(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 university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...

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

macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (econ ...

, 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 macroe ...

macroeconomics.

Career

He received a B.A. from

University of Tokyo The University of Tokyo (, abbreviated as in Japanese and UTokyo in English) is a public research university in Bunkyō, Tokyo, Japan. Founded in 1877 as the nation's first modern university by the merger of several pre-westernisation era ins ...

in 1978. After receiving his doctorate in economics from

Harvard University Harvard University is a Private university, private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the History of the Puritans in North America, Puritan clergyma ...

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

London School of Economics The London School of Economics and Political Science (LSE), established in 1895, is a public research university in London, England, and a member institution of the University of London. The school specialises in the social sciences. Founded ...

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 in the practice of econometrics. It is an independent organization with no connections to societies of professional mathematicians o ...

, was awarded the 1997 Nakahara Prize of the Japan Economics Association and the 1999 Yrjö Jahnsson Award of the

European Economic Association The European Economic Association (EEA) is a learned society, 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 latter together with John Moore. In 2003, Kiyotaki was elected a

Fellow of the British Academy Fellowship of the British Academy (post-nominal letters 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 t ...

(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, and serves as a public policy advisors, research ...

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. 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 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. He is Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology, Professor of Economics at the Paris School of Economics, an ...

, 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., branding, quality) and hence not perfect substi ...

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 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 ''bareter'') is a system of exchange (economics), exchange in which participants in a financial transaction, transaction directly exchange good (economics), goods or service (economics), services for other goods ...

. This model, which formalized

William Stanley Jevons William Stanley Jevons (; 1 September 1835 – 13 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 i ...

' 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.

Recognition

*1997 - Nakahara Prize *1999 - Yrjö Jahnsson Award *2010 - Stephen A. Ross Prize in Financial Economics *2010 -

Clarivate Citation Laureates Clarivate Citation Laureates, formerly Thomson Reuters Citation Laureates, is a list of candidates considered likely to win the Nobel Prize in their respective field. The candidates are so named based on the citation impact of their published rese ...

*2015 - 2014 Senior Prize of BDF-TSE in Monetary Economics and Finance“Prof. Kiyotaki @PrincetonUPress awarded ...”
(英語). TSE公式

Twitter Twitter, officially known as X since 2023, is an American microblogging and social networking service. It is one of the world's largest social media platforms and one of the most-visited websites. Users can share short text messages, image ...

アカウン�
@TSEinfo
による 2015年1月19日のツイート. 2015年1月20日閲覧。 *2020 - Person of Cultural Merit *2020 - BBVA Foundation Frontiers of Knowledge Award

Learned societies membership

* Eellow of the Econometric Society *Fellow of

*Fellow of Japanese Economic Association

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