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.infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox biography vcard"><tbody><tr><th colspan="2" class="infobox-above" style="font-size:125%;"><div class="fn">Nobuhiro Kiyotaki</div></th></tr><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Nobuhiro_Kiyotaki_202011.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/6/65/Nobuhiro_Kiyotaki_202011.jpg" decoding="async" width="180" height="237" class="mw-file-element" data-file-width="135" data-file-height="178" /></a></span></td></tr><tr><th scope="row" class="infobox-label">Born</th><td class="infobox-data"><span style="display:none"> (<span class="bday">1955-06-24</span>) </span>June 24, 1955<span class="noprint ForceAgeToShow"> (age 69)</span></td></tr><tr><th scope="row" class="infobox-label">Nationality</th><td class="infobox-data category">Japanese</td></tr><tr><td colspan="2" class="infobox-full-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1257001546"></td></tr><tr><th colspan="2" class="infobox-header">Academic career</th></tr><tr><th scope="row" class="infobox-label">Field</th><td class="infobox-data category"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></td></tr><tr><th scope="row" class="infobox-label">Institution</th><td class="infobox-data"><a href="/wiki/Princeton_University" title="Princeton University">Princeton University</a></td></tr><tr><th scope="row" class="infobox-label">School or<br />tradition</th><td class="infobox-data category"><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a></td></tr><tr><th scope="row" class="infobox-label">Alma mater</th><td class="infobox-data"><a href="/wiki/Harvard_University" title="Harvard University">Harvard University</a> <small>(<a href="/wiki/Ph.D." class="mw-redirect" title="Ph.D.">Ph.D.</a>, 1985)</small><br /><a href="/wiki/University_of_Tokyo" title="University of Tokyo">University of Tokyo</a> <small>(<a href="/wiki/Bachelor_of_Arts" title="Bachelor of Arts">B.A.</a>, 1978)</small></td></tr><tr><th scope="row" class="infobox-label">Doctoral<br />advisor</th><td class="infobox-data"><a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a><sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Doctoral<br />students</th><td class="infobox-data"><a href="/wiki/Luis_Carranza" title="Luis Carranza">Luis Carranza</a></td></tr><tr><th scope="row" class="infobox-label">Contributions</th><td class="infobox-data">Kiyotaki–Wright model<br /><a href="/wiki/Kiyotaki%E2%80%93Moore_model" title="Kiyotaki–Moore model">Kiyotaki–Moore model</a></td></tr><tr><th scope="row" class="infobox-label">Awards</th><td class="infobox-data"><a href="/wiki/Nakahara_Prize" title="Nakahara Prize">Nakahara Prize</a> (1997)<br /><a href="/wiki/Yrj%C3%B6_Jahnsson_Award" class="mw-redirect" title="Yrjö Jahnsson Award">Yrjö Jahnsson Award</a> (1999)<br /><a href="/wiki/Fellow_of_the_British_Academy" title="Fellow of the British Academy">Fellow of the British Academy</a> (2003)<br />Stephen A. Ross Prize (2010)<br /><a href="/wiki/BBVA_Foundation_Frontiers_of_Knowledge_Award" title="BBVA Foundation Frontiers of Knowledge Award">BBVA Foundation Frontiers of Knowledge Award</a> (2020)</td></tr><tr style="display:none"><td colspan="2"> </td></tr></tbody></table> <p><b>Nobuhiro Kiyotaki</b> <a href="/wiki/Fellow_of_the_British_Academy" title="Fellow of the British Academy">FBA</a><span style="font-weight: normal"> (<span title="Japanese-language text"><span lang="ja">清滝信宏</span></span>, <span title="Hepburn transliteration"><i lang="ja-Latn">Kiyotaki Nobuhiro</i></span>)</span> (born June 24, 1955) is a Japanese <a href="/wiki/Economist" title="Economist">economist</a> and the Harold H. Helms '20 Professor of Economics and Banking at <a href="/wiki/Princeton_University" title="Princeton University">Princeton University</a>. He is especially known for proposing several models that provide deeper <a href="/wiki/Microfoundations" title="Microfoundations">microeconomic foundations</a> for <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a>, some of which play a prominent role in <a href="/wiki/New_Keynesian" class="mw-redirect" title="New Keynesian">New Keynesian</a> macroeconomics. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Career">Career</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=1" title="Edit section: Career"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>He received a <a href="/wiki/Bachelor_of_Arts" title="Bachelor of Arts">B.A.