astronomy

Nobuhiro Kiyotaki

Nobuhiro Kiyotaki is a astronomy topic covered in the lgStudy science library. This page brings together a partial reference excerpt, illustrations, worked examples, real-world applications and a short study plan, so you can understand Nobuhiro Kiyotaki rather than just read about it. In short: 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.

Key takeaways

Nobuhiro Kiyotaki belongs to astronomy; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Nobuhiro Kiyotaki to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Nobuhiro Kiyotaki from memory before moving on to harder problems.

Reference excerpt

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.

Career 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. 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".

Contributions 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. This model of 'credit cycles' is now known as the Kiyotaki–Moore model.

Recognition 1997 - Nakahara Prize 1999 - Yrjö Jahnsson Award 2010 - Stephen A. Ross Prize in Financial Economics 2010 - Clarivate Citation Laureates 2015 - 2014 Senior Prize of BDF-TSE in Monetary Economics and Finance 2020 - Person of Cultural Merit 2020 - BBVA Foundation Frontiers of Knowledge Award

Learned societies membership Fellow of the British Academy Fellow of the Econometric Society Fellow of European Economic Association Fellow of Japanese Economic Association

Selected publications

Journal articles Blanchard, Olivier Jean; Kiyotaki, Nobuhiro (1987). "Monopolistic Competition and the Effects of Aggregate Demand" (PDF). American Economic Review. 77 (4): 647–66. JSTOR 1814537. Archived from the original (PDF) on 2021-10-24. Retrieved 2016-05-18. 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. Kiyotaki, Nobuhiro; Wright, Randall (1993). "A Search-Theoretic Approach to Monetary Economics" (PDF). American Economic Review. 83 (1): 63–77. JSTOR 2117496. Archived from the original (PDF) on 2015-09-23. Retrieved 2016-05-18. Kiyotaki, Nobuhiro; Moore, John (1997). "Credit Cycles" (PDF). Journal of Political Economy. 105 (2): 211–248. doi:10.1086/262072. JSTOR 10.1086/262072. S2CID 222433833.

References

External links Nobuhiro Kiyotaki's webpage at Princeton

Illustrations

Worked examples

Example 1 — a first encounter with Nobuhiro Kiyotaki

Start with the simplest possible case. Write down what Nobuhiro Kiyotaki claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In astronomy, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Nobuhiro Kiyotaki before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Nobuhiro Kiyotaki ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Nobuhiro Kiyotaki

In research: Nobuhiro Kiyotaki appears in astronomy research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Nobuhiro Kiyotaki in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Nobuhiro Kiyotaki is common in secondary-school and first-year university syllabi. It links to neighbouring topics 1955 births, 20th-century Japanese economists, 21st-century Japanese economists, so understanding it makes those chapters shorter.
In everyday life: Look for Nobuhiro Kiyotaki outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

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How to study Nobuhiro Kiyotaki in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Nobuhiro Kiyotaki means in your own words.
Compare your version with the excerpt and mark what you missed.
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Frequently asked questions

What is Nobuhiro Kiyotaki in simple terms?

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.

Why does Nobuhiro Kiyotaki matter?

Because it connects several astronomy ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Nobuhiro Kiyotaki?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Nobuhiro Kiyotaki.