Makoto Nakajima

Federal Reserve Bank of Philadelphia

Senior Economist

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

SCHOLARLY PAPERS

18

DOWNLOADS
Rank 20,091

SSRN RANKINGS

Top 20,091

in Total Papers Downloads

3,666

SSRN CITATIONS
Rank 2,707

SSRN RANKINGS

Top 2,707

in Total Papers Citations

351

CROSSREF CITATIONS

135

Scholarly Papers (18)

1.

A Quantitative Theory of Unsecured Consumer Credit with Risk of Default

FRB Philadelphia Working Paper No. 07-16
Number of pages: 69 Posted: 18 Jun 2002
Federal Reserve Bank of Philadelphia, University of Wisconsin - Madison - Department of Finance, Investment and Banking, Federal Reserve Bank of Philadelphia and University of Pennsylvania - Department of Economics
Downloads 730 (50,329)
Citation 154

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Default, bankruptcy, consumer credit, precautionary savings

2.
Downloads 700 ( 53,283)
Citation 31

Reverse Mortgage Loans: A Quantitative Analysis

FRB of Philadelphia Working Paper No. 14-27
Number of pages: 40 Posted: 12 Sep 2014
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 354 (120,680)
Citation 6

Abstract:

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Reverse Mortgage, Mortgage, Housing, Retirement, Home Equity Conversion Mortgage, HECM

Reverse Mortgage Loans: A Quantitative Analysis

Number of pages: 34 Posted: 17 Jul 2011 Last Revised: 11 Jun 2013
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 268 (161,922)
Citation 3

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Reverse Mortgage, Mortgage, Housing, Retirement, Home Equity Conversion Mortgage, HECM

Reverse Mortgage Loans: A Quantitative Analysis

FRB of Philadelphia Working Paper No. 13-27
Number of pages: 35 Posted: 13 Jun 2013
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 78 (432,774)
Citation 29

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Reverse Mortgage, Mortgage, Housing, Retirement, Home Equity Conversion Mortgage, HECM

3.
Downloads 403 (104,892)
Citation 13

Monetary Policy with Heterogeneous Agents

FRB of Philadelphia Working Paper No. 12-21
Number of pages: 49 Posted: 18 Sep 2012
Nils Gornemann, Keith Kuester and Makoto Nakajima
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 343 (124,952)
Citation 16

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Monetary Policy, Unemployment, Search and Matching, Heterogeneous Agents, General Equilibrium

Monetary Policy with Heterogeneous Agents

FRB of Philadelphia Working Paper No. 12-21
Number of pages: 122 Posted: 09 Jul 2021
Nils Gornemann, Keith Kuester and Makoto Nakajima
Board of Governors of the Federal Reserve System, affiliation not provided to SSRN and Federal Reserve Bank of Philadelphia
Downloads 60 (498,223)

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4.
Downloads 375 (113,888)
Citation 10

Home Equity in Retirement

Number of pages: 47 Posted: 29 Jul 2011 Last Revised: 31 Dec 2012
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 295 (146,603)
Citation 3

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Housing, Retirement Saving Puzzle, Mortgage, Health, Life-cycle

Home Equity in Retirement

FRB of Philadelphia Working Paper No. 19-50
Number of pages: 56 Posted: 12 Dec 2019
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 77 (436,031)
Citation 1

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Housing, Retirement Saving Puzzle, Mortgage, Health, Life cycle, Medical expenditure, Bequest

Home Equity in Retirement

International Economic Review, Vol. 61, Issue 2, pp. 573-616, 2020
Number of pages: 44 Posted: 30 Oct 2020
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 3 (921,102)
Citation 8

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5.
Downloads 187 (227,837)
Citation 7

Optimal Capital Income Taxation with Housing

FRB of Philadelphia Working Paper No. 10-11
Number of pages: 43 Posted: 29 Apr 2010
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 115 (336,730)
Citation 9

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Capital Taxation, Housing, Optimal Taxation, Heterogeneous Agents, Incomplete Markets

Optimal Capital Income Taxation with Housing

Number of pages: 42 Posted: 01 Oct 2009 Last Revised: 22 Apr 2010
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 72 (452,757)
Citation 4

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Capital Taxation, Housing Taxation, Optimal Taxation, Heterogeneous Agents, Incomplete Markets

Worker Flows and Job Flows: A Quantitative Investigation

Number of pages: 43 Posted: 01 Oct 2009 Last Revised: 27 Nov 2009
Shigeru Fujita and Makoto Nakajima
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 63 (486,124)
Citation 9

