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Takatoshi Ito: Scholarship on Japan's Economy Transformed

Author

Listed:
  • Aoki, Kosuke
  • Auerbach, Alan
  • Horioka, Charles Yuji
  • Kashyap, Anil
  • Watanabe, Tsutomu
  • Weinstein, David

Abstract

Takatoshi Ito, who passed away in September 2025, was a leading scholar of macroeconomics and international finance. This column, written by a group of friends and colleagues, outlines his many contributions in a lifetime of research, teaching and policy-making in Japan, the United States and around the world. His work is particularly notable for challenging the widespread perception that standard economic analysis is somehow ill- suited for understanding the Japanese economy. Indeed, using the discipline's rigorous tools, he illuminated challenges that Japan faced earlier and more acutely than other countries - including population decline and ageing, ballooning government debt, the zero lower bound and unconventional monetary policies, real estate bubbles and their collapse, and the banking sector's problem of non-performing loans.

Suggested Citation

  • Aoki, Kosuke & Auerbach, Alan & Horioka, Charles Yuji & Kashyap, Anil & Watanabe, Tsutomu & Weinstein, David, 2025. "Takatoshi Ito: Scholarship on Japan's Economy Transformed," AGI Working Paper Series 2025-20, Asian Growth Research Institute.
    • Handle: RePEc:agi:wpaper:02000256
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    File URL: https://agi.repo.nii.ac.jp/records/2000256
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    File URL: https://agi.repo.nii.ac.jp/record/2000256/files/WP2025-20.pdf
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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