Expertise
Endogenous Growth Theory, General Equilibrium, Business Cycles, Bad Debt Problem, Debt Control Policy, Macropolitical Economy
Research Projects
- Macroeconomic Policy and Political Philosophy toward Economic Growth (August 8, 2022 - January 31, 2025)
- Macroeconomic Policy and Political Philosophy toward Economic Growth (April 1, 2020 - March 31, 2022)
- Microeconomics, Macroeconomics, and Political Philosophy toward Economic Growth (December 11, 2017 - November 30, 2019)
- Microeconomics, Macroeconomics, and Political Philosophy toward Economic Growth (July 27, 2015 - March 31, 2017)
- Macroeconomic Analysis on the Public Debt, Deflation, and Other Related Issues (April 1, 2013 - March 31, 2015)
- Research on Macroeconomic Policies Focused on Fiscal Reconstruction and Similar Measures (May 30, 2011 - March 31, 2013)
- Building a New Macroeconomic Model and Policies in Times of Economic Crisis (July 1, 2007 - )
- Building a New Macroeconomic Model: Focusing on the Financial System (Until June 30, 2007)
Education
1998 Ph.D., Economics, the University of Chicago
1991 M.S., Mathematical Engineering, the University of Tokyo
Experience
2013.4 - Faculty Fellow, RIETI
2013.4 - Professor, Faculty of Economics, Keio University
2010.8 - 2013.3 Professor, Institute of Economic Research, Hitotsubashi University
2010.4 - 2010.9 Special Visiting Professor, Faculty of Economics, Graduate School of Economics, Keio University
2009.4 - Senior Fellow, The Tokyo Foundation
2009.4 - Research Director, Canon Institute for Global Studies
2007.6 - 2013.3 Senior Fellow, RIETI
2007.6 - 2008.3 Executive Research Fellow, The Center for Global Communications (GLOCOM), International University of Japan
2007.4 - 2009.3 Part-time Lecturer, Institute of Economic Research, Kyoto University
2005.4 - Visiting Professor, Chuo University
2003.1 - 2007.6 Guest Editorial Writer, The Asahi Shimbun
2001.4 - 2007.6 Fellow, RIETI
1991.4 - Joined the Ministry of International Trade and Industry (Japan)
Selected Publications and Papers
Published Papers
"Payment Uncertainty and the Productivity Slowdown," Macroeconomic Dynamics (2007) 11(2): 231-248.
"Forbearance Impedes Confidence Recovery," Journal of Macroeconomics (2007) 29(1): 178-188.
"Business Cycle Accounting for the Japanese Economy," Japan and the World Economy (2006) 18(4): 418-440.
"Fiscal Consequences of Inflationary Policies," Journal of the Japanese and International Economies (2005) 19:386-93.
"Debt Disorganization in Japan," Japan and the World Economy (2005) 17:151-69.
"A Theory of Debt Disorganizaiton," Journal of Restructuring Finance (2004) 1(1): 1-11.
"Forbearance Lending: The Case of Japanese Firms," (with Toshitaka Sekine, Yumi Saita) Bank of Japan Monetary and Economic Studies (2003) 21(2):69-92.
Books
The Price of Escape (in Japanese), Nikkei Publishing, 2003.
Trap of the Japanese Economy, (in Japanese, co-authored with Sota Kato), Nikkei Publishing, 2001.
Economics of Balance-Sheet Restructuring, (in Japanese, co-edited with Mitsuhiro Fukao, Tatsuya Terazawa), Toyokeizai, 2001.
Debate on the Japanese Macroeconomic Policy, (in Japanese, co-edited with Hiroshi Yoshikawa, et.al.), Toyokeizai, 2000.
Discussion/Working Papers
"Bank Distress and Productivity of Borrowing Firms: Evidence from Japan," (with Fumio Akiyoshi), RIETI Discussion Paper Series 07-E-014, 2007. Full Paper [PDF: 279KB]
"Collateral Constraint and News-driven Cycles," (with Tomoyuki Nakajima and Masaru Inaba), RIETI Discussion Paper Series 07-E-013, 2007. Full Paper [PDF: 725KB]
"'Irrational exuberance' in the Pigou Cycle under Collateral Constraints," (with Masaru Inaba), RIETI Discussion Paper Series 06-E-015, 2006.3. Full Paper [PDF:352KB] / Summary
"Borrowing Constraints and Protracted Recessions," (with Masaru Inaba) RIETI Discussion Paper Series 06-E-011, 2006.3. Full Paper [PDF:456KB] / Summary
"Transaction Services and Asset-price Bubbles (Revised)," RIETI Discussion Paper Series 06-E-010, 2006.3. Full Paper [PDF:428KB] / Summary
"Business Cycle Accounting for the Japanese Economy," (with Masaru Inaba), RIETI Discussion Paper Series 05-E-023, 2005.9. Full Paper [PDF:372KB] / Summary
"Forbearance Impedes Confidence Recovery (Revised)," RIETI Discussion Paper Series 5-E-002, 2005.2.
"Payment Uncertainty, the Division of Labor, and Productivity Declines in Great Depressions," RIETI Discussion Paper Series 04-E-037, 2004.12.
"Is Financial Friction Irrelevant to the Great Depression? - Simple modification of the Carlstrom-Fuerst model-," RIETI Discussion Paper Series 04-E-030, 2004.9.
"Payment Uncertainty and the Productivity Slowdown," RIETI Discussion Paper Series 04-E-029, 2004.9.
"A key currency and a local currency? A simple theoretical model and its welfare implications," RIETI Discussion Paper Series 04-E-025, 2004.8.
"Monetary Cycles," (with Masaru Inaba), RIETI Discussion Paper Series 04-E-020, 2004.4.
"Deflation Caused by Bank Insolvency," RIETI Discussion Paper Series 03-E-022, 2003.10.
"Debt Deflation and Bank Recapitalization," RIETI Discussion Paper Series 03-E-007, 2003.2.
"Fiscal Consequences of Inflationary Policies," RIETI Discussion Paper Series 02-E-010, 2002.9.
"Forbearance Impedes Confidence Recovery," RIETI Discussion Paper Series 02-E-005, 2002.6.
"Japan's Lost Decade and the Complexity Externality (Revised)," (with Masaru Inaba), RIETI Discussion Paper Series 02-E-004, 2002.3.
KOBAYASHI Keiichiro, SAITA Yumi, SEKINE Toshitaka, "Forbearance Lending: A Case for Japanese Firms," Research and Statistics Department Discussion Paper Series 02-02, Bank of Japan, 2002. Full Paper
"Deposit Money Creation in Search Equilibrium," Research and Statistics Department Discussion Paper Series 02-04, Bank of Japan, 2002. Full Paper
"Disorganization due to Forbearance of Debt Restructuring," Working Paper. Full Paper [PDF:270KB]
"Debt Overhang as a Delayed Penalty," MITI/RI Discussion Paper. Full Paper [PDF:148KB]
"The Division of Labor, the Extent of the Market, and Economic Growth," (Ph.D. Dissertation), University of Chicago
"Financial Crises and Assets as Media of Exchange" [PDF:118KB]
"Bad-Asset Theory of Financial Crises" [PDF:144KB]
Others
Awards
2002 Osaragi Jiro Critics Award (for Trap of the Japanese Economy)
2001 Nikkei Economics Book Award (for Trap of the Japanese Economy)
