Endogenous Growth Theory, General Equilibrium, Business Cycles, Bad Debt Problem, Debt Control Policy, Macropolitical Economy

1998 Ph.D., Economics, the University of Chicago
1991 M.S., Mathematical Engineering, the University of Tokyo

2007.6 - Senior Fellow, RIETI
2007.6 - 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 - Fellow, RIETI
1991.4 - Joined the Ministry of International Trade and Industry (Japan)

Published Papers
"Payment U ncertainty 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]

Awards
2002 Osaragi Jiro Critics Award (for Trap of the Japanese Economy)
2001 Nikkei Economics Book Award (for Trap of the Japanese Economy)