gOn the Substitutability of Public Stocks for Private Stocks under Rational Expectations,h Kobe University Economic Review 30, April 1984, pp.79-96.
 gSome Evidence on the Structure of the Forward Exchange Markets,h The Economic Studies Quarterly, Vol.38, No.1, March 1987, pp.15-32.
 gHousehold Saving Rates and Demand for Housing - Some Evidence in Japan -,h JCIF Policy Study Series No.8, May 1987, pp.25-74.
 gAn Empirical Investigation of the Consumption-Based Capital Asset Pricing Model in Japan :Tests by Consumption Data of Income Quintile Groups,h wt@CiX¤xNo.7, July 1987, pp.15-53.
 gFormation of Expectations and Learning in the Market,h The Developing Economies, Vol. XXVIII, No.1, March 1990, pp.42-66.(with Akifumi Kuchiki)
 gCyclical Variations in Liquidity-Constrained Consumers: Evidence from Macro Data in Japan,h Journal of the Japanese and International Economies 4, June 1990, pp.173-193.
 gEconomic Development and Consumerfs Time Preference Rate - Test of Some Hypothesis on the Time Preference Schedule -,h NIRA Research Output Vol.4, No 1. gProspective International Capital Ownership Patterns across at the Turn of the Century,h 1991, pp.98-110.
 gIntertemporal Substitution of Labor Supply in the Imperfect Capital Market,h Kobe University Economic Review 37, October 1991, pp.45-59.
 gEconomic Development and Time Preference Schedule: The Case of Japan and East Asian NICs,h Journal of Development Economics, Vol.42, No.1, October 1993, pp.175-195.
 gThe Flow-of Funds Equations of Japanese Nonfinancial Firms,h Journal of the Japanese and International Economies Vol.8, No.1, March 1994, pp.72-105. (with Mitsuo Saito and Ichiro Tokutsu)
 gAsset Markets and Business Fluctuations in Japan,hwoÏªÍxæ136 oÏéæ¡oÏ¤ October 1994. (with Shin-ichi Kitasaka, Tatsuya Maruyama, Toshio Watanabe, Hiroshi Yamaoka, and Yasuharu Iwata)
 gThe Flow-of-Funds Equations of Japanese Banks,h M. J. Dutta ed. Economics Econometrics and the LINK: Essays in Honor of Lawrence R. Klein (Contribution to Economic Analysis, 226) Elsevier Science, January 1995, pp.469-493. (with Mitsuo Saito and Ichiro Tokutsu)
 gChanging Comparative Advantage and Direct Foreign Investment: The Case of Six Japanese Industries,h in Hooley, R., Dutta, M., Nasution, A. and M. Pangestu, eds. Asia Pacific Economic Cooperation: Theory and Policy, JAI Press,Inc.,November 1996. (with Chung H. Lee)
 gReturns on Capital and Outward Direct Foreign Investment: The Case of Six Japanese Industries,h Journal of Asian Economics, Vol.6, No.4, December 1995, pp.437-467. (with Chung H. Lee)
 gDynamic Properties of an Asset Market Model,h Lawrence R, Klein, ed, Symposium in memory of Kei Mori: Studies in Economic Dynamics, World Scientific, August 1995, pp.1-14.
 gBorrowing Constraints and Role of Land Asset in Japanese Corporate Investment Decision,h Journal of the Japanese and International Economies, Vol.10, No.2, June 1996, pp.122-149. (with Shin-ichi Kitasaka, Hiroshi Yamaoka, and Yasuharu Iwata)
 gAn Empirical Re-evaluation of Wealth Effect in Japanese Household Bahavior,h Japan and the World Economy, Vol.8, No.4, December 1996, pp.423-442. (with Shin-ichi Kitasaka, Hiroshi Yamaoka and Yasuharu Iwata)
 gLand Value and Corporate Investment: Evidence from Japanese Panel Data,h Journal of the Japanese and International Economies, Vol.12, No.3, September 1998, pp.232-249.(with Kazuyuki Suzuki)
 gBackground Papers on Japan,h in Pacific Economic Outlook Structural Project Domestic Savings in the Pacific Region: Trends and Prospects, 1998, pp.145-184 (with Kazutomo Abe)
 gMarket Valuation and the q-Theory of Investment,h The Japanese Economic Review, Vol.50, No.2, June 1999, pp.191-211. (with Shin-ichi Kitasaka)
 gTobinfs Average q and Marginal q under Borrowing Constraints,h Japan Financial Review 25, June 1999, pp.1-10.
 gBank Lending in Japan: Its Determinants and Macroeconomic Implications,h in Crisis and Change in the Japanese Financial System, eds. Hoshi, T. and H. Patrick, Kluwer Academic Publishers, April 2000, pp.159-199. (with Shin-ichi Kitasaka)
 gDemand for Bank Loans under Borrowing Constraints: A Panel Study Japanese Firm Data,h Journal of the Japanese and International Economies, Vol.14, No.1, March 2000, pp.1-21.(with Kazuyuki Suzuki)
 gUncertainty and Investment: Some Evidence from the Panel Data of Japanese Manufacturing Firms,h The Japanese Economic Review, Vol.51, No.2, June 2000, pp.170-192. (with Kazuyuki Suzuki)
 gMonetary Policy, Credit and Real Activity: Evidence from the Balance Sheet of Japanese Firms,h Journal of the Japanese and International Economies, Vol. 14, No.4, December 2000, pp.385-407.
 gMonetary Transmission and Inventory: Evidence from Japanese Balance-Sheet Data by Firm Size,h The Japanese Economic Review, Vol.53, No.4, December 2002, pp.425-443.
