Tomoaki Yamada

Tomoaki Yamada

Professor of Economics

Meiji University


Tomoaki Yamada is a professor of economics at Meiji University.

His research focuses on heterogeneity in macroeconomics, consumption and savings, and social security reforms under population aging.

He explores the long-run trend of economic inequality in earnings, income, consumption, and wealth in Japan using microdata and numerical methods based on economic theory. He also studies the short-run relationship among business cycle fluctuations, inequality, and fiscal/monetary policy with dynamic stochastic general equilibrium models.

He is a member of a new project: “Academic infrastructure development of administrative data from local governments and application for economic analysis.” He and his co-investigators examine income risk and inequality using administrative tax data in the project. For the details of the project, click here.

  • Heterogeneity in Macroeconomics
  • Economic Inequality
  • Consumption and Savings
  • Population Aging
  • PhD in Economics, 2005

    Hitotsubashi University

  • MA in Economics, 2002

    Hitotsubashi University

  • BA in Economics, 2000

    Rikkyo University


Meiji University
April 2014 – Present Tokyo
Japanese Economic Review
June 2022 – Present Tokyo
Visiting Researcher
Economic and Social Research Institute, Cabinet Office
April 2021 – Present Tokyo
Visiting Researcher
CREPE, University of Tokyo
August 2022 – Present Tokyo
Visiting Researcher
Queen Mary University of London
September 2020 – March 2021 London
Visiting Researcher
University College London
April 2015 – March 2016 London
Associate Professor
Meiji University
April 2009 – March 2014 Tokyo
Assistant Professor
Rissho University
April 2006 – March 2009 Tokyo

Journal Publications

in English

Fiscal Sustainability in Japan: What to Tackle

Japan leads all advanced economies in terms of aging and has the highest debt to GDP ratio. The public pension, medical and long-term care (LTC) expenditures are projected to far outpace revenues and create significant fiscal burdens. In this paper, we develop a detailed overlapping generations model that incorporates the social insurance programs in detail, use most recent estimates from Japanese micro data and government demographic projections to discipline the earnings and labor supply profiles of heterogeneous agents and their cohort shares, and simulate future paths of fiscal and macroeconomic indicators. Our numerical results suggest that absent any change in current policies, Japan will continue to run large pension, public health, LTC, and basic deficits and the debt to GDP ratio will continue to reach unprecedented highs, with interest payments on the debt becoming larger and larger. Although no single policy tool can address fiscal consolidation, a combination of policies is found to achieve sustainability: raise the retirement age to 67, cut pensions by 10%; raise copays of health and LTC insurances to 20%, and find policies to propel female employment and earnings to the levels of their male counterparts, and increase consumption tax rate to 15%. Under these changes, the debt to output ratio in 2050 would be lower than that in 2020.

Works in Progress

Discussion Paper/Working Paper



For research
For courses


Grant-in-Aid for Scientific Research (C): Principal Investigator
Promotion of Joint International Research (A): Principal Investigator
Grant-in-Aid for Scientific Research (C): Principal Investigator
Grant-in-Aid for Specially Promoted Research: Co-investigator
Grant-in-Aid for Young Scientists (B): Principal Investigator
Grant-in-Aid for Scientific Research (B): Co-investigator
Grant-in-Aid for Young Scientists (B): Principal Investigator