Nobuhiro Kiyotaki

Position: Professor of Economics

Contact details:


Secretarial Support: Jennifer Bello



Courses Taught:


Economics 315: Topics in Macroeconomics

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.      Credit Horizons (with John Moore and Shengxing Zhang)

2.      Housing, Distribution and Welfare (with Alexander Michaelides and Kalin Nikolov)

3.      Intangibles, Inequality and Stagnation (with Shengxing Zhang)

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

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

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

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

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

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

10.  Inside Money and Liquidity (with John Moore)

11.  Credit Chains (with John Moore)


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

1. Credit Booms, Financial Crises, and Macroprudential Policy (with Mark Gertler and Andrea Prestipino)

2. A Macroeconomics Model with Financial Panics (with Mark Gertler and Andrea Prestipino)

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

4. The Great Escape? (with Marco Del Negro, Gauti Eggertsson and Andrea Ferrero)

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

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

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

8. A Mechanism Design Approach to Financial Frictions

9. A Perspective on Modern Business Cycle Theory.

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

11. Financial Deepening (with John Moore)

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

13. Credit and Business Cycles