WorldCat Identities

Kiyotaki, Nobuhiro

Works: 63 works in 190 publications in 1 language and 895 library holdings
Roles: Author, Other
Classifications: HB1, 330
Publication Timeline
Most widely held works by Nobuhiro Kiyotaki
Business fixed investment and the recent business cycle in Japan by Nobuhiro Kiyotaki( Book )

13 editions published between 1996 and 1997 in English and held by 120 WorldCat member libraries worldwide

To analyze business fixed investment in Japan, which has been unusually volatile in recent years, we develop and apply a loglinear flexible accelerator model. We find that movements in business fixed investment are consistent with movements in output and the tax- adjusted cost of capital, both on average during our entire 1961-94 sample and during the recent 1986-94 business cycle
Credit cycles by Nobuhiro Kiyotaki( Book )

18 editions published in 1995 in English and held by 119 WorldCat member libraries worldwide

This paper is a theoretical study into how credit constraints interact with aggregate economic activity over the business cycle. We construct a model of a dynamic economy in which lenders cannot force borrowers to repay their debts unless the debts are secured. In such an economy, durable assets such as land, buildings and machinery play a dual role: they are not only factors of production, but they also serve as collateral for loans. Borrowers' credit limits are affected by the prices of the collateralized assets. And at the same time, these prices are affected by the size of the credit limits. The dynamic interaction between credit limits and asset prices turns out to be a powerful transmission mechanism by which the effects of shocks persist, amplify, and spill over to other sectors. We show that small, temporary shocks to technology or income distribution can generate large, persistent fluctuations in output and asset prices
Land prices and business fixed investment in Japan by Nobuhiro Kiyotaki( )

10 editions published in 2004 in English and held by 84 WorldCat member libraries worldwide

Japan has seen episodes in which boom and bust in land prices is accompanied by boom and bust in business fixed investment. We develop a model that includes land in the production function. We show that in this model movements in land prices will be associated with movements of the capital stock in the same direction, provided the elasticity of substitution between land and capital is greater than one. We then estimate an aggregate investment function. Consistent with an elasticity greater than one, increases in land prices are associated with increases in the business capital stock even after controlling for movements in output and the cost of capital; decreases have a symmetric effect. In the end, however, we find that movements in land prices explain relatively little of the movement in the business fixed investment. In addition to possibly indicating that the elasticity is very near one, the small effect may result because of difficulty in extracting information from noisy land prices, neglect of the effects of regulations, and failure to consider credit constraints
Learning and the value of the firm by Nobuhiro Kiyotaki( )

13 editions published in 1990 in English and Undetermined and held by 72 WorldCat member libraries worldwide

The paper studies under what conditions the value of the firm occasionally increases for a while before it suddenly drops, like a "bubble". We consider the environment where the trend of net cash flow from a firm's production depends on uncertain quality of a manager, and the manager is occasionally replaced by a new manager. People know whether the manager is replaced, but they do not know the exact quality of the manager so that they gradually learn about it. We show that, if the current manager is good, the value of the firm tends to increase more rapidly than the net cash flow because people become more and more optimistic about the current manager, until the optimism disappears with sudden retire of the manager. The value of the firms appears to contain a bubble because the value gradually deviates from the present value of the current net cash flow until the deviation disappears. We extend the basic model to allow the firm to replace unsuccessful managers endogenously, and show that the value of the firm more frequently deviates upward from the present value of the current net cash flow than downward
Search for a theory of money by Nobuhiro Kiyotaki( )

11 editions published in 1990 in English and held by 70 WorldCat member libraries worldwide

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of exchange; Recently, this idea has been formalized using search-theoretic noncooperative equilibrium models of the exchange process. The goal of this paper is to use a simple model of this class to analyze four substantive issues in monetary economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money, and the susceptibility of monetary economies to extrinsic uncertainty
Liquidity, business cycles, and monetary policy by Nobuhiro Kiyotaki( )

7 editions published in 2012 in English and held by 59 WorldCat member libraries worldwide

The paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. There is a spectrum of returns on assets, reflecting their differences in liquidity. The model is used, first, to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity; second, to examine what role government policy might have through open market operations that change the mix of assets held by the private sector. With its emphasis on liquidity rather than sticky prices, the model harks back to an earlier interpretation of Keynes (1936), following Tobin (1969)
Monopolistic competition, aggregate demand externalities and real effects of nominal money by Olivier Blanchard( )

12 editions published between 1985 and 1989 in English and held by 56 WorldCat member libraries worldwide

A long standing issue in macroeconomics is that of the relation of imperfect competition to fluctuations in output. In this paper we examine the relation between monopolistic competition and the role of aggregate demand in the determination of output. We first show that monopolistically competitive economies exhibit an aggregate demand externality. We then show that, because of this externality, small menu costs, that is small costs of changing prices may lead to large effects of aggregate demand on output and on welfare
Banking, liquidity and bank runs in an infinite-horizon economy by Mark Gertler( )

