Masao Fukui

I am an Assistant Professor of Economics at Boston University.

My research interests are macroeconomics and international economics.

Contact information:

Email: fukuimasao@gmail.com, mfukui@bu.edu

Research:

The Macroeconomic Consequences of Exchange Rate Depreciations
(with Emi Nakamura and Jón Steinsson)
Conditionally accepted, Quarterly Journal of Economics

Unpacking Aggregate Welfare in a Spatial Economy
(with Eric Donald and Yuhei Miyauchi)
Revise & resubmit, Review of Economic Studies

Efficiency in Job-Ladder Models
(with Toshihiko Mukoyama)

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

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

Currency Pegs, Trade Imbalances and Unemployment: A Reevaluation of the China Shock
(with Bumsoo Kim and Marc de la Barrera) [Online Supplement]
Revise & resubmit, Journal of International Economics

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

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

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

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]

Discussions:

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.

Teaching:

704 Macroeconomics (first-year PhD course): Syllabus

Github Repository of Julia Codes

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: Monopsony Models of Frictional Labor Market

Topic 6: Supply-Side View of Financial Frictions

Topic 7: Demand-Side View of Financial Frictions

Topic 8: Consumption, Wealth, and Income Inequality