</a> from <a href="/wiki/University_of_Tokyo" title="University of Tokyo">University of Tokyo</a> in 1978. After receiving his doctorate in economics from <a href="/wiki/Harvard_University" title="Harvard University">Harvard University</a> in 1985, Kiyotaki held faculty positions at the <a href="/wiki/University_of_Wisconsin%E2%80%93Madison" title="University of Wisconsin–Madison">Univ. of Wisconsin–Madison</a>, the <a href="/wiki/University_of_Minnesota" title="University of Minnesota">Univ. of Minnesota</a>, and the <a href="/wiki/London_School_of_Economics" title="London School of Economics">London School of Economics</a> before moving to Princeton. </p><p>He is a fellow of the <a href="/wiki/Econometric_Society" title="Econometric Society">Econometric Society</a>,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> was awarded the 1997 <a href="/wiki/Nakahara_Prize" title="Nakahara Prize">Nakahara Prize</a> of the <a href="/wiki/Japan_Economics_Association" class="mw-redirect" title="Japan Economics Association">Japan Economics Association</a> and the 1999 <a href="/wiki/Yrj%C3%B6_Jahnsson_Award" class="mw-redirect" title="Yrjö Jahnsson Award">Yrjö Jahnsson Award</a> of the <a href="/wiki/European_Economic_Association" title="European Economic Association">European Economic Association</a>, the latter together with <a href="/wiki/John_Hardman_Moore" class="mw-redirect" title="John Hardman Moore">John Moore</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In 2003, Kiyotaki was elected a <a href="/wiki/Fellow_of_the_British_Academy" title="Fellow of the British Academy">Fellow of the British Academy</a> (FBA), the United Kingdom's <a href="/wiki/National_academy" title="National academy">national academy</a> for the humanities and social sciences.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> He is also a fellow of the <a href="/wiki/European_Economic_Association" title="European Economic Association">European Economic Association</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Thomson Reuters lists Kiyotaki among the 'citation laureates' who are likely future winners of the <a href="/wiki/Nobel_Prize_in_Economics" class="mw-redirect" title="Nobel Prize in Economics">Nobel Prize in Economics</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Kiyotaki also received the Stephen A. Ross Prize in Financial Economics together with John Moore.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In 2020 he was awarded the <a href="/wiki/BBVA_Foundation_Frontiers_of_Knowledge_Awards" class="mw-redirect" title="BBVA Foundation Frontiers of Knowledge Awards">BBVA Foundation Frontiers of Knowledge Award</a> in the category "Economics, Finance and Management".<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Contributions">Contributions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=2" title="Edit section: Contributions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1987, together with <a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a>, Kiyotaki demonstrated the importance of <a href="/wiki/Monopolistic_competition" title="Monopolistic competition">monopolistic competition</a> for the <a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">aggregate demand multiplier</a>.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Most <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian</a> macroeconomic models now assume monopolistic competition for the reasons outlined by Blanchard and Kiyotaki. </p><p>Later, Kiyotaki worked with <a href="/wiki/Randall_Wright" title="Randall Wright">Randall Wright</a> 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 <a href="/wiki/Barter" title="Barter">barter</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> This model, which formalized <a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">William Stanley Jevons</a>' insight about the <a href="/wiki/Double_coincidence_of_wants" class="mw-redirect" title="Double coincidence of wants">double coincidence of wants</a> as a barrier to economic activity under barter, has come to be known as the <a href="/w/index.php?title=Kiyotaki%E2%80%93Wright_model&action=edit&redlink=1" class="new" title="Kiyotaki–Wright model (page does not exist)">Kiyotaki–Wright model</a>. </p><p>In 1997, with <a href="/wiki/John_Hardman_Moore" class="mw-redirect" title="John Hardman Moore">John Moore</a>, 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.