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Job flows, worker flows, search and matching, business cycles, unemployment, vacancies

Worker Flows and Job Flows: A Quantitative Investigation

FRB of Philadelphia Working Paper No. 13-9
Number of pages: 39 Posted: 30 Mar 2013
Shigeru Fujita and Makoto Nakajima
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 42 (583,402)
Citation 1

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Job Flows, Worker Flows, Multiple-worker Firm, Search and Matching

Worker Flows and Job Flows: A Quantitative Investigation

FRB of Philadelphia Working Paper No. 09-33
Number of pages: 44 Posted: 30 Nov 2009
Shigeru Fujita and Makoto Nakajima
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 33 (636,916)
Citation 5

Abstract:

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Job flows, worker flows, search and matching, business cycles, unemployment, vacancies

Worker Flows and Job Flows: A Quantitative Investigation

FRB of Philadelphia Working Paper No. 16-3
Number of pages: 36 Posted: 09 Feb 2016
Shigeru Fujita and Makoto Nakajima
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 31 (650,417)

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Job flows, Worker flows, Multiple-worker firm, search and matching

Business Cycles in the Equilibrium Model of Labor Market Search and Self-Insurance

FRB of Philadelphia Working Paper No. 10-24
Number of pages: 44 Posted: 18 Jan 2007 Last Revised: 22 Nov 2019
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 130 (307,730)
Citation 8

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Search, Matching, Business Cycles, Labor Markets, General Equilibrium, Incomplete Markets, Computational Methods

Business Cycles in the Equilibrium Model of Labor Market Search and Self-Insurance

FRB of Philadelphia Working Paper No. 10-24
Number of pages: 44 Posted: 17 Aug 2010
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 33 (636,916)

Abstract:

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Search, Matching, Business Cycles, Labor Markets, General Equilibrium, Incomplete Markets, Computational Methods

Business Cycles in the Equilibrium Model of Labor Market Search and Self-Insurance

International Economic Review, Vol. 53, Issue 2, pp. 399-432, 2012
Number of pages: 34 Posted: 23 May 2012
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 2 (936,535)

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8.
Downloads 163 (256,147)
Citation 10

Housing in Retirement Across Countries

Boston College Center for Retirement Research Working Paper No. 2013-18
Number of pages: 36 Posted: 21 Sep 2013
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 87 (405,242)
Citation 13

Abstract:

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Housing in Retirement Across Countries

Number of pages: 33 Posted: 30 Dec 2012 Last Revised: 19 May 2015
Makoto Nakajima and Irina A. Telyukova
Federal Reserve Bank of Philadelphia and University of California, San Diego
Downloads 76 (439,294)

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Retirement, Saving, Household Finance, Housing, Health, Medical Expenditures, Healthcare, Cross-Country Comparison

9.

Health-Care Reform or Labor Market Reform? A Quantitative Analysis of the Affordable Care Act

FRB of Philadelphia Working Paper No. 15-34/R
Number of pages: 66 Posted: 19 Sep 2015
Makoto Nakajima and Didem Tuzemen
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Kansas City
Downloads 143 (284,737)
Citation 3

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Health Insurance, Health-Care Reform, Affordable Care Act, Labor Market, Heterogeneous Agents

A Quantitative Analysis of Unemployment Benefit Extensions

Number of pages: 41 Posted: 09 Feb 2011 Last Revised: 16 Nov 2011
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 103 (363,650)

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Unemployment Insurance, Extended Benefits, Labor Market, Search, Consumption Smoothing

A Quantitative Analysis of Unemployment Benefit Extensions

FRB of Philadelphia Working Paper No. 11-8R
Number of pages: 42 Posted: 11 Feb 2011 Last Revised: 16 Nov 2011
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 39 (600,140)
Citation 17

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Unemployment Insurance, Extended Benefits, Labor Market, Search, Consumption, Smoothing

Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy

International Finance Discussion Paper No. 1167
Number of pages: 43 Posted: 31 May 2016 Last Revised: 06 Jan 2017
Nils Gornemann, Keith Kuester and Makoto Nakajima
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 103 (363,650)
Citation 2

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Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy

CEPR Discussion Paper No. DP11233
Number of pages: 55 Posted: 18 Apr 2016
Nils Gornemann, Keith Kuester and Makoto Nakajima
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 0
Citation 1
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General Equilibrium, Heterogeneous Agents, Monetary policy, Search and Matching, Unemployment

