Nobuhiro Kiyotaki | |
|---|---|
 | |
| Born | (1955-06-24)June 24, 1955 (age 70) |
| Academic background | |
| Education | University of Tokyo (BA) Harvard University (PhD) |
| Doctoral advisor | Olivier Blanchard[1] |
| Academic work | |
| Discipline | Macroeconomics |
| School or tradition | New Keynesian economics |
| Institutions | Princeton University |
| Doctoral students | Luis Carranza Chen Nan-kuang |
| Notable ideas | Kiyotaki–Wright model Kiyotaki–Moore model |
| Awards | Nakahara Prize (1997) Yrjö Jahnsson Award (1999) Fellow of the British Academy (2003) Stephen A. Ross Prize (2010) BBVA Foundation Frontiers of Knowledge Award (2020) |
Nobuhiro KiyotakiFBA (清滝 信宏,Kiyotaki Nobuhiro) (born June 24, 1955) is a Japaneseeconomist and the Harold H. Helms '20 Professor of Economics and Banking atPrinceton University. He is especially known for proposing several models that provide deepermicroeconomic foundations formacroeconomics, some of which play a prominent role inNew Keynesian macroeconomics.
He received aB.A. fromUniversity of Tokyo in 1978. After receiving his doctorate in economics fromHarvard University in 1985, Kiyotaki held faculty positions at theUniv. of Wisconsin–Madison, theUniv. of Minnesota, and theLondon School of Economics before moving to Princeton.
He is a fellow of theEconometric Society,[2] was awarded the 1997Nakahara Prize of theJapan Economics Association and the 1999Yrjö Jahnsson Award of theEuropean Economic Association, the latter together withJohn Moore.[3][4] In 2003, Kiyotaki was elected aFellow of the British Academy (FBA), the United Kingdom'snational academy for the humanities and social sciences.[5] He is also a fellow of theEuropean Economic Association.[6] Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of theNobel 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 theBBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".[9]
In 1987, together withOlivier Blanchard, Kiyotaki demonstrated the importance ofmonopolistic competition for theaggregate demand multiplier.[10] MostNew Keynesian macroeconomic models now assume monopolistic competition for the reasons outlined by Blanchard and Kiyotaki.
Later, Kiyotaki worked withRandall 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 ofbarter.[11][12] This model, which formalizedWilliam Stanley Jevons' insight about thedouble coincidence of wants as a barrier to economic activity under barter, has come to be known as theKiyotaki–Wright model.
In 1997, withJohn 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 theKiyotaki–Moore model.