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> This model of '<a href="/wiki/Credit_cycle" title="Credit cycle">credit cycles</a>' is now known as the <a href="/wiki/Kiyotaki%E2%80%93Moore_model" title="Kiyotaki–Moore model">Kiyotaki–Moore model</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Recognition">Recognition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=3" title="Edit section: Recognition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>1997 - <a href="/wiki/Nakahara_Prize" title="Nakahara Prize">Nakahara Prize</a></li> <li>1999 - <a href="/wiki/Yrj%C3%B6_Jahnsson_Award" class="mw-redirect" title="Yrjö Jahnsson Award">Yrjö Jahnsson Award</a></li> <li>2010 - Stephen A. Ross Prize in Financial Economics</li> <li>2010 - <a href="/wiki/Clarivate_Citation_Laureates" title="Clarivate Citation Laureates">Clarivate Citation Laureates</a><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup></li> <li>2015 - 2014 Senior Prize of BDF-TSE in Monetary Economics and Finance<sup id="cite_ref-tse2015_15-0" class="reference"><a href="#cite_note-tse2015-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-tw_tseinfo_201501_16-0" class="reference"><a href="#cite_note-tw_tseinfo_201501-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup></li> <li>2020 - <a href="/wiki/Person_of_Cultural_Merit" title="Person of Cultural Merit">Person of Cultural Merit</a><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></li> <li>2020 - <a href="/wiki/BBVA_Foundation_Frontiers_of_Knowledge_Award" title="BBVA Foundation Frontiers of Knowledge Award">BBVA Foundation Frontiers of Knowledge Award</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Learned_societies_membership">Learned societies membership</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=4" title="Edit section: Learned societies membership"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Fellow_of_the_British_Academy" title="Fellow of the British Academy">Fellow of the British Academy</a></li> <li><a href="/wiki/List_of_fellows_of_the_Econometric_Society" title="List of fellows of the Econometric Society">Eellow of the Econometric Society</a><sup id="cite_ref-Kiyotaki-C.V._18-0" class="reference"><a href="#cite_note-Kiyotaki-C.V.-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li>Fellow of <a href="/wiki/European_Economic_Association" title="European Economic Association">European Economic Association</a><sup id="cite_ref-Kiyotaki-C.V._18-1" class="reference"><a href="#cite_note-Kiyotaki-C.V.-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li>Fellow of <a href="/wiki/Japanese_Economic_Association" title="Japanese Economic Association">Japanese Economic Association</a><sup id="cite_ref-Kiyotaki-C.V._18-2" class="reference"><a href="#cite_note-Kiyotaki-C.V.-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Selected_publications">Selected publications</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=5" title="Edit section: Selected publications"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Journal_articles">Journal articles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=6" title="Edit section: Journal articles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBlanchardKiyotaki1987" class="citation journal cs1">Blanchard, Olivier Jean; Kiyotaki, Nobuhiro (1987). <a rel="nofollow" class="external text" href="https://notendur.hi.is/ajonsson/kennsla2003/Blanchard_Kiyotaki.pdf">"Monopolistic Competition and the Effects of Aggregate Demand"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i>. <b>77</b> (4): 647–66. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1814537">1814537</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=Monopolistic+Competition+and+the+Effects+of+Aggregate+Demand&rft.volume=77&rft.issue=4&rft.pages=647-66&rft.date=1987&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1814537%23id-name%3DJSTOR&rft.aulast=Blanchard&rft.aufirst=Olivier+Jean&rft.au=Kiyotaki%2C+Nobuhiro&rft_id=https%3A%2F%2Fnotendur.hi.is%2Fajonsson%2Fkennsla2003%2FBlanchard_Kiyotaki.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiyotakiWright1989" class="citation journal cs1">Kiyotaki, Nobuhiro; Wright, Randall (1989). "On Money as a Medium of Exchange". <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i>. <b>97</b> (4): 927–54. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261634">10.1086/261634</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1832197">1832197</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154872512">154872512</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=On+Money+as+a+Medium+of+Exchange&rft.volume=97&rft.issue=4&rft.pages=927-54&rft.date=1989&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154872512%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1832197%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F261634&rft.aulast=Kiyotaki&rft.aufirst=Nobuhiro&rft.au=Wright%2C+Randall&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiyotakiWright1993" class="citation journal cs1">Kiyotaki, Nobuhiro; Wright, Randall (1993). