Education

Career

Publications

• 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.

Papers

• Kobayashi, Keiichiro, Tomoyuki Nakajima, and Shuhei Takahasi, 2022. ”Debt Overhang and Lack of Lender's Commitment.’’ Journal of Money, Credit and Banking (01 September 2022 https://doi.org/10.1111/jmcb.12969).
• Kobayashi, Keiichiro and Kozo Ueda 2021. ”Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis.’’ Journal of Money, Credit and Banking, 54 (4): 779-824.
• "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.

• "Bank Distress and Productivity of Borrowing Firms: Evidence from Japan," (with Fumio Akiyoshi), RIETI Discussion Paper Series 07-E-014, 2007.
• "Collateral Constraint and News-driven Cycles," (with Tomoyuki Nakajima and Masaru Inaba), RIETI Discussion Paper Series 07-E-013, 2007.
• "'Irrational exuberance' in the Pigou Cycle under Collateral Constraints," (with Masaru Inaba), RIETI Discussion Paper Series 06-E-015, 2006.3.
• "Borrowing Constraints and Protracted Recessions," (with Masaru Inaba) RIETI Discussion Paper Series 06-E-011, 2006.3.
• "Transaction Services and Asset-price Bubbles (Revised)," RIETI Discussion Paper Series 06-E-010, 2006.3.
• "Business Cycle Accounting for the Japanese Economy," (with Masaru Inaba), RIETI Discussion Paper Series 05-E-023, 2005.9.
• "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.
• "Deposit Money Creation in Search Equilibrium," Research and Statistics Department Discussion Paper Series 02-04, Bank of Japan, 2002.

• "Disorganization due to Forbearance of Debt Restructuring," Working Paper.
• "Debt Overhang as a Delayed Penalty," MITI/RI Discussion Paper.
• "The Division of Labor, the Extent of the Market, and Economic Growth," (Ph.D. Dissertation), University of Chicago

Others

Awards