Masao Ogaki, Ph.D. (University of Chicago, 1988), Professor

Behavioral Economics, Macroeconomics, International Economics, and Econometrics

Editor, Japanese Economic Review 

 Associate Editor, Journal of Behavioral Economics and Finance, December 2008-present: Editor, Gendai Keizaigaku no Chouryuu, October 2009-September 2012: Editor, Journal of Money, Credit, and Banking, September 2003-August 2009; Associate Editor, Journal of Business & Economic Statistics, January 2001-December 2003; .Departmental Editor: Journal of Forecasting, January 1999-August 2003; Advisory Editor: Economics Letters, March 1994-October 2011. Associate Editor: Economics Letters, October 2011-July 2012.

Curriculum Vitae

Masao Ogaki joined the Keio University faculty in 2009.  He had previously taught at University of Rochester and Ohio State University . He has served as a visiting scholar at the Bank of Japan, International Monetary Fund, and the Federal Reserve System. His recent major research interests lie in the areas of behavioral economics.. Currently, Ogaki's research includes a reformulation of normative economics to add considerations of virtue ethics to those of welfarism, worldviews and economic behavior, intergenerational altruism.

・Select Publication

・"The Indirect and Direct Substitution Effects," American Economic Review 80 (December 1990)

・"Engel's Law and Cointegration," Journal of Political Economy (October 1992).

・"Wealth-Varying Intertemporal Elasticities of Substitution: Evidence from Panel and Aggregate Data," (with Andrew Atkeson), Journal of Monetary Economics 38 (December 1996)

・"A Cointegration Approach to Estimating Preference Parameters," (with Joon Y. Park), Journal of Econometrics (January 1998)

・"Measuring Intertemporal Substitution: The Role of Durable Goods," (with Carmen M. Reinhart), Journal of Political Economy (October 1998)

・"Decreasing Risk Aversion and Tests of Risk Sharing" (with Qiang Zhang) Econometrica (March 2001)

・“Dynamic Seemingly Unrelated Cointegrating Regressions,”(with Nelson C. Mark and Donggyu Sul), Review of Economic Studies  (July 2005) 

"Structural Error Correction Models: A System Method for Linear Rational Expectations Models and an Application to an Exchange Rate Model,” (with Jaebeom Kim and Min-Seok Yang),

“Robust Estimation for Structural Spurious Regressions and A Hausman-type Cointegration Test,” (with Chi-Young Choi and Ling Hu), Journal of Econometrics (January 2008)

“Tough Love and Intergenerational Altruism,” (with Vipul Bhatt),International Economic Review (August 2012).

“Purchasing Power Parity and the Taylor Rule,” (with Hyeongwoo Kim, Ippei Fujiwara, and Bruce E. Hansen), Journal of Applied Econometrics,forthcoming.

 ・Computer Programs

 Note: These are written in GAUSS. Some versions of GAUSS require that you remove the English descriptions at the end of each data file. 
 Programs:GMM program , CCR program
 User Guides: GMM program , CCR program