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150923233234/http://www.econ.hit-u.ac.jp/~makoto/PDF/kiyotaki_wright_AER.pdf">"A Search-Theoretic Approach to Monetary Economics"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i>. <b>83</b> (1): 63–77. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2117496">2117496</a>. Archived from <a rel="nofollow" class="external text" href="http://www.econ.hit-u.ac.jp/~makoto/PDF/kiyotaki_wright_AER.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 2015-09-23<span class="reference-accessdate">. Retrieved <span class="nowrap">2016-05-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=A+Search-Theoretic+Approach+to+Monetary+Economics&rft.volume=83&rft.issue=1&rft.pages=63-77&rft.date=1993&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2117496%23id-name%3DJSTOR&rft.aulast=Kiyotaki&rft.aufirst=Nobuhiro&rft.au=Wright%2C+Randall&rft_id=http%3A%2F%2Fwww.econ.hit-u.ac.jp%2F~makoto%2FPDF%2Fkiyotaki_wright_AER.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiyotakiMoore1997" class="citation journal cs1">Kiyotaki, Nobuhiro; Moore, John (1997). <a rel="nofollow" class="external text" href="http://www-users.york.ac.uk/~psm509/ULB2012/KiyotakiMooreJPE1997.pdf">"Credit Cycles"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i>. <b>105</b> (2): 211–248. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F262072">10.1086/262072</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/10.1086/262072">10.1086/262072</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:222433833">222433833</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Credit+Cycles&rft.volume=105&rft.issue=2&rft.pages=211-248&rft.date=1997&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A222433833%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F10.1086%2F262072%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F262072&rft.aulast=Kiyotaki&rft.aufirst=Nobuhiro&rft.au=Moore%2C+John&rft_id=http%3A%2F%2Fwww-users.york.ac.uk%2F~psm509%2FULB2012%2FKiyotakiMooreJPE1997.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Nobuhiro_Kiyotaki&action=edit&section=7" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://economics.mit.edu/files/8710">"Olivier Blanchard CV"</a>. <a href="/wiki/MIT_Department_of_Economics" title="MIT Department of Economics">MIT Department of Economics</a><span class="reference-accessdate">. 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Retrieved 2 May 2018.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.eeassoc.org/fellows">"Fellows | EEA"</a>. <i>www.eeassoc.org</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">August 3,</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Press+Release+Announcing+the+Second+Ross+Prize%3A+Economics+Scholars+Nobuhiro+Kiyotaki+and+John+Moore+Recognized&rft.pub=Foundation+for+the+Advancement+of+Research+in+Financial+Economics&rft.date=2010-12-10&rft_id=http%3A%2F%2Ffarfe.org%2Fross_prize-2010.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.frontiersofknowledgeawards-fbbva.es/">BBVA Foundation Frontiers of Knowledge Awards 2020</a></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchardKiyotaki1987" class="citation journal cs1">Blanchard, Olivier; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand". <i><a href="/wiki/American_Economic_Review" title="American Economic Review">American Economic Review</a></i>. <b>77</b> (4): 647–66. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1814537">1814537</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=Monopolistic+Competition+and+the+Effects+of+Aggregate+Demand&rft.volume=77&rft.issue=4&rft.pages=647-66&rft.date=1987&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1814537%23id-name%3DJSTOR&rft.aulast=Blanchard&rft.aufirst=Olivier&rft.au=Kiyotaki%2C+Nobuhiro&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKiyotakiWright1989" class="citation journal cs1">Kiyotaki, Nobuhiro; Wright, Randall (1989). 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Retrieved <span class="nowrap">2013-10-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Thomson-Reuters+list+of+%27citation+laureates%27+in+economics&rft_id=http%3A%2F%2Fscience.thomsonreuters.com%2Fnobel%2Flaureates%2F%23economics&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></span> </li> <li id="cite_note-tse2015-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-tse2015_15-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://bdf.tse-fr.eu/">"19 January 2015: BdF - TSE Prize Ceremony in Monetary Economics and Finance"</a>. Toulouse School of Economics. 2015. