Masaaki SHIRAKAWA (Professor)



Masaaki Shirakawa is a professor of International Economics at Aoyama Gakuin University. He studied economics at the University of Tokyo (B.A.) and at the University of Chicago (M.A.). He joined Bank of Japan in 1972 and held key positions at the Bank, including Executive Director in charge of monetary policy. He was appointed as Governor in April, 2008 and left the Bank in March 2013. He was also Vice-Chairman of the Board of Directors of the BIS since January 2011. Currently, he is also a member of Group of Thirty (a private, nonprofit, international body composed of senior representatives of the private and public sectors and academia). Prior to becoming governor, he assumed Professorship at the Kyoto University School of Government from July 2006 to March 2008.

Courses Taught

Preceptorial Seminar
Japanese Economy
Financial Economics Ⅰ
Financial Economics Ⅱ

Research Interests

Monetary policy
Central banking


Recent Publications

"Monetary Policy Under the Zero Interest Rate Constraint and Balance Sheet Adjustment" International Finance, Vol. 4, Number 3, Winter 2001

"Japan's Deflation, Problems in the Financial System, and Monetary Policy" (coauthored), Monetary and Economic Studies Vol.. 23, No 1, Bank of Japan, Institute for Economic and Monetary studies, February 2005

"Is inflation (or deflation) 'always and everywhere' a monetary phenomenon?", BIS Papers No 77, March 2014

Bubble and Monetary Policy (coauthored by Yutaka Kousai and Kunio OKina, in Japanese), Nihonkeizaishinbunsha、December 2001

Monetary Policy in modern times, Nihonkeizaishinbunsha, March 2008