CV (pdf)


Ph. D. Economics Ohio State University 2005
M.A. Economics Ohio State University 2002
M.A. Economics Waseda University 1998
B.A. Economics Waseda University 1996


6-1 Mihogaoka,
Ibaraki 567-0047 JAPAN
email: tsuruga[at]

Areas of Specialization:

Monetary Economics,
Applied Time Series Econometrics



"Sticky Wages in a World of Ideas," (with K. X. D. Huang, M. Katayama, and M. Shintani), Economic Inquiry, forthcoming, February 2022.

"Pecuniary Externalities, Bank Overleverage, and Macroeconomic Fragility," (with R. Kato), International Journal of Economic Theory, forthcoming, August 2021.

"Sectoral Inflation Persistence, Market Concentration, and Imperfect Common Knowledge,” (with. R. Kato and T. Okuda), Journal of Economic Behavior and Organization, 192, 2021, pp. 500-517.

"Decomposing Local Fiscal Multipliers: Evidence from Japan,” (with T. Kameda and R. Namba), Japan and the World Economy, 57, 2021, 101053.

"Money-financed Fiscal Stimulus: The Effects of Implementation Lag,” (with S. Wake) Journal of Economic Dynamics and Control, 104, 2019, pp. 132-151.

"Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility,” (with A. Shibata and M. Shintani), Journal of International Money and Finance, 92, 2019, pp. 153-176.

"Effects of Commodity Price Shocks on Inflation: A Cross Country Analysis,” (with A. Sekine) Oxford Economic Papers, 70 (4), 2018, pp 1108-1135.

"Prudential Capital Controls or Bailouts?: The Impact of Different Collateral Constraint Assumptions” (with M. Katagiri and R. Kato)Economic Theory, 63, 2017, pp. 943-960.

"The Safer, the Riskier: A Model of Financial Instability and Bank Leverage,”(with R. Kato), Economic Modelling, 52, 2016, pp. 71-77.

"Noisy Information, Distance and Law of One Price Dynamics across US Cities," (with M. J. Crucini and M. Shintani)Journal of Monetary Economics, 74, 2015, pp. 52-66.

"Real Exchange Rate Dynamics in Sticky Wage Models,” (with M. J. Crucini and M. Shintani) Economics Letters, 123 (2), 2014, pp. 160-163.

"Do Sticky Prices Increase the Real Exchange Rate Volatility at Sector Level?" (with M. J. Crucini and M. Shintani) European Economic Review, 62, 2013,pp.58-72.

"Integrating Sticky Prices and Sticky Information,", (with B. Dupor and T. Kitamura), The Review of Economics and Statistics, 92 (3), 2010, pp. 657-669.

"Accounting for Persistence and Volatility of Good-level Real Exchange Rates: The Role of Sticky Information," (with M. J. Crucini and M. Shintani) Journal of International Economics, 81 (1), 2010, pp. 48-60.

"The Law of One Price without the Border: the Role of Distance versus Sticky Prices," (with M. J. Crucini and M. Shintani) Economic Journal, 120, 2010, pp. 462-480.

"The Hump-shaped Behavior of Inflation and a Dynamic Externality," European Economic Review, 2007, 51 (5), pp.1107-1125.

"Sticky Information: The Impact of Different Information Updating Assumptions," (with B. Dupor) Journal of Money, Credit and Banking, 37 (6), 2005, pp.1143-1152.

Working Papers

“Accounting for the Slowdown in Output Growth after the Great Recession: A Wealth Preference Approach,” (With K. Inagaki and Y. Ono), April 2022.

A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate,”(with M. J. Crucini and M. Shintani), NBER Working Paper No. 27420, June 2020.

“How Well Do the Sticky Price Models Explain the Disaggregated Price Responses to Aggregate Technology and Monetary Policy Shocks?” (with J. Nakajima, and N. Sudo), IMES Discussion Paper Series 2010 E-22, Bank of Japan, September 2010

“Flattened Phillips Curve in Japan: The Role of Speed Limit Policies,” (with R. Kato) January 2009

“Sticky Information under Dynamic Models” June 2005