Hibiki Ichiue - Appointed in 2021
Participant Profile
Hibiki Ichiue
Macroeconomics, International Finance, Finance1995: Graduated from the Faculty of Engineering, The University of Tokyo 1997: Completed a master's program at the Graduate School of Engineering, The University of Tokyo, earning a Master of Engineering degree 1997: Joined the Bank of Japan 2005: Completed a Ph.D. in Economics at the University of California, San Diego After holding positions including Associate Director-General of the Policy Planning Department at the Bank of Japan; Senior Economist at the Monetary and Capital Markets Department of the International Monetary Fund (on secondment); Head of the Economic Statistics Division and later the Economic Research Division in the Research and Statistics Department; Director of the Financial System and Bank Examination Department; and General Manager of the Naha Branch, he assumed his current position in 2021. *Profile and position are as of the time of the interview.
Hibiki Ichiue
Macroeconomics, International Finance, Finance1995: Graduated from the Faculty of Engineering, The University of Tokyo 1997: Completed a master's program at the Graduate School of Engineering, The University of Tokyo, earning a Master of Engineering degree 1997: Joined the Bank of Japan 2005: Completed a Ph.D. in Economics at the University of California, San Diego After holding positions including Associate Director-General of the Policy Planning Department at the Bank of Japan; Senior Economist at the Monetary and Capital Markets Department of the International Monetary Fund (on secondment); Head of the Economic Statistics Division and later the Economic Research Division in the Research and Statistics Department; Director of the Financial System and Bank Examination Department; and General Manager of the Naha Branch, he assumed his current position in 2021. *Profile and position are as of the time of the interview.
Tackling the Endless Stream of Economic Mysteries (and It's a Lot of Fun!)
My Research Topics and How I Encountered Them
At my previous job at the Bank of Japan, in addition to economic forecasting and model development, I conducted research as needed for various analyses at the time. Having moved between various departments and also been seconded to the International Monetary Fund, my research topics became quite diverse. I have written papers on subjects such as inflation, productivity, exchange rates, long-term interest rates, monetary policy, financial regulation, capital flows, and climate change.
The Appeal and Fascination of My Research
In economics, mysterious phenomena and problems for which we don't know the right policy solutions constantly emerge. When I explore global research on these issues, I often have eye-opening moments reading the various explanations and proposals from other researchers. On the other hand, I also frequently come up with new ideas not found in existing research. The moment I realize I might be the first person in the world, and in human history, to find the answer is incredibly exciting. And when that work is recognized by the academic community and influences economic policy discussions, I feel an immense sense of pride.
Some people may wonder if economics is really that useful. In fact, many difficult questions remain, and there are quite a few problems for which we have not yet found appropriate policies. Nevertheless, the field has made significant progress compared to the past, and we now understand many things that were previously unknown. I also feel that there used to be many theories that were like armchair speculation, but today, a wide variety of data is available, and economics has become a data-driven scientific field.
A Message to Students
Looking back on my own undergraduate days, I wasn't a particularly diligent student and never dreamed of becoming a scholar. However, during my fourth year of university, while in the midst of job hunting, I encountered financial engineering and decided to go to graduate school to study it. Then, after writing my master's thesis in this field, I began studying economics in earnest for the first time while on a study-abroad program sponsored by the Bank of Japan, where I had started working. I became completely captivated by the fascination of research in financial economics. I hope to convey as much of this fascination as possible to all of you, the students.
(Interview conducted in January 2022)