Kotaro Yoshida,

Kotaro Yoshida

Please note: Kotaro has left the "Economics" group at Duke University; some info here might not be up to date.

Office Location:  0013 Perkins
Email Address: send me a message
Web Page:  http://www.econ.duke.edu/~yoshidak

Typical Courses Taught:


Ph.D.Duke University2006
B.A. in EconomicsWaseda University1996

Research Interests:

My dissertation consists of two related papers that study the “zombie” phenomenon observed in the Japanese economy. The Japanese economy, as is well known, has been in a slump for the past decade. Recent empirical papers exploring the causes of that slump suggested that one cause is the existence of zombies: insolvent and unproductive firms that should be tossed out of the market, but are kept afloat by banks. Due to the resulting market congestion, according to their view, the economy stagnates. The existing literature invites the following questions: what exactly are zombies, why do they exist, and how much do they affect the national economy? The first chapter develops a theoretical framework that allows us to identify zombies and understand the mechanism of zombie lending. The second chapter attempts to assess the quantitative impact of such resource misallocation in a general equilibrium model.

Areas of Interest:

Business Cycle
Money and Banking
Japanese Economy
Sectoral Reallocation

Working Papers

  1. K. Yoshida, Theory of Zombie Lending (Fall, 2005) [pdf]
  2. K. Yoshida, Macroeconomic Impact of Sectoral Reallocation (October, 2005)