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150120095800/http://bdf.tse-fr.eu/">Archived</a> from the original on 2015-01-20<span class="reference-accessdate">. Retrieved <span class="nowrap">2015-01-20</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=19+January+2015%3A+BdF+-+TSE+Prize+Ceremony+in+Monetary+Economics+and+Finance.&rft.pub=Toulouse+School+of+Economics&rft.date=2015&rft_id=http%3A%2F%2Fbdf.tse-fr.eu%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></span> </li> <li id="cite_note-tw_tseinfo_201501-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-tw_tseinfo_201501_16-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://twitter.com/TSEinfo/status/557208746540412928">“Prof. Kiyotaki @PrincetonUPress awarded ...”</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211022222740/http://twitter.com/TSEinfo/status/557208746540412928">Archived</a> 2021-10-22 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (英語). TSE公式<a href="/wiki/Twitter" title="Twitter">Twitter</a>アカウント <a rel="nofollow" class="external text" href="https://twitter.com/TSEinfo">@TSEinfo</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211107123703/http://twitter.com/TSEinfo">Archived</a> 2021-11-07 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> による 2015年1月19日のツイート. 2015年1月20日閲覧。</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.mext.go.jp/b_menu/houdou/2020/attach/1422025_00001.htm">"令和2年度文化功労者"</a>. 文部科学省. 2020-11-03. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211009092905/https://www.mext.go.jp/b_menu/houdou/2020/attach/1422025_00001.htm">Archived</a> from the original on 2021-10-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-11-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=%E4%BB%A4%E5%92%8C2%E5%B9%B4%E5%BA%A6+%E6%96%87%E5%8C%96%E5%8A%9F%E5%8A%B4%E8%80%85&rft.pub=%E6%96%87%E9%83%A8%E7%A7%91%E5%AD%A6%E7%9C%81&rft.date=2020-11-03&rft_id=https%3A%2F%2Fwww.mext.go.jp%2Fb_menu%2Fhoudou%2F2020%2Fattach%2F1422025_00001.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ANobuhiro+Kiyotaki" class="Z3988"></span></span> </li> <li id="cite_note-Kiyotaki-C.V.-18"><span class="mw-cite-backlink">^ <a href="#cite_ref-Kiyotaki-C.V._18-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Kiyotaki-C.V._18-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Kiyotaki-C.V._18-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.princeton.edu/~kiyotaki/papers/vita1114.pdf">"C.V."</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210917211853/http://www.princeton.edu/~kiyotaki/papers/vita1114.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 2021-09-17<span class="reference-accessdate">. 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href="/wiki/James_Duesenberry" title="James Duesenberry">James Duesenberry</a></li> <li><a href="/wiki/Robert_Eisner" title="Robert Eisner">Robert Eisner</a></li> <li><a href="/wiki/Trygve_Haavelmo" title="Trygve Haavelmo">Trygve Haavelmo</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Roy_Harrod" title="Roy Harrod">Roy Harrod</a></li> <li><a href="/wiki/Walter_Heller" title="Walter Heller">Walter Heller</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/James_Meade" title="James Meade">James Meade</a></li> <li><a href="/wiki/Lloyd_Metzler" title="Lloyd Metzler">Lloyd Metzler</a></li> <li><a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a></li> <li><a href="/wiki/Robert_Mundell" title="Robert Mundell">Robert Mundell</a></li> <li><a href="/wiki/Arthur_Melvin_Okun" title="Arthur Melvin Okun">Arthur Melvin Okun</a></li> <li><a href="/wiki/Don_Patinkin" title="Don Patinkin">Don Patinkin</a></li> <li><a href="/wiki/Bill_Phillips_(economist)" title="Bill Phillips (economist)">Bill Phillips</a></li> <li><a href="/wiki/William_Poole_(economist)" title="William Poole (economist)">William Poole</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a></li> <li><a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesians</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Victoria_Chick" title="Victoria Chick">Victoria Chick</a></li> <li><a href="/wiki/Paul_Davidson_(economist)" title="Paul Davidson (economist)">Paul Davidson</a></li> <li><a href="/wiki/Evsey_Domar" title="Evsey Domar">Evsey Domar</a></li> <li><a href="/wiki/James_K._Galbraith" title="James K. Galbraith">James K. Galbraith</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></li> <li><a href="/wiki/Wynne_Godley" title="Wynne Godley">Wynne Godley</a></li> <li><a href="/wiki/Myron_J._Gordon" title="Myron J. Gordon">Myron J. Gordon</a></li> <li><a href="/wiki/Geoffrey_Harcourt" title="Geoffrey Harcourt">Geoff Harcourt</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Richard_Kahn,_Baron_Kahn" title="Richard Kahn, Baron Kahn">Richard Kahn</a></li> <li><a href="/wiki/Nicholas_Kaldor" title="Nicholas