I am a fifth-year Ph.D. candidate in finance at Kellogg School of Management, Northwestern University (degree expected in 2027). My research interests include macrofinance, financial intermediation, and financial stability.

Before starting my Ph.D., I was a financial analyst at Bank of Japan and a research associate at the Yale Program on Financial Stability.

Contact: junko.oguri[at]kellogg.northwestern.edu


Research Projects

  • Ample Reserves for Whom? The Role of Foreign Banks in U.S. Monetary Policy Implementation with Cristoforo Pizzimenti (SSRN link)

    Share of Balance Sheet Components: Domestic Banks and Foreign Banks

    • Presentations: AFA (2026, scheduled), WasedaU (2025, scheduled), Chicago Fed (2025), Dallas Fed (2025), Kellogg Finance Brown Bag (2024, 2025), Northwestern Macro Lunch Seminar (2024), Inter-Finance PhD Seminar (2024, 2025)
    • Fellowship: 2025 ECB Lamfalussy Research Fellowship
Abstract (click to expand) This paper examines how foreign banks constrain the Federal Reserve’s ability to shrink its balance sheet under the ample-reserves framework. Although they represent a small share of U.S. banking assets, foreign banks hold a disproportionately large share of reserves. Their demand is highly elastic, shaped by global regulatory asymmetries and cross-border arbitrage incentives. Using regulatory and high-frequency data, we document systematic differences in reserve management across bank types. Exploiting exogenous variation in supply shocks, we show that reserve demand is heterogeneous and asymmetric across policy regimes: foreign banks absorb most inflows during quantitative easing (QE), but adjust less during quantitative tightening (QT), when large domestic banks shed reserves more actively. We develop a heterogeneous-demand model that links these behaviors to the aggregate reserve demand curve and shows that uncertainty specific to foreign banks increases the Federal Reserve’s optimal reserve supply during QT.


  • Monetary Policy and Firm Financing in Emerging Markets with Pablo Sanchez and Rodolfo Erasmo Oviedo Moguel

  • Supply Chain of Synthetic Dollar Funding with Jialu Sun