Nationality Japan Fields Macroeconomics Role Economist | Name Nobuhiro Kiyotaki Institution Princeton University | |
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Born June 24, 1955 (age 68) ( 1955-06-24 ) Alma mater Harvard University (Ph.D., 1985)
University of Tokyo (B.A., 1978) Education University of Tokyo, Harvard University Awards Nakahara Prize, Yrjo Jahnsson Award | ||
Db prize 2015 nobuhiro kiyotaki workshop on financial crises
Nobuhiro Kiyotaki (清滝 信宏, Kiyotaki Nobuhiro, born June 24, 1955) is a Japanese economist and professor at Princeton University 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
- Db prize 2015 nobuhiro kiyotaki workshop on financial crises
- Nobuhiro kiyotaki wholesale banking and bank runs in macroeconomic modelling of financial crises
- Career
- Contributions
- Journal articles
- References
Nobuhiro kiyotaki wholesale banking and bank runs in macroeconomic modelling of financial crises
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, 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. Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of the Nobel Prize in Economics.
Kiyotaki also received the Stephen A. Ross Prize in Financial Economics together with John Moore.
Contributions
In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier. 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. 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. This model of 'credit cycles' is now known as the Kiyotaki–Moore model.