Nobuhiro Kiyotaki
Nobuhiro Kiyotaki 202011.jpg
Born (1955-06-24) June 24, 1955 (age 67)
InstitutionPrinceton University
School or
New Keynesian economics
Alma materHarvard University (Ph.D., 1985)
University of Tokyo (B.A., 1978)
Olivier Blanchard[1]
Luis Carranza
ContributionsKiyotaki–Wright model
Kiyotaki–Moore model
AwardsNakahara Prize (1997)
Yrjö Jahnsson Award (1999)
Fellow of the British Academy (2003)

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,[2] 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.[3][4] In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences.[5] He is also a fellow of the European Economic Association.[6] Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of the Nobel Prize in Economics.[7]

Kiyotaki also received the Stephen A. Ross Prize in Financial Economics together with John Moore.[8] In 2020 he was awarded the BBVA Foundation Frontiers of Knowledge Award in the category "Economics, Finance and Management".[9]


In 1987, together with Olivier Blanchard, Kiyotaki demonstrated the importance of monopolistic competition for the aggregate demand multiplier.[10] 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.[11][12] 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.[13] This model of 'credit cycles' is now known as the Kiyotaki–Moore model.

Selected publications

Journal articles


  1. ^ "Olivier Blanchard CV". MIT Department of Economics. Retrieved 28 July 2016.
  2. ^ "Econometric Society Fellows". Econometric Society. Retrieved 3 August 2016.
  3. ^ "Nakahara Prize Winners". Japanese Economic Association. Retrieved 3 August 2016.
  4. ^ "Recipients of the Yrjö Jahnsson Award in Economics". Yrjö Jahnsson Foundation. Retrieved 3 August 2016.
  5. ^ "Professor Nobu Kiyotaki", British Academy. Retrieved 2 May 2018.
  6. ^ "Fellows | EEA". Retrieved 2021-03-23.
  7. ^ Thomson-Reuters list of 'citation laureates' in economics
  8. ^ "Press Release Announcing the Second Ross Prize: Economics Scholars Nobuhiro Kiyotaki and John Moore Recognized". Foundation for the Advancement of Research in Financial Economics. December 10, 2010. Retrieved August 3, 2016.
  9. ^ BBVA Foundation Frontiers of Knowledge Awards 2020
  10. ^ Blanchard, Olivier; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand". American Economic Review. 77 (4): 647–66. JSTOR 1814537.
  11. ^ Kiyotaki, Nobuhiro; Wright, Randall (1989). "On Money as a Medium of Exchange". Journal of Political Economy. 97 (4): 927–54. doi:10.1086/261634. JSTOR 1832197. S2CID 154872512.
  12. ^ Kiyotaki, Nobuhiro; Wright, Randall (1993). "A Search-Theoretic Approach to Monetary Economics". American Economic Review. 83 (1): 63–77. JSTOR 2117496.
  13. ^ Kiyotaki, Nobuhiro; Moore, John H. (1997). "Credit Cycles". Journal of Political Economy. 105 (2): 211–248. doi:10.1086/262072. S2CID 222433833.