TIACOE Research Seminar: Professor Takeki Sunakawa

We are thrilled to invite you to the upcoming hybrid Research Seminar at the Asia School of Business, featuring Professor Takeki Sunakawa.

Seminar Title: Fiscal Inflation in Japan: The Role of Unfunded Fiscal Shocks

Event Details

📅 Date: 8 October 2025

⏰ Time: 12:30 PM – 1:30 PM

📍 Venue: Level 2, CR-W2-04, Asia School of Business

📝 Register now!

🔗 Zoom Link:

Meeting ID: 987 415

About the speaker:

Takeki Sunakawa is a Professor of Economics at Hitotsubashi University. His research focuses on macroeconomics, monetary and fiscal policy, and DSGE modeling, with publications in leading journals such as Quantitative Economics, Journal of Economic Dynamics and Control, and the International Journal of Central Banking. He previously served as an economist at the Bank of Japan and has held visiting positions at institutions including the Australian National University and the University of Mannheim.

Abstract:

We investigate the extent to which fiscal factors have contributed to inflation in Japan over the past four decades. Despite sustained fiscal expansion and rising debt since the 1990s, inflation remained low until recent years. Using the medium-scale DSGE model developed by Bianchi et al. (2023), we estimate the model with Japanese data and find that, in contrast to the U.S. case, unfunded fiscal shocks are not the main drivers of inflation in Japan. Instead, real demand and supply shocks, along with accommodative monetary policy, have played more significant roles in shaping inflation dynamics.

We look forward to your participation in this insightful research seminar.

Host or Publisher Tun Ismail Ali Center of Excellence