 gThe Liquidity Trap and Persistent Unemployment with Dynamic Optimizing Agents: Empirical Evidence,h The Japanese Economic Review, Vol.55, No.4, December 2004, pp.355-371. (with Yoshiyasu Ono and Atsushi Yoshida)
 gComment: What Caused Fixed Investment to Stagnate during the 1990s in Japan? Evidence from Panel Data of Listed Companies,h The Japanese Economic Review 57, 2006, pp.307-309.
 gWhy Do Japanese Firms Prefer Multiple Bank Relationship? Some Evidence from Firm-level Data,h Economic Systems, Vol.31, No.1, March 2007, pp.49-70. (with Elmer Sterken and Ichiro Tokutsu).
 gWhy Commercial Banks Held Excess Reserves: The Japanese Experience of the Late '90s,h Journal of Money, Credit, and Banking, Vol.39, No.1, February2007, pp.241-257.
 gWhy Did Japan's Household Savings Rate Fall in the 1990s?h Applied Economicss, Vol.39, No.18, October2007,@pp.2341-2353.
 gHousehold Debt and Consumption: A Quantitative Analysis Based on Household Micro Data for Japan,h Journal of Housing Economics, Vol.16, No.2, June 2007, pp.127-142. (with Junmin Wan)
 gDebt, R&D Investment and Technological Progress: A Panel Study of Japanese Manufacturing Firms in the f90s,h Journal of the Japanese and International Economies, Vol.21, No.4, December2007, pp.403-423.
 gInformation, Investment, and the Stock Market: A Study of Investment Revision Data of Japanese Manufacturing Industries,h Journal of the Japanese and International Economies, Vol.22, No.4, December2008, pp.663-676. (with Kazuyuki Suzuki)
 gDoes the Agency Cost Model Explain Business Fluctuations in Japan? : A Bayesian Approach to Estimate Agency Cost for Firms Classified by Size, Journal of the Japan Statistical Society, Vol.38, No.4, December2008, pp.349-378. (with Hirokuni Iiboshi)
 gMultiple Bank Relationships and the Main Bank System: Evidence from a Matched Sample of Japanese Small Firms and Main Banks,h in The Economics of Imperfect Markets: The Effects of Market Imperfections on Economic Decision-Making, eds. Giorgio, C. and S. Enrico, Springer, September, October 2009, pp.73-90. (with Elmer Sterken and Ichiro Tokutsu).
 gWhy Are Concavity Conditions Not Satisfied in the Cost Function? The Case of Japanese Manufacturing Firms during the Bubble Period,h Oxford Bulletin of Economics and Statistics, Vol.73, No.4, August2011, pp.556-580.
 gBalance Sheet Deterioration and Credit Allocations: Japanese Evidence from the Short-term Economic Survey of Enterprises," Japan and the World Economy, Vol.23, No.2, March 2011, pp.86-96.
 gOn the Cost-Reducing Effects of Embodied Technical Progress: A Panel Study of the Steel Industry in Japan,h Journal of Productivity Analysis Vol.37, No.2, April 2012, pp.141-153. (with Shuzo Ueda)
 gFinancial Distress and Industry Structure: An Inter-industry Approach to the gLost Decadeh in Japan,h Economic Systems Research@Vol.24, No.3, September 2012 , pp.229-249. (with Elmer Sterken and Ichiro Tokutsu)
 gThe Trade Credit Channel Revisited: Evidence from Micro Data of Japanese Small Firms,h Small Business Economics Vol.40, No.1, January 2013, pp.101-118. (with Elmer Sterken and Ichiro Tokutsu)
 gGlobal Financial Crisis and the Small and Medium-sized Enterprises in Japan: How Did they Cope with the Crisis?h Small Business Economics, Vol.41, No.2, August 2013, pp.401-417. (with Takanori Tanaka)
 gWhy Do Commercial Banks Hold Government Bonds? : The Case of Japan,hJournal of the Japanese and International Economies, Vol.34, December 2014, pp.201-216. (with Kentaro Imai)
[M1] gA Theoretical Appraisal of the Price Stabilization Policy under Alternative Expectational Schemes,h Discussion Paper No.9 (Faculty of Economics; Kobe University), April 1983.
[M2] gOn the Test of Market Efficiency Hypothesis: A Time Series Approach,h Discussion Paper No.12 (Faculty of Economics; Kobe University), May 1983.
[M3] gThe Structure of Adjustment Costs and Investment Behavior under Uncertainty in Heavy Industry: Evidence from Japanese Panel Data,h Japan Development Bank Discussion Paper No.9307, July 1993. (with Kazuyuki Suzuki)
[M4] gFinancial Distress and Employment: The Japanese Case in the 90s,h NBER Working Paper 9646, 2003.
[M5] gFinancial Distress and Corporate Investment: The Japanese Case in the f90s,h Discussion Paper No.584, Institute of Social and Economic Research, Osaka University, June 2003.
[M6]gDeterminants of Equity Ownership: Evidence from Foreign Investors and Financial Institutions in Japanh mimeographed, October 2011 (with Masayo Kani and Takanori Tanaka)
[M7] gJapan out of the Lost Decade: Divine Wind or Firmsf Effort,h IMF Working Paper WP/12/171 , July 2012 (with Mika Saito and Ichiro Tokutsu)
[M8] gWhat Do Cash Holdings Tell Us about Bank-Firm Relationship? The Case of Japanese Firms,h mimeographed, October 2012.
[M9] gFirm Investment, Liquidity and Bank Health: A Panel Study of Asian Firms in the 2000s,h ADB Economics Working Paper Series No.338, February 2013.
[M10]gProductivity, Firm Size, Financial Factors and Exporting Decisions: The Case of Japanese SMEs,hmimeographed, October 2014 (with Ichiro Tokutsu).