Keiichiro Kobayashi

Kobayashi is a professor of the Faculty of Economics at the Keio University.^[2] He is also a Faculty Fellow of the Research Institute of Economy, Trade and Industry,^[1] and a Research Director at the Canon Institute for Global Studies.^[3] He earned his master's degree in engineering from the School of Engineering, University of Tokyo, and a doctorate in economics from the University of Chicago. He worked at the Ministry of Economy, Trade and Industry and the Research Institute of Economy, Trade and Industry, and was a professor at the Institute of Economic Research of Hitotsubashi University before becoming a professor in the Faculty of Economics, Keio University.^[4]

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

• April 1991 – Joined the Ministry of International Trade and Industry (Japan)
• April 2001 – June 2007 Fellow, RIETI
• April 2003 – June 2007 Guest Editorial Writer, The Asahi Shimbun
• April 2005 – Visiting professor, Chuo University
• April 2007 – March 2009 Part-time Lecturer, Institute of Economic Research, Kyoto University
• June 2007 – March 2008 Executive Research Fellow, The Center for Global Communications (GLOCOM), International University of Japan
• June 2007 – March 2013 Senior Fellow, RIETI
• April 2009 – Senior Fellow, The Tokyo Foundation
• April 2009 – Research Director, Canon Institute for Global Studies
• August 2010 – March 2013 Professor, Institute of Economic Research, Hitotsubashi University
• April 2010 – September 2010 Special Visiting professor, Faculty of Economics, Graduate School of Economics, Keio University
• April 2013 – Professor, Faculty of Economics, Keio University
• April 2013 – Faculty Fellow, RIETI

• "Forbearance Lending: The Case of Japanese Firms", (with Toshitaka Sekine, Yumi Saita) Bank of Japan Monetary and Economic Studies (2003) 21(2):69-92.
• "A Theory of Debt Disorganizaiton", Journal of Restructuring Finance (2004) 1(1): 1–11.
• "Debt Disorganization in Japan", Japan and the World Economy (2005) 17:151-69.
• "Fiscal Consequences of Inflationary Policies", Journal of the Japanese and International Economies (2005) 19:386-93.
• "Business Cycle Accounting for the Japanese Economy", Japan and the World Economy (2006) 18(4): 418–440.
• "Forbearance Impedes Confidence Recovery", Journal of Macroeconomics (2007) 29(1): 178–188.
• "Payment Uncertainty and the Productivity Slowdown", Macroeconomic Dynamics (2007) 11(2): 231–248.

• Debate on the Japanese Macroeconomic Policy (in Japanese, co-edited with Hiroshi Yoshikawa, et al.), Toyokeizai, 2000.
• Economics of Balance-Sheet Restructuring (in Japanese, co-edited with Mitsuhiro Fukao, Tatsuya Terazawa), Toyokeizai, 2001.
• Trap of the Japanese Economy (in Japanese, co-authored with Sota Kato), Nikkei Publishing, 2001.
• The Price of Escape (in Japanese), Nikkei Publishing, 2003.

• Debate on the Japan's Government debt (featured article, Nikkei newspaper) October 9, 2016
• Debate-Japan's Critical Fiscal Situation - Who takes this responsibility? (video, Nikkei newspaper) October 9, 2016
• Rational Expectation Hypothesis and the Next Issues (Economic Trend - Economics Lecture Series, Nikkei newspaper) February 20, 2017

• 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.
• "Japan's Lost Decade and the Complexity Externality (Revised)" (with Masaru Inaba), RIETI Discussion Paper Series 02-E-004, March 2002.
• "Forbearance Impedes Confidence Recovery," RIETI Discussion Paper Series 02-E-005, June 2002.
• "Fiscal Consequences of Inflationary Policies," RIETI Discussion Paper Series 02-E-010, September 2002.
• "Debt Deflation and Bank Recapitalization," RIETI Discussion Paper Series 03-E-007, February 2003.
• "Deflation Caused by Bank Insolvency," RIETI Discussion Paper Series 03-E-022, October 2003.
• "Monetary Cycles" (with Masaru Inaba), RIETI Discussion Paper Series 04-E-020, April 2004.
• "A key currency and a local currency? A simple theoretical model and its welfare implications," RIETI Discussion Paper Series 04-E-025, August 2004.
• "Is Financial Friction Irrelevant to the Great Depression? - Simple modification of the Carlstrom-Fuerst model-", RIETI Discussion Paper Series 04-E-030, September 2004.
• "Payment Uncertainty and the Productivity Slowdown," RIETI Discussion Paper Series 04-E-029, September 2004.
• "Payment Uncertainty, the Division of Labor, and Productivity Declines in Great Depressions", RIETI Discussion Paper Series 04-E-037, December 2004.
• "Forbearance Impedes Confidence Recovery (Revised)", RIETI Discussion Paper Series 5-E-002, February 2005.
• "Business Cycle Accounting for the Japanese Economy" (with Masaru Inaba), RIETI Discussion Paper Series 05-E-023, September 2005. Summary
• "Borrowing Constraints and Protracted Recessions" (with Masaru Inaba) RIETI Discussion Paper Series 06-E-011, March 2006. Summary
• "Transaction Services and Asset-price Bubbles (Revised)", RIETI Discussion Paper Series 06-E-010, March 2006. Summary
• "'Irrational exuberance' in the Pigou Cycle under Collateral Constraints" (with Masaru Inaba), RIETI Discussion Paper Series 06-E-015, March 2006. Summary
• "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.
• "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
• "Financial Crises and Assets as Media of Exchange"
• "Bad-Asset Theory of Financial Crises"