Fellow Researchers Profile

Keiichiro KOBAYASHI

Keiichiro KOBAYASHI

Research Director

The Tokyo Foundation for Policy Research, Research Director
Professor, Department of economics, Keio University
Research Institute for Economy, Trade and Industry, Program Director /Faculty Fellow

[Research Themes]
Research on capital market reform, etc.
Research on fiscal and inter-generational issues
Research on economic theory
Élan vital for Japan

Expertise

  • Macroeconomics
  • Endogenous Growth Theory
  • General Equilibrium
  • Business Cycles
  • Bad Debt Problem
  • Debt Control Policy

Working papers, Papers and Reports

Event Reports

May 27, 9:00-16:50 & May 28, 9:30-13:00, 2019

CIGS Conference on Macroeconomic Theory and Policy 2019

June 4, 9:30-17:50 & June 5, 9:30-13:00, 2018

CIGS Conference on Macroeconomic Theory and Policy 2018

May 29, 9:30-17:50 & May 30, 9:15-13:20, 2017

CIGS Conference on Macroeconomic Theory and Policy 2017

May 30, 9:00-17:00 & May 31, 9:00-13:00, 2016

CIGS Conference on Macroeconomic Theory and Policy 2016

May 25, 9:00-17:15 & May 26, 9:00-13:35, 2015

CIGS Conference on Macroeconomic Theory and Policy 2015

December 22, 2014, 15:00 - 17:10

CIGS Joint Seminar on Macroeconomics

December 26, 2014, 9:00 - 17:00

End of Year Macroeconomics Conference

May 26, 9:00-17:15 & May 27, 9:00-13:30, 2014

CIGS Conference on Macroeconomic Theory and Policy 2014

July 3, 2013, 15:00 - 17:00

CIGS Seminar:"On Stability of Money Demand"

Jun 24, 9:00-17:15 & Jun 25, 9:00-13:30, 2013

CIGS Conference on Macroeconomic Theory and Policy 2013

May 28, 9:00-17:00 & May 29, 9:00-17:00, 2012

CIGS Conference on Macroeconomic Theory and Policy 2012

August 8, 9:00-18:00 & August 9, 9:00-12:40

CIGS Conference on Macroeconomic Theory and Policy 2011

Profile

Education

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

Career

2018.04 - The Tokyo Foundation for Policy Research, Research Director
2009.04 - Research Director, The Canon Institute for Global Studies
2007.06 - Senior Fellow, RIETI
2007.04 - 2009.03 Part-time Lecturer, Institute of Economic Research, Kyoto University
2005.04 Visiting Professor, Chuo University
2003.01 - 2007.06 Guest Editorial Writer, The Asahi Shimbun
2001.04 - Fellow, RIETI
1991.04 Joined the Ministry of International Trade and Industry (Japan)

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

  • "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

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