His specialty is macroeconomics and monetary economics, and has been examining the interaction between money, credit, asset prices and aggregate production over the business cycles and economic growth.
He is born in Osaka, Japan in 1955, and received his Ph.D. from Harvard University in 1985. Kiyotaki also worked at the University of Wisconsin-Madison, the University of Minnesota and the London School of Economics and Political Science before Princeton.
He has published widely, including “Monopolistic Competition and the Effects of Aggregate Demand,” with Olivier Blanchard in America Economic Review 1987, “On Money as a Medium of Exchange,” with Randall Wright in Journal of Political Economy 1989, “Credit Cycles,” with John Moore in Journal of Political Economy 1997, “Banking, Liquidity and Bank Runs in an Infinite Horizon Economy,” with Mark Gertler in American Economic Review 2015, and “Liquidity, Business Cycles and Monetary Policy” with John Moore in Journal of Political Economy 2019.
Among professional honors, Kiyotaki received the 1997 JEA-Nakahara Prize, the 1999 EEA Yrjo Jahnsson Award (with John Moore), the 2010 Stephen A. Ross Prize in Financial Economics (with John Moore), the 2020 Person of Cultural Merit of Japan, and the 2021 BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Business Management (with Ben Bernanke, Mark Gertler, and John Moore).
