Tsutomu Watanabe has been a Professor of Economics at the Graduate School of Economics, The University of Tokyo since October 2011. Previously, he was a Professor at Hitotsubashi University (1999-2011) and a Senior Economist at the Bank of Japan (1982-1999). He held visiting positions at various universities including Kyoto University, Bocconi University, and Columbia University. He received his Ph.D. in economics from Harvard University in 1992 and earned his undergraduate degree at The