Kosuke Aoki is Professor of Economics at the Faculty of Economics, University of Tokyo. He received his Ph.D. in Economics from Princeton University in 2000. His research interests lie in macroeconomics and monetary economics, with particular emphasis on credit frictions, monetary policy, asset price bubbles, and capital flows. He also serves as an advisor to the Research and Statistics Department of the Bank of Japan. Previously, he held positions at the London School of Economics, CREI–