12.
Downloads 100 (368,208)
Citation 2

Credit, Bankruptcy, and Aggregate Fluctuations

FRB of Philadelphia Working Paper No. 19-48
Number of pages: 62 Posted: 27 Nov 2019 Last Revised: 06 Dec 2019
Makoto Nakajima and Jose-Victor Rios-Rull
Federal Reserve Bank of Philadelphia and University of Minnesota - Twin Cities
Downloads 49 (547,245)
Citation 1

Abstract:

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consumer credit, default, bankruptcy, debt, business cycles, heterogeneous agents, incomplete markets

Credit, Bankruptcy, and Aggregate Fluctuations

Number of pages: 43 Posted: 10 Oct 2014
Makoto Nakajima and Jose-Victor Rios-Rull
Federal Reserve Bank of Philadelphia and University of Minnesota - Twin Cities
Downloads 25 (695,417)

Abstract:

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consumer credit, default, bankruptcy, debt, business cycle, heterogeneous agents, incomplete markets

Credit, Bankruptcy, and Aggregate Fluctuations

FRB of Philadelphia Working Paper No. 14-31
Number of pages: 44 Posted: 29 Oct 2014
Makoto Nakajima and José-Victor Rios-Rull
Federal Reserve Bank of Philadelphia and University of Pennsylvania - Department of Economics
Downloads 17 (764,837)

Abstract:

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Consumer Credit, Default, Bankruptcy, Debt, Business Cycle, Heterogeneous Agents, Incomplete Markets

Credit, Bankruptcy, and Aggregate Fluctuations

NBER Working Paper No. w20617
Number of pages: 44 Posted: 27 Oct 2014 Last Revised: 02 May 2022
Makoto Nakajima and Jose-Victor Rios-Rull
Federal Reserve Bank of Philadelphia and University of Minnesota - Twin Cities
Downloads 9 (847,023)
Citation 1

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13.

Rising Earnings Instability, Portfolio Choice, and Housing Prices

Number of pages: 49 Posted: 01 Oct 2009
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 71 (450,729)
Citation 17

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House price, General equilibrium, Incomplete markets, Income inequality, Debt

14.

Rising Indebtedness and Hyperbolic Discounting: A Welfare Analysis

FRB of Philadelphia Working Paper No. 09-25R
Number of pages: 40 Posted: 01 Oct 2009 Last Revised: 16 Nov 2011
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 61 (487,067)

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Hyperbolic discounting, Over-borrowing, Borrowing constraint, Heterogeneous agents, General equilibrium

15.
Downloads 56 (506,844)

Cyclical Labor Income Risk

Number of pages: 43 Posted: 08 Aug 2019
Makoto Nakajima and Vladimir Smirnyagin
Federal Reserve Bank of Philadelphia and Yale University
Downloads 39 (600,140)

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labor income risk, income inequality, business cycles

Cyclical Labor Income Risk

FRB of Philadelphia Working Paper No. 19-34
Number of pages: 44 Posted: 23 Oct 2019
Makoto Nakajima and Vladimir Smirnyagin
Federal Reserve Bank of Philadelphia and Yale University
Downloads 17 (764,837)

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Labor income risk, income inequality, business cycles

Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default

FRB of Philadelphia Working Paper No. 15-12
Number of pages: 47 Posted: 10 Mar 2015
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 28 (671,816)

Abstract:

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Consumer Bankruptcy, Debt, Default, Borrowing Constraint, Temptation and Self-Control, Hyperbolic Discounting, Heterogeneous Agents, Incomplete Markets

Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default

FRB of Philadelphia Working Paper No. 16-21
Number of pages: 46 Posted: 20 Jul 2016
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 12 (814,835)
Citation 9

Abstract:

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Consumer Bankruptcy, Debt, Default, Borrowing Constraint, Temptation and Self-Control, Hyperbolic Discounting, Heterogeneous Agents, Incomplete Markets

17.

Rising Indebtedness and Temptation: A Welfare Analysis

FRB of Philadelphia Working Paper No. 11-39
Number of pages: 37 Posted: 15 Sep 2011
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 35 (609,590)
Citation 5

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Temptation, Self-control, Hyperbolic discounting, Over-borrowing, Heterogeneous agents, General equilibrium

18.

A Tale of Two Commitments: Equilibrium Default and Temptation

FRB of Philadelphia Working Paper No. 14-1
Number of pages: 40 Posted: 17 Dec 2013
Makoto Nakajima
Federal Reserve Bank of Philadelphia
Downloads 23 (690,804)
Citation 3

Abstract:

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Consumer bankruptcy, Debt, Default, Borrowing constraint, Temptation and self-control, Hyperbolic-discounting, Heterogeneous agents, Incomplete markets