Weinstein
Additional contact information
Kosuke Aoki: Graduate School of Economics, The University of Tokyo, JAPAN
Alan Auerbach: Department of Economics, University of California, Berkeley, U.S.A. and National Bureau of Economic Research, U.S.A.
Anil Kashyap: University of Chicago Booth School of Business, U.S.A. and National Bureau of Economic Research, U.S.A.
Tsutomo Watanabe: Graduate School of Economics, The University of Tokyo, JAPAN
David Weinstein: Department of Economics, Columbia University, U.S.A. and National Bureau of Economic Research, U.S.A.

No DP2025-29, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

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)
Pages: 14 pages
Date: 2025-11
New Economics Papers: this item is included in nep-his, nep-ifn, nep-mac and nep-opm
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https://www.rieb.kobe-u.ac.jp/academic/ra/dp/English/DP2025-29.pdf First version, 2025 (application/pdf)

Related works:
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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