Nobuhiro Kiyotaki

Short description: Japanese economist

Nobuhiro Kiyotaki

Born|  (1955-06-24) June 24, 1955 (age 68)
Nationality| Japanese
Institution| Princeton University
Field| Macroeconomics
School or
tradition| New Keynesian economics
Alma mater| Harvard University (Ph.D., 1985)
University of Tokyo (B.A., 1978)
Doctoral
advisor| Olivier Blanchard[1]
Doctoral
students| Luis Carranza
Contributions| Kiyotaki–Wright model
Kiyotaki–Moore model
Awards| Nakahara Prize (1997)
Yrjö Jahnsson Award (1999)
Fellow of the British Academy (2003)

Nobuhiro Kiyotaki FBA (清滝 信宏, Kiyotaki Nobuhiro) (born June 24, 1955) is a Japanese economist and the Harold H. Helms '20 Professor of Economics and Banking at Princeton University. He is especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics.

## Contents

* 1 Career
* 2 Contributions
* 3 Selected publications
* 3.1 Journal articles
* 4 References
* 5 External links

## Career

He received a B.A. from University of Tokyo in 1978. After receiving his doctorate in economics from Harvard University in 1985, Kiyotaki held faculty positions at the Univ. of Wisconsin–Madison, the Univ. of Minnesota, and the London School of Economics before moving to Princeton.

He is a fellow of the Econometric Society,[2] was awarded the 1997 Nakahara Prize of the Japan Economics Association and the 1999 Yrjö Jahnsson Award of the European Economic Association, the latter together with John Moore.[3][4] In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences.[5] He is also a fellow of the European Economic Association.[6] Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of the Nobel Prize in Economics.[7]

Kiyotaki also received the Stephen A. Ross Prize in Financial Economics together with John Moore.[8] In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".[9]

## Contributions

In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier.[10] Most New Keynesian macroeconomic models now assume monopolistic competition for the reasons outlined by Blanchard and Kiyotaki.

Later, Kiyotaki worked with Randall Wright to construct a model of the role of money, showing how money increased economic efficiency by permitting trade of many different types of goods which might not be traded under a system of barter.[11][12] This model, which formalized William Stanley Jevons' insight about the double coincidence of wants as a barrier to economic activity under barter, has come to be known as the Kiyotaki–Wright model.

In 1997, with John Moore, Kiyotaki constructed a model to show how small shocks to the economy might be amplified into large output fluctuations through the interaction between real estate prices and restrictions on the availability of credit.[13] This model of 'credit cycles' is now known as the Kiyotaki–Moore model.

## Selected publications

### Journal articles

* Blanchard, Olivier Jean; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand". American Economic Review 77 (4): 647–66. https://notendur.hi.is/ajonsson/kennsla2003/Blanchard_Kiyotaki.pdf.
* Kiyotaki, Nobuhiro; Wright, Randall (1989). "On Money as a Medium of Exchange". Journal of Political Economy 97 (4): 927–54. doi:10.1086/261634.
* Kiyotaki, Nobuhiro; Wright, Randall (1993). "A Search-Theoretic Approach to Monetary Economics". American Economic Review 83 (1): 63–77. http://www.econ.hit-u.ac.jp/~makoto/PDF/kiyotaki_wright_AER.pdf. Retrieved 2016-05-18.
* Kiyotaki, Nobuhiro; Moore, John (1997). "Credit Cycles". Journal of Political Economy 105 (2): 211–248. doi:10.1086/262072. http://www-users.york.ac.uk/~psm509/ULB2012/KiyotakiMooreJPE1997.pdf.

## References

1. ↑ "Olivier Blanchard CV". MIT Department of Economics. http://economics.mit.edu/files/8710.
2. ↑ "Econometric Society Fellows". Econometric Society. https://www.econometricsociety.org/society/organization-and-governance/fellows.
3. ↑ "Nakahara Prize Winners". Japanese Economic Association. http://www.jeaweb.org/eng/AwardsNakahara.html.
4. ↑ "Recipients of the Yrjö Jahnsson Award in Economics". Yrjö Jahnsson Foundation. http://www.yjs.fi/en/seminars-and-international-contacts/yrjo-jahnsson-award-in-economics/.
5. ↑ "Professor Nobu Kiyotaki", British Academy. Retrieved 2 May 2018.
6. ↑ "Fellows | EEA". https://www.eeassoc.org/fellows.
7. ↑ Thomson-Reuters list of 'citation laureates' in economics
8. ↑ "Press Release Announcing the Second Ross Prize: Economics Scholars Nobuhiro Kiyotaki and John Moore Recognized". Foundation for the Advancement of Research in Financial Economics. December 10, 2010. http://farfe.org/ross_prize-2010.html.
9. ↑ BBVA Foundation Frontiers of Knowledge Awards 2020
10. ↑ Blanchard, Olivier; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand". American Economic Review 77 (4): 647–66.
11. ↑ Kiyotaki, Nobuhiro; Wright, Randall (1989). "On Money as a Medium of Exchange". Journal of Political Economy 97 (4): 927–54. doi:10.1086/261634.
12. ↑ Kiyotaki, Nobuhiro; Wright, Randall (1993). "A Search-Theoretic Approach to Monetary Economics". American Economic Review 83 (1): 63–77.
13. ↑ Kiyotaki, Nobuhiro; Moore, John H. (1997). "Credit Cycles". Journal of Political Economy 105 (2): 211–248. doi:10.1086/262072.

## External links

* Nobuhiro Kiyotaki's webpage at Princeton

* v
* t
* e

normal;">Keynesians

Founder|

* John Maynard Keynes

Neo-Keynesians|

* Gardner Ackley
* Robert Solow
* William Baumol
* James Duesenberry
* Robert Eisner
* Trygve Haavelmo
* Alvin Hansen
* Roy Harrod
* Walter Heller
* John Hicks
* Lawrence Klein
* James Meade
* Lloyd Metzler
* Franco Modigliani
* Robert Mundell
* Arthur Melvin Okun
* Don Patinkin
* William Phillips
* William Poole
* Paul Samuelson
* James Tobin

Post-Keynesians|

* Victoria Chick
* Paul Davidson
* Evsey Domar
* James K. Galbraith
* John Kenneth Galbraith
* Myron J. Gordon
* Geoff Harcourt
* Michael Hudson
* Richard Kahn
* Nicholas Kaldor
* Michał Kalecki
* Steve Keen
* Jan Kregel
* Marc Lavoie
* Abba P. Lerner
* Hyman Minsky
* Bill Mitchell
* Basil Moore
* Steven Pressman
* Joan Robinson
* G. L. S. Shackle
* Pavlina R. Tcherneva
* Anthony Thirlwall
* Sidney Weintraub
* L. Randall Wray

New Keynesians|

* George Akerlof
* Ben Bernanke
* Olivier Blanchard
* Alan Blinder
* Guillermo Calvo
* Richard Clarida
* Brad DeLong
* Huw Dixon
* Stanley Fischer
* Jordi Galí
* Mark Gertler
* Robert J. Gordon
* Stephany Griffith-Jones
* Nobuhiro Kiyotaki
* Paul Krugman
* Greg Mankiw
* Marc Melitz
* Maurice Obstfeld
* Edmund Phelps
* Ricardo Reis
* Kenneth Rogoff
* David Romer
* Julio Rotemberg
* Nouriel Roubini
* Robert Shiller
* Andrei Shleifer
* Joseph Stiglitz
* Lawrence Summers
* John B. Taylor
* Michael Woodford

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Keynesian economics

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