Wataru Miyamoto
Prof. Wataru MIYAMOTO
Associate Professor

3917 0025

KK 1102

Academic & Professional Qualification
  • PhD: Economics, Columbia University
  • Master: Economics, Columbia University
    Economics, University of Tokyo
  • Bachelor: Economics, University of Tokyo

Wataru Miyamoto is an associate professor in the HKU Business School. He joined the University of Hong Kong in 2018. His research interests include empirical macroeconomics and international macroeconomics. He received his Ph.D. in Economics from Columbia University in 2014.


Intermediate Macroeconomics (ECON2220B, C, D, 2019 Spring)

Research Interest

Macroeconomics, International Macroeconomics

Selected Publications
  • “In Search of Dominant Drivers of the Real Exchange Rate” (with Thuy Lan Nguyen and Hyunseung Oh), The Review of Economics and Statistics, Forthcoming.
  • “International input–output linkages and changing business cycle volatility” (with Thuy Lan Nguyen), Journal of International Economics, Vol. 147, January 2024, 103869.
  • “The Expectational Effects of News in Business Cycles: Evidence from Forecast Data” (with Thuy Lan Nguyen), Journal of Monetary Economics, Vol. 116, December 2020, Pages 184-200.
  • “The Effects of Government Spending on Real Exchange Rates: Evidence from Military Spending Panel Data” (with Thuy Lan Nguyen and Viacheslav Sheremirov), Journal of International Economics, Vol. 116, January 2019, Pages 144-157.
  • “Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan” (with Thuy Lan Nguyen and Dmitriy Sergeyev), American Economic Journal: Macroeconomics, Vol. 10(3), July 2018, Pages 247-277.
  • “The Effects of Tax Changes at the Zero Lower Bound: Evidence from Japan” (with Akihisa Kato, Thuy Lan Nguyen, and Dmitriy Sergeyev), AEA Papers & Proceedings, Vol. 108, May 2018, Pages 513-518.
  • “Business Cycles in Small Open Economies: Evidence from Panel Data Between 1990 and 2013” (with Thuy Lan Nguyen), International Economic Review, Vol. 58(3), August 2017, Pages 1007-1044.
  • “Understanding the Cross-Country Effects of U.S. Technology Shocks” (with Thuy Lan Nguyen), Journal of International Economics, Vol. 106, May 2017, Pages 143-164.
Recent Publications
International input–output linkages and changing business cycle volatility

We quantify the effects of changes in international input–output linkages on the nature of business cycles. We build a multi-country international business cycle model with manufacturing and non-manufacturing sectors that matches the input–output structure within and across countries. We find that, in our 23-country sample, changes in the international input–output linkages between 1970 and 2007 have led to a drop in output volatility in all countries, explaining up to a half of the drop in output volatility in a median country observed in the data. In the model, stronger international linkages tend to stabilize output in response to domestic shocks, and destabilize for foreign shocks. Since foreign shocks still play a modest role in driving domestic business cycles, the stabilization effects dominate. Nevertheless, changing international linkages have generated larger shock transmission across countries, increasing the risk of a global recession.