(born June 24, 1955) is a Japanese

economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...

and the Harold H. Helms '20 Professor of Economics and Banking at

Princeton University Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...

. He is especially known for proposing several models that provide deeper microeconomic foundations for

macroeconomics Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

, some of which play a prominent role in

New Keynesian New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroec ...

macroeconomics.

Career

He received a

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...

from

University of Tokyo , abbreviated as or UTokyo, is a public research university located in Bunkyō, Tokyo, Japan. Established in 1877, the university was the first Imperial University and is currently a Top Type university of the Top Global University Project b ...

in 1978. After receiving his doctorate in economics from

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of highe ...

in 1985, Kiyotaki held faculty positions at the Univ. of Wisconsin–Madison, the Univ. of Minnesota, and the

London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 milli ...

before moving to Princeton. He is a fellow of the

Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. ...

, was awarded the 1997 Nakahara Prize of the

Japan Economics Association The Japanese Economic Association (JEA) is the professional body of Japanese economists. The Japanese Economic Association is the largest, with more than 3,000 members, among academic economic associations in Japan. The Association is also one of ...

and the 1999

Yrjö Jahnsson Award Yrjö, a masculine Finnish given name that is the equivalent of George, may refer to: * Yrjö von Grönhagen, (1911–2003), Finnish anthropologist * Yrjö Jylhä, (1903–1956), Finnish poet * Yrjö Kilpinen (1892–1959), Finnish co ...

of the

European Economic Association The European Economic Association (EEA) is a professional academic body which links European economists. It was founded in the mid-1980s. Its first annual congress was in 1986 in Vienna and its first president was Jacques Drèze. The current pres ...

, the latter together with John Moore. In 2003, Kiyotaki was elected a

Fellow of the British Academy Fellowship of the British Academy (FBA) is an award granted by the British Academy to leading academics for their distinction in the humanities and social sciences. The categories are: # Fellows – scholars resident in the United Kingdom # ...

(FBA), the United Kingdom's

national academy A national academy is an organizational body, usually operating with state financial support and approval, that co-ordinates scholarly research activities and standards for academic disciplines, most frequently in the sciences but also the hu ...

for the humanities and social sciences. He is also a fellow of the

. Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of the

Nobel Prize in Economics The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered ...

. Kiyotaki also received the Stephen A. Ross Prize in Financial Economics together with John Moore. In 2020 he was awarded the

BBVA Foundation Frontiers of Knowledge Award The BBVA Foundation Frontiers of Knowledge Awards () are an international award programme recognizing significant contributions in the areas of scientific research and cultural creation. The categories that make up the Frontiers of Knowledge Awards ...

in the category "Economics, Finance and Management".

Contributions

In 1987, together with

Olivier Blanchard Olivier Jean Blanchard (; born December 27, 1948) is a French economist and professor who is a senior fellow at the Peterson Institute for International Economics. He was the chief economist at the International Monetary Fund from September 1, 2 ...

, Kiyotaki demonstrated the importance of

monopolistic competition Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another (e.g. by branding or quality) and hence are not perfec ...

for the aggregate demand multiplier. Most

macroeconomic models now assume monopolistic competition for the reasons outlined by Blanchard and Kiyotaki. Later, Kiyotaki worked with

Randall Wright Randall D. Wright (born August 4, 1956) is a Canadian academic macroeconomist who advanced the fields of monetary economics and labor economics through his role in the development of matching theory. Biography Wright obtained a B.A. in Econ ...

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 In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists disti ...

. This model, which formalized

William Stanley Jevons William Stanley Jevons (; 1 September 183513 August 1882) was an English economist and logician. Irving Fisher described Jevons's book ''A General Mathematical Theory of Political Economy'' (1862) as the start of the mathematical method in ec ...

' 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 cycle The credit cycle is the expansion and contraction of access to credit over time. Some economists, including Barry Eichengreen, Hyman Minsky, and other Post-Keynesian economists, and some members of the Austrian school, regard credit cycles as the ...

s' is now known as the Kiyotaki–Moore model.

Selected publications

Journal articles

* * * *

References

External links

Nobuhiro Kiyotaki's webpage at Princeton
{{DEFAULTSORT:Kiyotaki, Nobuhiro 1955 births Living people People from Osaka 20th-century Japanese economists 21st-century Japanese economists Macroeconomists Financial economists New Keynesian economists University of Tokyo alumni Harvard University alumni University of Wisconsin–Madison faculty University of Minnesota faculty Academics of the London School of Economics Princeton University faculty Fellows of the British Academy Fellows of the Econometric Society Persons of Cultural Merit Japanese expatriates in the United States Fellows of the European Economic Association