Nobuhiro Kiyotaki

Position: Professor of Economics

Contact details:


Secretarial Support: Jennifer Bello



Courses Taught:


Economics 301: Intermediate Macroeconomics
Economics 342: Money and Banking

Economics 503, 504: Macroeconomic Theory

Economics 521, 522: Advanced Macroeconomics


Research Interests:
Monetary and macroeconomics

Curriculum Vitae: C.V.

Working Papers:

1.      Monetary and Financial Policies in Emerging Markets (with Kosuke Aoki and Gianluca Benigno)

2.      Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises (with Mark Gertler and Andrea Prestipino)

3.      Banking, Liquidity and Bank Runs in an Infinite Horizon Economy (with Mark Gertler)

4.      Product Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level Data (with Robert Dekle, Atsushi Kawakami and Tsutomu Miyagawa)

5.      Dynamics of Firms and Trade in General Equilibrium (with Robert Dekle and Hyeok Jeong)

6.      The Great Escape? (with Marco Del Negro, Gauti Eggertsson and Andrea Ferrero) Revised in May 2016

7.      Liquidity, Business Cycles and Monetary Policy (with John Moore)

8.      A Mechanism Design Approach to Financial Frictions

9.      Adjusting to Capital Account Liberalization (with Kosuke Aoki and Gianluca Benigno)

10.  Clarendon Lectures 1 - Evil is the Root of All Money (with John Moore)

11.  Clarendon Lectures 2 - Liquidity, Business Cycles and Monetary Policy (with John Moore)

12.  Inside Money and Liquidity (with John Moore)

13.  Credit Chains (with John Moore)


Selected Publications (some recent, and some old and difficult to get)


1. Financial Crises, Bank Risk Exposure and Government Financial Policy (with Mark Gertler and Albert Queralto)

2. Financial Intermediation and Credit Policy in Business Cycle Analysis (with Mark Gertler)

3. A Perspective on Modern Business Cycle Theory

4. Winners and Losers in Housing Markets (with Alex Michaelides and Kalin Nikolov)

5. Capital Flows and Asset Prices (with Kosuke Aoki and Gianluca Benigno)

6. A Model of Job and Worker Flows (with Ricardo Lagos)

7. Financial Deepening (with John Moore)

8. Liquidity and Asset Prices (with John Moore)

9. A Cost of Unified Currency (with John Moore)

10. Credit and Business Cycles