Kaldor">Nicholas Kaldor</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Steve_Keen" title="Steve Keen">Steve Keen</a></li> <li><a href="/wiki/Jan_Kregel" title="Jan Kregel">Jan Kregel</a></li> <li><a href="/wiki/Marc_Lavoie" title="Marc Lavoie">Marc Lavoie</a></li> <li><a href="/wiki/Abba_P._Lerner" title="Abba P. Lerner">Abba P. Lerner</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Bill_Mitchell_(economist)" title="Bill Mitchell (economist)">Bill Mitchell</a></li> <li><a href="/wiki/Basil_Moore" title="Basil Moore">Basil Moore</a></li> <li><a href="/wiki/Steven_Pressman_(economist)" title="Steven Pressman (economist)">Steven Pressman</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/G._L._S._Shackle" title="G. L. S. Shackle">G. L. S. Shackle</a></li> <li><a href="/wiki/Pavlina_R._Tcherneva" title="Pavlina R. Tcherneva">Pavlina R. Tcherneva</a></li> <li><a href="/wiki/Anthony_Thirlwall" class="mw-redirect" title="Anthony Thirlwall">Anthony Thirlwall</a></li> <li><a href="/wiki/William_Vickrey" title="William Vickrey">William Vickrey</a></li> <li><a href="/wiki/Sidney_Weintraub_(economist_born_1914)" class="mw-redirect" title="Sidney Weintraub (economist born 1914)">Sidney Weintraub</a></li> <li><a href="/wiki/L._Randall_Wray" title="L. Randall Wray">L. Randall Wray</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesians</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a></li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a></li> <li><a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a></li> <li><a href="/wiki/Alan_Blinder" title="Alan Blinder">Alan Blinder</a></li> <li><a href="/wiki/Guillermo_Calvo" title="Guillermo Calvo">Guillermo Calvo</a></li> <li><a href="/wiki/Richard_Clarida" title="Richard Clarida">Richard Clarida</a></li> <li><a href="/wiki/J._Bradford_DeLong" class="mw-redirect" title="J. Bradford DeLong">Brad DeLong</a></li> <li><a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a></li> <li><a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a></li> <li><a href="/wiki/Jordi_Gal%C3%AD" title="Jordi Galí">Jordi Galí</a></li> <li><a href="/wiki/Mark_Gertler_(economist)" title="Mark Gertler (economist)">Mark Gertler</a></li> <li><a href="/wiki/Robert_J._Gordon" title="Robert J. Gordon">Robert J. Gordon</a></li> <li><a href="/wiki/Stephany_Griffith-Jones" title="Stephany Griffith-Jones">Stephany Griffith-Jones</a></li> <li><a class="mw-selflink selflink">Nobuhiro Kiyotaki</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Greg Mankiw</a></li> <li><a href="/wiki/Marc_Melitz" title="Marc Melitz">Marc Melitz</a></li> <li><a href="/wiki/Maurice_Obstfeld" title="Maurice Obstfeld">Maurice Obstfeld</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Ricardo_Reis" title="Ricardo Reis">Ricardo Reis</a></li> <li><a href="/wiki/Kenneth_Rogoff" title="Kenneth Rogoff">Kenneth Rogoff</a></li> <li><a href="/wiki/David_Romer" title="David Romer">David Romer</a></li> <li><a href="/wiki/Julio_Rotemberg" title="Julio Rotemberg">Julio Rotemberg</a></li> <li><a href="/wiki/Robert_J._Shiller" title="Robert J. Shiller">Robert Shiller</a></li> <li><a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Andrei Shleifer</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Lawrence Summers</a></li> <li><a href="/wiki/John_B._Taylor" title="John B. Taylor">John B. Taylor</a></li> <li><a href="/wiki/Michael_Woodford_(economist)" class="mw-redirect" title="Michael Woodford (economist)">Michael Woodford</a></li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="div-col"> <div class="CategoryTreeTag" data-ct-options="{"mode":20,"hideprefix":20,"showcount":false,"namespaces":false,"notranslations":false}"><div class="CategoryTreeSection"><div class="CategoryTreeItem"><span class="CategoryTreeBullet"><a class="CategoryTreeToggle" data-ct-title="Keynesian_economics" aria-expanded="false"></a> </span> <bdi dir="ltr"><a href="/wiki/Category:Keynesian_economics" title="Category:Keynesian economics">Keynesian economics</a></bdi></div><div class="CategoryTreeChildren" style="display:none"></div></div></div> </div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Nakahara_Prize_recipients" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background:#d3d3d3;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Nakahara_Prize_recipients" title="Template:Nakahara Prize recipients"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Nakahara_Prize_recipients" title="Template talk:Nakahara Prize recipients"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Nakahara_Prize_recipients" title="Special:EditPage/Template:Nakahara Prize recipients"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Nakahara_Prize_recipients" style="font-size:114%;margin:0 