Dr Katsuyuki Shibayama

Senior Lecturer in Economics
+44 (0)1227 824714
Dr Katsuyuki Shibayama


After completing his BA in Economics at Waseda University (Tokyo) in 1993, Katsuyuki spent seven years as a market economist in Nomura Research Institute (Economic Research Division), Nomura Securities (Fixed Income School) and Deutsche Bank Tokyo (Global Markets Research). His main duty was analysing and forecasting Japanese economic conditions and monetary policy to support the traders and sales persons of Japanese government bonds. 

In 2000 Katsuyuki restarted his economics study at the London School of Economics and was awarded his PhD in Economics in 2007.

Research interests

Katsuyuki's research interest is in the area of business cycles and monetary policy, and economic growth. In particular, he studies the role of inventories in business cycles and general properties of dynamic stochastic general equilibrium models.

Inventories in business cycles

Katsuyuki's objective is to investigate the role of inventories in business cycles by means of the methods that meet academic standards. He is especially interested in so-called inventory cycles. Inventory cycles have the cycle length close to the post-war average of the length of one business cycle in Japan and the US (3-5 years) and appear to be fairly stable over time. While inventory cycles are well known among practitioners such as market economists, the cycles are only rarely studied by academic researchers.

General properties of dynamic stochastic general equilibrium models

Most theoretical researches in economics are built upon specific 'models'; however, Katsuyuki's aim is to reveal the properties of a general class of models. For example, in a broad class of models, the local behaviours of individual economic agents near the equilibrium is governed by the second order optimality conditions (ie the Jacobian of FOCs must be a negative definite Hessian). His specific research topics in this area include numerical solution methods for imperfect information models and equilibrium selection in sunspot equilibria.



Katsuyuki is interested in supervising PhD students in dynamic stochastic general equilibrium models in general (in terms of methodology). However, he expects students to have their own interesting motivations or questions to be addressed within that framework.


Administrative roles

  • Director of Studies, Stage 2
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