Nobuhiro Kiyotaki

Quick Facts: Who was Nobuhiro Kiyotaki?

Subject:

Nobuhiro Kiyotaki

Known for:

Influential Japanese economist known for microfoundations in macroeconomics.

Born:

1955-06-24

Century / Era:

1955s Historical Era Archive

Verified Source:

2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

Nobuhiro Kiyotaki FBA (清滝 信宏, Kiyotaki Nobuhiro) (born June 24, 1955) is a Japanese economist and the Harold H. Helms '20 Professor of Economics and Banking at Princeton University. He is especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics. 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.

Career & Major Achievements

In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences. He is also a fellow of the European Economic Association. 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".

Enduring Legacy & Impact

In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier. 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. 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.

Chronological Milestones & Life Events

1. 1955 (1955-06-24): Birth of Nobuhiro Kiyotaki — Influential Japanese economist known for microfoundations in macroeconomics.
2. 1985: 1985 Milestone — After receiving his doctorate in economics from Harvard University in 1985, Kiyotaki held faculty positions at the Univ.
3. 1987: 1987 Milestone — In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier.
4. 1997: 1997 Milestone — 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.
5. 2003: 2003 Milestone — In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences.
6. 2020: 2020 Milestone — In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".

Historical Fact-Check Quiz: Nobuhiro Kiyotaki

True or False: “The Kiyotaki–Wright model formalized the concept of 'double coincidence of wants' as a barrier to trade under barter systems.”

Answer (TRUE ⭕): This insight, originally from William Stanley Jevons, was formalized by Kiyotaki and Wright in their work on money.

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• 1955 Historical Timeline & Archive — Explore world events and figures from 1955
• June 24 (06-24) On This Day — Historical birthdays and events on June 24

Frequently Asked Questions about Nobuhiro Kiyotaki