4em"><a href="/wiki/Nakahara_Prize" title="Nakahara Prize">Nakahara Prize</a> recipients</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fumio_Hayashi" title="Fumio Hayashi">Fumio Hayashi</a> (1995)</li> <li><a href="/wiki/Kiminori_Matsuyama" title="Kiminori Matsuyama">Kiminori Matsuyama</a> (1996)</li> <li><a class="mw-selflink selflink">Nobuhiro Kiyotaki</a> (1997)</li> <li><a href="/w/index.php?title=Kiyohiko_G._Nishimura&action=edit&redlink=1" class="new" title="Kiyohiko G. Nishimura (page does not exist)">Kiyohiko G. Nishimura</a> (1998)</li> <li><a href="/w/index.php?title=Akira_Okada&action=edit&redlink=1" class="new" title="Akira Okada (page does not exist)">Akira Okada</a> (1999)</li> <li><a href="/wiki/Kazuya_Kamiya" title="Kazuya Kamiya">Kazuya Kamiya</a> (2000)</li> <li><a href="/wiki/Charles_Horioka" title="Charles Horioka">Charles Horioka</a> (2001)</li> <li><a href="/wiki/Michihiro_Kandori" title="Michihiro Kandori">Michihiro Kandori</a> (2002)</li> <li><a href="/w/index.php?title=Hideshi_Itoh&action=edit&redlink=1" class="new" title="Hideshi Itoh (page does not exist)">Hideshi Itoh</a> (2003)</li> <li><a href="/w/index.php?title=Hitoshi_Matsushima_(economist)&action=edit&redlink=1" class="new" title="Hitoshi Matsushima (economist) (page does not exist)">Hitoshi Matsushima</a> (2004)</li> <li><a href="/w/index.php?title=Takeo_Hoshi&action=edit&redlink=1" class="new" title="Takeo Hoshi (page does not exist)">Takeo Hoshi</a> (2005)</li> <li><a href="/w/index.php?title=Yuichi_Kitamura&action=edit&redlink=1" class="new" title="Yuichi Kitamura (page does not exist)">Yuichi Kitamura</a> (2006)</li> <li><a href="/wiki/Akihiko_Matsui_(economist)" title="Akihiko Matsui (economist)">Akihiko Matsui</a> (2007)</li> <li><a href="/w/index.php?title=Atsushi_Kajii&action=edit&redlink=1" class="new" title="Atsushi Kajii (page does not exist)">Atsushi Kajii</a> (2008)</li> <li><a href="/w/index.php?title=Hideo_Konishi&action=edit&redlink=1" class="new" title="Hideo Konishi (page does not exist)">Hideo Konishi</a> (2009)</li> <li><a href="/w/index.php?title=Takashi_Kamihigashi&action=edit&redlink=1" class="new" title="Takashi Kamihigashi (page does not exist)">Takashi Kamihigashi</a> (2010)</li> <li><a href="/w/index.php?title=Atsushi_Inoue_(economist)&action=edit&redlink=1" class="new" title="Atsushi Inoue (economist) (page does not exist)">Atsushi Inoue</a> (2011)</li> <li><a href="/w/index.php?title=Mototsugu_Shintani&action=edit&redlink=1" class="new" title="Mototsugu Shintani (page does not exist)">Mototsugu Shintani</a> (2012)</li> <li><a href="/w/index.php?title=Katsumi_Shimotsu&action=edit&redlink=1" class="new" title="Katsumi Shimotsu (page does not exist)">Katsumi Shimotsu</a> (2013)</li> <li><a href="/w/index.php?title=Kosuke_Aoki&action=edit&redlink=1" class="new" title="Kosuke Aoki (page does not exist)">Kosuke Aoki</a> (2014)</li> <li><a href="/w/index.php?title=Keisuke_Hirano&action=edit&redlink=1" class="new" title="Keisuke Hirano (page does not exist)">Keisuke Hirano</a> (2015)</li> <li><a href="/wiki/Sagiri_Kitao" title="Sagiri Kitao">Sagiri Kitao</a> (2016)</li> <li><a href="/w/index.php?title=Hiroyuki_Kasahara&action=edit&redlink=1" class="new" title="Hiroyuki Kasahara (page does not exist)">Hiroyuki Kasahara</a> (2017)</li> <li><a href="/w/index.php?title=Toshihiko_Mukoyama&action=edit&redlink=1" class="new" title="Toshihiko Mukoyama (page does not exist)">Toshihiko Mukoyama</a> (2018)</li> <li><a href="/w/index.php?title=Takashi_Hayashi&action=edit&redlink=1" class="new" title="Takashi Hayashi (page does not exist)">Takashi Hayashi</a> (2019)</li> <li><a href="/w/index.php?title=Ryo_Okui_(economist)&action=edit&redlink=1" class="new" title="Ryo Okui (economist) (page does not exist)">Ryo Okui</a> (2020)</li> <li><a href="/wiki/Fuhito_Kojima" title="Fuhito Kojima">Fuhito Kojima</a> (2021)</li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Yrjö_Jahnsson_Award_recipients" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="background:#d3d3d3;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Yrj%C3%B6_Jahnsson_Award_recipients" title="Template:Yrjö Jahnsson Award recipients"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Yrj%C3%B6_Jahnsson_Award_recipients&action=edit&redlink=1" class="new" title="Template talk:Yrjö Jahnsson Award recipients (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Yrj%C3%B6_Jahnsson_Award_recipients" title="Special:EditPage/Template:Yrjö Jahnsson Award recipients"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Yrjö_Jahnsson_Award_recipients" style="font-size:114%;margin:0 4em"><a