Portrait of Junko Oguri

I am a Ph.D. candidate in Finance at the Kellogg School of Management, Northwestern University. My research interests include financial intermediation, international finance, and macrofinance.

During my Ph.D., I have held visiting research fellowships at the Federal Reserve Bank of Dallas, the Federal Reserve Bank of Chicago, the Federal Reserve Board, and the Bank for International Settlements.

Prior to my Ph.D., I spent five years at the Bank of Japan working on financial markets and banking regulation, including foreign exchange intervention and the finalization of Basel III. I then worked as a research associate at the Yale Program on Financial Stability.

I am on the 2026-2027 academic job market.

Contact: junko.oguri[at]kellogg.northwestern.edu
CV: Link to PDF


Job Market Paper

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

Share of Balance Sheet Components: Domestic Banks and Foreign Banks: 1982-2025

  • Awards and Fellowships: ECB Lamfalussy Research Fellowship (2025); Brattle Group Ph.D. Candidate Awards for Outstanding Research (WFA, 2026)

  • Selected Presentations: AFA (Poster), MFA, BIS–CEPR–Gerzensee–SFI Conference on Financial Intermediation, ECWFC, WFA, Carey Finance Conference (scheduled), ECB Conference on Money Markets (scheduled)

Abstract (click to expand)

This paper shows how foreign banks’ reserve demand constrains the Federal Reserve’s balance-sheet normalization under its ample-reserves framework. Despite their modest share of U.S. banking activity, foreign banks have at times held more reserves at the Fed than domestic banks combined. Using reserve-supply shocks, we uncover an asymmetry in reserve adjustment: foreign banks absorb substantial reserve inflows during quantitative easing (QE) but do not release reserves symmetrically during quantitative tightening (QT), shifting adjustment toward domestic banks. We find that reserves at the Fed provide liquidity insurance for foreign banks’ global dollar lending. Banks with larger dollar lending exposures retain more reserves, including during QT. A heterogeneous reserve-demand model shows that these persistent global liquidity needs raise the minimum reserve supply required for stable rate control, even with domestic liquidity needs unchanged.


Works in Progress

Supply Chain of Synthetic Dollar Funding with Jialu Sun

  • Fellowship and Awards: Kellogg Corporate Finance Research Center Fellowship

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