Professor Profile

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

Macroeconomics, International Economics, Behavioral Economics, and Econometrics

Advisory Editor, Economics Letters (1994-2011);Departmental Editor, Journal of Forecasting (1999-2003);Associate Editor, Journal of Business & Economic Statistics (2001-2003);Editor, Journal of Money, Credit, and Banking (2003-2009);Associate Editor, Journal of Behavioral Economics and Finance (2008-);

Editor (2011-), Japanese Economic Review

Masao Ogaki joined the Keio University faculty in 2009. He had previously taught at University of Rochester and Ohio State University. He often serves 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 and macroeconomics. Some areas of particular interest have been intertemporal consumption decisions and the determination of exchange rates. Currently, Ogaki's research includes worldviews and economic behavior, intergenerational altruism, the theory of regressions when the regressors are unit root nonstationary; Purchasing Power Parity; and the relationship between the term structure of interest rates and exchange rates.

・Select Publications

"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), Journal of Money, Credit, and Banking (December 2007)

"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)