Emi Nakamura
Emi Nakamura, presenting, European Central Bank (September 2017).png
Nakamura presenting a talk in 2017
BornOctober 1980 (age 41)
CitizenshipAmerican, Canadian[1]
Alma materPrinceton University (A.B.)
Harvard University (PhD)
Spouse(s)Jón Steinsson
AwardsJohn Bates Clark Medal, 2019

Elaine Bennett Research Prize, 2014
Eccles Research Award in Finance and Economics, 2015
2014 IMF Generation Next: Top 25 Economists under 45
Sloan Research Fellowship 2014-2016 NSF Career Award 2011-2016

NSF Grant 2009-2011
Scientific career
InstitutionsUniversity of California, Berkeley,
Columbia University
Doctoral advisorRobert Barro and Ariel Pakes

Emi Nakamura is a Canadian-American economist. She is the Chancellor's Professor of Economics at University of California, Berkeley.[2]

Nakamura is a research associate and co-director of the Monetary Economics Program of the National Bureau of Economic Research,[3] and a co-editor of the American Economic Review.[4][5]


Nakamura graduated summa cum laude from Princeton University with an A.B. in economics in 2001, completing a senior thesis titled "An Economy with Monetary Business Cycles" under the supervision of Michael Woodford.[6] Nakamura then went on to pursue graduate studies in economics at Harvard University, receiving a Ph.D. in economics in 2007 after completing her doctoral dissertation, titled "Price Adjustment, Pass-through and Monetary Policy", under the supervision of Robert Barro and Ariel Pakes.[7]


Nakamura's research focuses on empirical issues in macroeconomics, including price stickiness, the impact of fiscal shocks, and measurement errors in official statistics. Her citation for the John Bates Clark Medal from the American Economic Association states that Nakamura has "greatly increased our understanding of price-setting by firms and the effects of monetary and fiscal policies", noting her "creativity in suggesting new sources of data to address long-standing questions.[8]". Emi Nakamura is a prominent figure in the field of New Keynesian Economics. New Keynesian Economics incorporates microeconomic theories and ideas and places them into macroeconomic theories. Nakamura demonstrates this in her work, “Five facts about prices”, by including microdata from the Bureau of Labor Statistics to prove macroeconomic ideas.[8]" In her most cited work, "Five facts about prices", she and Jón Steinsson showed that many measured price changes are due to temporary sales, scheduled far in advance, rather than happening as dynamic responses to economic conditions. This suggested that even though economic data features frequent price changes, this can be compatible with macroeconomic models featuring substantial price rigidity.[9] In another highly cited work, "Fiscal stimulus in a monetary union", she and Jón Steinsson use variation in US government military spending across states to estimate the open-economy government spending multiplier, finding values substantially higher than one. This confirms the prediction of Keynesian macroeconomic models that fiscal stimulus can have substantial effects on output, particularly at the zero lower bound.[9]


She was awarded the John Bates Clark Medal[8][10] and elected as a member of the American Academy of Arts and Sciences in 2019.[11] She has been awarded an NSF Career Grant and Sloan Research Fellowship, and was the 2014 recipient of the Elaine Bennett Research Prize,[12][13] She was also named one of the top 25 economists under 45 in 2014 by the IMF[14] and named one of "the decade’s eight best young economists" in 2018 by The Economist.[15] In 2021 she was named a Fellow of the Econometric Society.[16]

Personal life

Nakamura is married to fellow economist and frequent co-author Jón Steinsson, with whom she has two children[17] and is the daughter of economists Alice Nakamura and Masao Nakamura[18][19] and the granddaughter of economist Guy Orcutt.

Selected works

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Inflation and price dispersion

Monetary policy

Fiscal policy

Economic crises


  1. ^ https://eml.berkeley.edu/~enakamura/cvenweb.pdf[bare URL PDF]
  2. ^ "Emi Nakamura". Department of Economics. Retrieved May 13, 2020.
  3. ^ "Emi Nakamura". www.nber.org. Retrieved May 13, 2020.
  4. ^ "Editors of the American Economic Review". American Economic Association. Retrieved August 28, 2018.
  5. ^ "Meet our new faculty: Emi Nakamura, economics". Berkeley News. November 14, 2018. Retrieved April 18, 2019.
  6. ^ Nakamura, Emi. Woodford, Michael; Princeton University. Department of Economics (eds.). "An Economy with Monetary Business Cycles". ((cite journal)): Cite journal requires |journal= (help)
  7. ^ "Emi Nakamura - CV" (PDF).
  8. ^ a b c "Emi Nakamura, Clark Medalist 2019". American Economic Association. Retrieved May 1, 2019.
  9. ^ a b "Interview: Emi Nakamura" (PDF). Econ Focus--A publication of the Richmond Federal Reserve Bank. 2015.
  10. ^ Eberly, Janice; Woodford, Michael (February 1, 2020). "Emi Nakamura: 2019 John Bates Clark Medalist". Journal of Economic Perspectives. 34 (1): 222–239. doi:10.1257/jep.34.1.222. ISSN 0895-3309.
  11. ^ "Emi Nakamura". American Academy of Arts & Sciences. Retrieved January 7, 2021.
  12. ^ Emi Nakamura Recipient of the 2014 Elaine Bennett Research Prize. American Economic Association. aeaweb.org
  13. ^ "Emi Nakamura Receives AEA's Elaine Bennett Research Prize | Columbia University - Economics". econ.columbia.edu. Archived from the original on December 23, 2017. Retrieved August 7, 2017.
  14. ^ "NBER Reporter 2015 Number 1: Research Summary". www.nber.org. Retrieved August 7, 2017.
  15. ^ "Our pick of the decade's eight best young economists". The Economist. ISSN 0013-0613. Retrieved October 29, 2020.
  16. ^ "Congratulations to our 2021 Fellows". The Econometric Society. September 22, 2021. Retrieved October 29, 2021.
  17. ^ Rampell, Catherine (November 5, 2013). "Outsource Your Way to Success". The New York Times. ISSN 0362-4331. Retrieved August 7, 2017.
  18. ^ "An Interview with Emi Nakamura". CSWEP News. 2015.
  19. ^ CSWEP Talks. aeaweb.org
Awards Preceded byParag Pathak Recipient of the John Bates Clark Medal 2019 Most recent