href="/wiki/Yrj%C3%B6_Jahnsson_Award" class="mw-redirect" title="Yrjö Jahnsson Award">Yrjö Jahnsson Award</a> recipients</div></th></tr><tr><td colspan="2" class="navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span style="font-size:85%;">1993</span> <a href="/wiki/Jean-Jacques_Laffont" title="Jean-Jacques Laffont">Jean-Jacques Laffont</a> / <a href="/wiki/Jean_Tirole" title="Jean Tirole">Jean Tirole</a></li> <li><span style="font-size:85%;">1995</span> <a href="/wiki/Richard_Blundell" title="Richard Blundell">Richard Blundell</a></li> <li><span style="font-size:85%;">1997</span> <a href="/wiki/Torsten_Persson" title="Torsten Persson">Torsten Persson</a></li> <li><span style="font-size:85%;">1999</span> <a class="mw-selflink selflink">Nobuhiro Kiyotaki</a> / <a href="/wiki/John_Hardman_Moore" class="mw-redirect" title="John Hardman Moore">John Moore</a></li> <li><span style="font-size:85%;">2001</span> <a href="/wiki/Philippe_Aghion" title="Philippe Aghion">Philippe Aghion</a> / <a href="/wiki/Guido_Tabellini" title="Guido Tabellini">Guido Tabellini</a></li> <li><span style="font-size:85%;">2003</span> <a href="/wiki/Mathias_Dewatripont" title="Mathias Dewatripont">Mathias Dewatripont</a></li> <li><span style="font-size:85%;">2005</span> <a href="/wiki/Tim_Besley" title="Tim Besley">Tim Besley</a> / <a href="/wiki/Jordi_Gal%C3%AD" title="Jordi Galí">Jordi Galí</a></li> <li><span style="font-size:85%;">2007</span> <a href="/wiki/Gilles_Saint-Paul" title="Gilles Saint-Paul">Gilles Saint-Paul</a></li> <li><span style="font-size:85%;">2009</span> <a href="/wiki/John_Van_Reenen_(economist)" title="John Van Reenen (economist)">John Van Reenen</a> / <a href="/wiki/Fabrizio_Zilibotti" title="Fabrizio Zilibotti">Fabrizio Zilibotti</a></li> <li><span style="font-size:85%;">2011</span> <a href="/wiki/Armin_Falk" title="Armin Falk">Armin Falk</a></li> <li><span style="font-size:85%;">2013</span> <a href="/wiki/H%C3%A9l%C3%A8ne_Rey" title="Hélène Rey">Hélène Rey</a> / <a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a></li> <li><span style="font-size:85%;">2015</span> <a href="/wiki/Botond_K%C5%91szegi" title="Botond Kőszegi">Botond Kőszegi</a></li> <li><span style="font-size:85%;">2017</span> <a href="/w/index.php?title=Ran_Spiegler&action=edit&redlink=1" class="new" title="Ran Spiegler (page does not exist)">Ran Spiegler</a> / <a href="/wiki/Mich%C3%A8le_Tertilt" title="Michèle Tertilt">Michèle Tertilt</a></li> <li><span style="font-size:85%;">2019</span> <a href="/wiki/Oriana_Bandiera" title="Oriana Bandiera">Oriana Bandiera</a> / <a href="/wiki/Imran_Rasul" title="Imran Rasul">Imran Rasul</a></li> <li><span style="font-size:85%;">2021</span> <a href="/wiki/Ricardo_Reis" title="Ricardo Reis">Ricardo Reis</a> / <a href="/wiki/Silvana_Tenreyro" title="Silvana Tenreyro">Silvana Tenreyro</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1141585#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q1141585#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q1141585#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">International</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://isni.org/isni/0000000082995048">ISNI</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://viaf.org/viaf/110416019">VIAF</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.oclc.org/worldcat/entity/E39PBJyGYPCH8cgMyXVY7xhbVC">WorldCat</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/170048446">Germany</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/n89611700">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://data.bibliotheken.nl/id/thes/p078404266">Netherlands</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="http://olduli.nli.org.il/F/?func=find-b&local_base=NLX10&find_code=UID&request=987007435289405171">Israel</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Academics</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://ci.nii.ac.jp/author/DA03418317?l=en">CiNii</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.mathgenealogy.org/id.php?id=200434">Mathematics Genealogy Project</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.scopus.com/authid/detail.uri?authorId=6506635691">Scopus</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://zbmath.org/authors/?q=ai:kiyotaki.nobuhiro">zbMATH</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://mathscinet.ams.org/mathscinet/MRAuthorID/286868">MathSciNet</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://www.idref.fr/197718442">IdRef</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1&useformat=desktop" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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