Nobuhiro Kiyotaki
Harold
H. Helm '20 Professor of Economics and Banking, Princeton University, since
2012.
Professor,
Department of Economics, Princeton University, since 2006.
Contact Information
Department
of Economics Princeton University Princeton, NJ 08544, USA.
189
Julis Romo Rabinowitz Building
Tel
+1-609-258-4031
email: kiyotaki@princeton.edu
Administrative
assistant: Ms. Jennifer Bello, Tel: 1-609-258-8049, Email:
jmbello@princeton.edu
Working Papers and Completed Manuscripts
"Funding
Horizons, Interest Rates, and Growth" with John Moore and Shengxing
Zhang, revised in (2024).
"Intangibles,
Inequality and Stagnation," with Shengxing Zhang, revised in (2024).
"Monetary
and Financial Policies in Emerging Markets," with Kosuke Aoki and
Gianluca Benigno, revised in (2025).
"Product
Dynamics and Aggregate Shocks: Evidence from Japanese Product and Firm Level
Data," with Robert Dekle, Atsushi Kawakami and Tsutomu Miyagawa, re-
vised in (2026).
"Dynamics
of Firms and Trade in General Equilibrium" with Robert Dekle and Hyeok
Jeong, revised in (2014).
"Inside Money and Liquidity," with John Moore,
LSE, revised in (2018).
"Credit
Chains," with John Moore, LSE, revised in (1997).
Recent Publications and Some Old and Difficult to Get
Publications
"Housing, Distribution
and Welfare" with Alexander Michaelides and Kalin Nikolov, in Journal of Money, Credit and Banking, (2024) 56(5), 981-1020.
"Credit Booms,
Financial Crises and Macroprudential Policy," with Mark Gertler and
Andrea Prestipino, in Review of Economic
Dynamics (2020) 37, S8-S33.
"A Macroeconomic Model with Financial Panics," with Mark Gertler and Andrea Prestipino in Review of Economic Studies (2020) 87,
240-288.
"Liquidity, Business
Cycles, and Monetary Policy," with John Moore
in Journal of Political Economy (2019), 127(6), 2926-2965.
"The Great
Escape?" with Marco Del Negro, Gauti Eggertsson and Andrea Ferrero, in
American Economic Review (2017), 107(3), 824-857.
"Wholesale
Banking and Bank Runs in Macroeconomic Modelling of Financial Crises,"
with Mark Gertler and Andrea Prestipino, in Handbook
of Macroeconomics Volume 2B, edited by
John Taylor and Harald Uhlig, Amsterdam: Elsevier (2016), 1345-1425, .
"Banking,
Liquidity and Bank Runs in an Infinite Horizon Economy" with Mark
Gertler, American Economic Review (2015), 105(7), 2011-2043.
"Financial
Intermediation and Credit Policy in Business Cycle Analysis," with
Mark Gertler, in Handbook of
Monetary Economics, Volume 3A, edited by
Benjamin Friedman and Michael Woodford, Amsterdam: Elsevier (2011), 547-599.
"Capital Flows
and Asset Prices," with
Kosuke Aoki and Gianluca
Benigno, in NBER International Seminar on Macroeconomics,
edited by R. Clarida and
F. Giavazzi, Chicago: Chicago University Press (2008).
"Liquidity and Asset Prices," with John Moore, in International Economic Review, 46 (2005),
317-349.
"Financial
Deepening," with John Moore, in Journal
of European Economic Associ- ation:
Papers and Proceedings, 3 (April-May 2005),
701-713.
"Balance-Sheet
Contagion," with John Moore, in American
Economic Association: Papers and Proceedings, 85 (2002), 46-50.
"Evil is the Root
of All Money," with John Moore, in American
Economic Associa- tion:
Papers and Proceedings, 85 (2002), 62-66.
"Credit
and Business Cycles," Japanese
Economic Review, 49 (1998), 19-36.
Japanese Translation reprinted in Survey
on Modern Economics 1998, edited by M.
Otsuki et al., Tokyo: Toyokeizai Shimposha
(1998), 29-51.
"A
Mechanism Design Approach to Financial Frictions," in Global Macro Economy and Finance, edited by F. Allen, M. Aoki, J-P. Fitoussi, N.
Kiyotaki, R. Gordon and J. Stiglitz, Palgrave Macmillan (2012), 177-187. The
Japanese translation reprinted in Frontiers
of Comparative Institutional Analysis, edited
by M. Aoki, M. Kandori and T. Okazaki, NTT Publishing Company (2016).
"A
Cost of Unified Currency," with John Moore, in Central Banking, Monetary Theory and Practice:
Essays in Honour of Charles Goodhart, edited
by P. Mizen, Chel- tenham, UK and Northampton, MA:
Edward Elgar Publishing Company (2003), 247- 255.