World Library  
Flag as Inappropriate
Email this Article
 

Nobuhiro Kiyotaki

Nobuhiro Kiyotaki
Born (1955-06-24) June 24, 1955
Nationality Japan
Institution Princeton University
Field Macroeconomics
Alma mater Harvard University (Ph.D., 1985)
University of Tokyo (B.A., 1978)
Awards Nakahara Prize (1997)
Yrjö Jahnsson Award (1999)

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

  • Career 1
  • Contributions 2
  • References 3
  • External links 4

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.[1]

Contributions

In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier.[2] 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.[3][4] 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.[5] This model of 'credit cycles' is now known as the Kiyotaki–Moore model.

References

  1. ^ Thomson-Reuters list of 'citation laureates' in economics
  2. ^ Blanchard, Olivier; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand".  
  3. ^ Kiyotaki, Nobuhiro; Wright, Randall (1989). "On Money as a Medium of Exchange".  
  4. ^ Kiyotaki, Nobuhiro; Wright, Randall (1993). "A Search-Theoretic Approach to Monetary Economics".  
  5. ^ Kiyotaki, Nobuhiro; Moore, John H. (1997). "Credit Cycles".  

External links

  • Nobuhiro Kiyotaki's webpage at Princeton
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 


Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.