School of Economics

profile image for Dr Katsuyuki Shibayama

Dr Katsuyuki Shibayama

Lecturer in Economics

School of Economics, Keynes College, B1.02



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

Katsuyuki currently teaches financial economics for BSc and MSc students. His 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.

Katsuyuki is a member of MaGHiC (the Macroeconomics, Growth and History Centre).

He is the School's Library Liaison Officer and Equality, Diversity and Inclusivity Officer. He is also leading the School’s Athena Swan project for gender equality.

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Katsuyuki's publications can also be found on RePEc and Orcid.

Also view these in the Kent Academic Repository

Otsu, K. and Shibayama, K. (2016). Population Aging and Potential Growth in Asia. Asian Development Review [Online] 33:56-73. Available at:
Shibayama, K. and Chadha, J. (2014). Inventories and the Stockout Constraint in General Equilibrium. The B.E. Journal of Macroeconomics: Topics [Online] 14:27-74. Available at:
Shibayama, K. and Fraser, I. (2014). Nonhomothetic growth models for the environmental kuznets curve. International Economic Review [Online] 55:919-942. Available at:
Shibayama, K. (2008). On the Periodicity of Inventories. Department of Economics, University of Kent at Canterbury. Available at:
Shibayama, K. (2007). A Solution Method for Linear Rational Expectation Models under Imperfect Information. Department of Economics, University of Kent at Canterbury. Available at:
Conference or workshop item
Shibayama, K. (2008). Inventory Cycles. in: Royal Economic Society Annual Conference 2008.
Total publications in KAR: 6 [See all in KAR]


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Inventories in business cycles

My objective is to investigate the role of inventories in business cycles by means of the methods that meet academic standards. I am especially interested in so-called inventory cycles (see Figures). 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 it seems to me that the cycles are 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'. On the contrary, my 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). My specific research topics in this area include numerical solution methods for imperfect information models and equilibrium selection in sunspot equilibria.

Katsuyuki's RePEc page is


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Consultation hours


Click here for School of Economics staff consultation hours.

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PhD supervision

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

Current students

Past students

  • James Warren, completed 2016
  • Dr Eddie Gerba, completed 2014
  • Dr Alex Waters, completed 2013


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Administrative roles

  • Library Liaison Officer
  • Equality, Diversity and Inclusivity Officer
  • Leader of Athena Swan Bronze Award Project


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School of Economics, Keynes College, University of Kent, Canterbury, Kent, CT2 7NP

Undergraduate enquiries: +44 (0) 1227 827497, Postgraduate enquiries: +44 (0) 1227 827440 or email us

Last Updated: 24/09/2018