Masao Fukui

I am an Assistant Professor of Economics at Boston University.

My research interests are macroeconomics and international economics. 

Contact information:


CV: pdf


Efficiency in Job-Ladder Models
(with Toshihiko Mukoyama)

The Impact of Central Bank Stock Purchases: Evidence from Discontinuities in Policy Rules
(with Masayuki Yagasaki)

Unpacking Aggregate Welfare in a Spatial Economy
(with Eric Donald and Yuhei Miyauchi)

Sticky Discount Rates
(with Kilian Huber and Niels Joachim Gormsen) [Online Supplement]

The Macroeconomic Consequences of Exchange Rate Depreciations
(with Emi Nakamura and Jón Steinsson)
Reject & resubmit, Quarterly Journal of Economics

Currency Pegs, Trade Imbalances and Unemployment: A Reevaluation of the China Shock
(with Bumsoo Kim and Marc de la Barrera)

Globalization and the Ladder of Development: Pushed to the Top or Held at the Bottom?
(with David Atkin and Arnaud Costinot)
Revise & resubmit, Review of Economics Studies

A Theory of Wage Rigidity and Unemployment Fluctuations with On-the-Job Search

Optimal Dynamic Spatial Policy [Preliminary]
(with Eric Donald and Yuhei Miyauchi)

Women, Wealth Effects, and Slow Recoveries
(with Emi Nakamura and Jón Steinsson)
American Economic Journal: Macroeconomics, 2023

Asset Quality Cycles
Journal of Monetary Economics, 2018 [Working paper version with appendix]


George Alessandria, Yan Bai, Soo Kyung Woo, Rising Current Account Dispersion: Financial or Trade Integration?.
Discussion at 3rd International Finance/Macro/Trade Conference, February 2024.

Serdar Birinci, Fatih Karahan, Yusuf Mercan, and Kurt See, Labor Market Shocks and Monetary Policy.
Discussion at SF Fed Macroeconomics and Monetary Policy Conference, March 2023.

Andres Blanco, Andres Drenik, Christian Moser, and Emilio Zaratiegui, A Theory of Non-Coasean Labor Markets.
Discussion at NBER ME meeting, November 2022.


704 Macroeconomics (first-year PhD course): Syllabus

Lecture notes (building on lecture notes by Adrien Bilal, Guido Menzio, Toshi Mukoyama, Guido Lorenzoni)

Topic 1: Unemployment Facts

Topic 2: DMP Model

Topic 3: Search with Job Heterogeneity

Topic 4: Efficiency in DMP Model

Topic 5: Directed Search Model

Topic 6: Monopsony Models of Frictional Labor Market

Topic 7: Financial Intermediation and Macroeconomy Facts

Topic 8: Supply-Side View of Financial Frictions

Topic 9: Demand-Side View of Financial Frictions

Topic 10: Financial Regulation

502 Macroeconomics (master's core course):  Syllabus

Lecture notes (building on lecture notes by Chad Jones, Stephen Terry, Pascual Restrepo, Jón Steinsson, Toshi Mukoyama, Pablo Kurlat)

Topic 0: Introduction

Topic 1: Development and Growth Accounting

Topic 2: Capital Accumulation and Growth

Topic 3: Ideas and Growth

Topic 4: Misallocation

Topic 5: Labor Supply

Topic 6: Wage Inequality

Topic 7: Consumption

Topic 8: Investment

Topic 9: Business Cycles

Topic 10: Monetary Policy

Topic 11: Fiscal Policy

Topic 12: Financial Intermediation and Macroeconomy

Topic 13: Unemployment