Nobuhiro Kiyotaki ( Japanese 清 滝 信 信 was born on June 24, 1955, in Osaka , Japan ) - a Japanese economist, professor of economics at Princeton University .
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| Scientific field | economy |
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| Awards and prizes | [d] ( 1997 ) [d] ( 1999 ) |
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Content
Biography
Nobuhiro received a bachelor's degree in economics in 1978 from the Department of Economics at Tokyo University , and a master's degree in economics in 1981. He continued his studies in the United States, where in 1985 he was awarded a doctorate at Harvard University [1] .
He began teaching at the Department of Economics as an assistant professor at the University of Wisconsin Madison in 1985-1991. At the same time, he lectured at the University of Western Ontario as a visiting lecturer in 1987 and at Hitotsubashi University in 1989-1990, and from 1989-1991 he taught at the Department of Economics at the London School of Economics and Political Science [1] .
He continued to teach as an assistant professor of economics at the University of Minnesota in 1991-1997, after which he received an invitation as a professor at the Department of Economics at the London School of Economics and Political Science until 2006. At the same time, he lectured as a visiting professor at the Department of Economics at the London School of Economics and Political Sciences in 1995-1996, as well as at the Department of Economics at the Massachusetts Institute of Technology in 2000-2001. He worked with the Federal Reserve Bank of New York as a senior economist in the period 2005-2006, and since 2006 as a consultant [1] .
In 2006, he was appointed professor of economics at Princeton University , where he currently works. In the period 2010-2011, he was a visiting professor at the London School of Economics and Political Science . He is a member of the Econometric Society , the British Academy , the European Economic Association , the Japanese Economic Association , as well as the assistant editor of Economics Letters [1] .
Thomson Reuters, based on a high citation index, included Kiyotaki on its list of probable Nobel Prize winners [2] .
Key Ideas
Nobuhiro Kiyotaki and Olivier Blanchard introduced a prerequisite for monopolistic competition in macroeconomic modeling in order to achieve a more realistic and stable state of theoretical consistency with the existence of relative prices, and analyzed the effect of this condition on the aggregate demand multiplier . Now all New Keynesian macroeconomic models have the assumption of monopolistic competition [3] .
Kiyotaki, together with developed the Kiyotaki-Wright model , in which money increases economic efficiency when trading various types of goods that cannot be sold by barter. Money will be stored when people believe that this money will be accepted by other people, and if the profitability or savings on the costs of storing money is much less than similar indicators for other assets (goods), then these other assets can be used as a medium of exchange, even if everyone is convinced that everyone else will accept the money. The belief in the universal acceptability of money contributes to the fact that they will be used as a medium of exchange, even if the other asset surpasses them both in profitability and in saving on storage costs [4] .
Kiyotaki, together with John Moore, developed , which shows how small shocks of the economy can be amplified by large fluctuations through the relationship of real estate prices and restrictions on the availability of credit [5] [6] .
Kiyotaki in his recommendations for the Japanese government defends the point of view that in the context of the budget deficit, it is necessary to reduce spending, including social spending, increasing the retirement age, and also increase the consumer tax [7] .
Rewards
The merits of Kiyotaki were repeatedly noted [1] :
- 1997 - Japan Economic Association
- 1999 -
- 2010 - prize from the Foundation for the Promotion of Research in the Field of Financial Economics (FARFE) [8] .
- 2010 - Thomson Reuters Foundation Award for Kiyotaki-Moore Model [2] .
Bibliography
- Blanchard O., Kiyotaki N. Monopolistic Competition and the Effects of Aggregate Demand . American Economic Review (1987) 77 (4): 647-66.
- Kiyotaki N .; Wright R. On Money as a Medium of Exchange . Journal of Political Economy (1989). 97 (4): 927-54.
- Kiyotaki N., Wright R. A Search-Theoretic Approach to Monetary Economics . American Economic Review (1993). 83 (1): 63-77. JSTOR 2117496.
- Kiyotaki N., Matsui A., Matsuyama K. Toward a Theory of International Currency. The Review of Economic Studies (1993) 60 (2): 283-307.
- Kiyotaki N., Moore JH Credit Cycles . Journal of Political Economy (1997) 105 (2): 211-248.
- Kiyotaki N. Credit and Business Cycles The Japanese Economic Review Vol. 49 No. March 1, 1998
Notes
- ↑ 1 2 3 4 5 Biography of Nobuhiro Kiyotaki // Princeton University website.
- ↑ 1 2 ScienceWatch Home. Hall of Citation Laureates .
- ↑ Fujiwara I., Hara N., Hirose Y., Teranishi Y. The Japanese Economic Model: JEM // Bank of Japan Working Paper Series. - 2004. - March ( No. 04-E-3 ).
- ↑ Greenaway D., Blini M., Stuart I. Panorama of Economic Thought at the End of the 20th Century // St. Petersburg: School of Economics. - 2002 .-- T. 2 . - ISBN 5-900428-67-2 .
- ↑ Nicola Viegi. Monetary Economics Credit Cycles - The Kiyotaki Moore Model // University of Pretoria. - 2010. - March.
- ↑ Pablo Kurlat. Kiyotaki and Moore . - 2013. - No. Econ 235 .
- ↑ Nobuhiro Kiyotaki. Lecture "Earthquake and Public Finance of Japan" // NES. - 2011. - November 23.
- ↑ FARFE. Press Release Announcing the Second Ross Prize .