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東京大学公共政策大学院 | GraSPP / Graduate School of Public Policy | The university of Tokyo

楡井 誠 NIREI, Makoto

教授 / Professor 楡井 誠NIREI, Makoto

Courses in AY 2022

  • 5113018 Macroeconomics for Public Policy
  • 5113019 Practice Session for Macroeconomics for Public Policy
  • 5140393 Case Study (Quantitative Macroeconomics)


B.A. (Economics), University of Tokyo
M.A. (Economics), University of Tokyo
Ph.D. (Economics), University of Chicago
Postdoctoral Fellow, Santa Fe Institute
Assistant Professor, Utah State University
Assistant Professor, Carleton University
Associate Professor, Hitotsubashi University
Chief Economist, Policy Research Institute, Ministry of Finance
Associate Professor, University of Tokyo
Professor, University of Tokyo



My research focuses on macroeconomic fluctuations that arise from interactions of idiosyncratic shocks through complementary decisions of economic agents, such as firms’ investment or pricing. I also explore fat-tail phenomena in asset price fluctuations and in household income/wealth distributions.


"Supply Chain Disruptions: Evidence from the Great East Japan Earthquake" (with Vasco M. Carvalho, Yukiko U. Saito, and Alireza Tahbaz-Salehi), Quarterly Journal of Economics, 2021.
"Trade Clustering and Power Laws in Financial Markets" (with John Stachurski and Tsutomu Watanabe), Theoretical Economics, 2020.
"Zipf's Law, Pareto's Law, and the Evolution of Top Incomes in the United States" (with Shuhei Aoki), American Economic Journal: Macroeconomics, 2017
"Pareto Distribution of Income in Neoclassical Growth Models" (with Shuhei Aoki), Review of Economic Dynamics, 2016.
"Bank Capital Shock Propagation via Syndicated Interconnectedness” (with Julián Caballero and Vladyslav Sushko), Computational Economics, 2016.
"An Interaction-based Foundation of Aggregate Investment Fluctuations," Theoretical Economics, 2015.
"Management of Science, Serendipity, and Research Performance: Evidence from a Survey of Scientists in Japan and the U.S." (with Kota Murayama and Hiroshi Shimizu), Research Policy, 2015.
"Closely Competing Firms and Price Adjustment: Some Findings from an Online Marketplace" (with Takayuki Mizuno and Tsutomu Watanabe), Scandinavian Journal of Economics, 2010.
"A Two Factor Model of Income Distribution Dynamics" (with Wataru Souma), Review of Income and Wealth, 2007.
"Quantifying Borrowing Constraints and Precautionary Savings," Review of Economic Dynamics, 2006.
"Threshold Behavior and Aggregate Fluctuation," Journal of Economic Theory, 2006.