7 editions published between 2013 and 2014 in English and held by 51 WorldCat member libraries worldwide

We develop a variation of the macroeconomic model with banking in Gertler and Kiyotaki (2011) that allows for liquidity mismatch and bank runs as in Diamond and Dybvig (1983). As in Gertler and Kiyotaki, because bank net worth fluctuates with aggregate production, the spread between the expected rates of return on bank assets and deposits fluctuates counter-cyclically. However, because bank assets are less liquid than deposits, bank runs are possible as in Diamond and Dybvig. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenously determined liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in a recession. We also analyze the effects of anticipated bank runs. Overall, the goal is to present a framework that synthesizes the macroeconomic and microeconomic approaches to banking and banking instability
Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises by Mark Gertler( )

7 editions published in 2016 in English and held by 43 WorldCat member libraries worldwide

There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of wholesale funding markets, where banks lend to one another. Accordingly, to understand the financial crisis as well as to draw policy implications, it is essential to capture the role of wholesale banking. The objective of this paper is to characterize a model that can be seen as a natural extension of the existing literature that provides a step toward accomplishing this objective. The model accounts for both the buildup and collapse of wholesale banking, and also sketches out the transmission of the crises to the real sector. We also draw out the implications of possible instaibility in the wholesale banking sector for lender-of-last resort policy as well as for macroprudential policy
A Macroeconomic Model with Financial Panics by Mark Gertler( )

6 editions published in 2017 in English and held by 33 WorldCat member libraries worldwide

This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the circumstances that makes an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real activity and the effects of policies in containing crises
The Great Escape? A Quantitative Evaluation of the Fed’s Liquidity Facilities by Marco Del Negro( )

5 editions published in 2016 in English and held by 29 WorldCat member libraries worldwide

We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities and ask: Can a shock to the liquidity of private paper lead to a collapse in short-term nominal interest rates and a recession like the one associated with the 2008 U.S. financial crisis? Once the nominal interest rate reaches the zero bound, what are the effects of interventions in which the government provides liquidity in exchange for illiquid private paper? We find that the effects of the liquidity shock can be large, and show some numerical examples in which the liquidity facilities prevented a repeat of the Great Depression in 2008-2009
A model of job and worker flows by Nobuhiro Kiyotaki( Book )

4 editions published between 2005 and 2006 in English and held by 20 WorldCat member libraries worldwide

"We develop a model of gross job and worker flows and use it to study how the wages, permanent incomes, and employment status of individual workers evolve over time. Our model helps explain various features of labor markets, such as the size and persistence of the changes in income that workers experience due to displacements or job-to-job transitions, the length of job tenures and unemployment duration, and the amount of worker turnover in excess of job reallocation. We also examine the effects that labor market institutions and public policy have on the gross flows, as well as on the resulting wage distribution, employment, and aggregate output in the equilibrium. From a theoretical standpoint, we study the extent to which the competitive equilibrium achieves an efficient allocation of resources"--Abstract
Toward a theory of international currency by Kiminori Matsuyama( Book )

5 editions published between 1991 and 1992 in English and held by 15 WorldCat member libraries worldwide

Macroeconomics of monopolistic competition by Nobuhiro Kiyotaki( )

6 editions published between 1985 and 1989 in English and Undetermined and held by 13 WorldCat member libraries worldwide

More on money as a medium of exchange by Timothy Jerome Kehoe( Book )

3 editions published in 1991 in English and held by 13 WorldCat member libraries worldwide

Adjusting to capital account liberalization by Kosuke Aoki( Book )

3 editions published in 2010 in English and held by 10 WorldCat member libraries worldwide

We study theoretically how the adjustment to liberalization of international financial transaction depends upon the degree of domestic financial development. Using a model with domestic and international borrowing constraints, we show that, when the domestic financial system is underdeveloped, capital account liberalization is not necessarily beneficial because TFP stagnates in the long-run or employment decreases in the short-run. Government policy, including allowing foreign direct investment, can mitigate the possible loss of employment, but cannot eliminate it unless the domestic financial system is improved
Winners and losers in housing markets by Nobuhiro Kiyotaki( Book )

4 editions published between 2010 and 2011 in English and held by 8 WorldCat member libraries worldwide

This paper is a quantitatively-oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We develop a life-cycle model of a production economy in which land and capital are used to build residential and commercial real estates. We find that, in an economy where the share of land in the value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing a large redistribution between net buyers and net sellers of houses. Changing financing constraints, however, has limited effects on housing prices
A contribution to the pure theory of money by Nobuhiro Kiyotaki( Book )

2 editions published in 1989 in English and held by 7 WorldCat member libraries worldwide

A dynamic equilibrium model of search, production and exchange by Michele Boldrin( Book )

3 editions published in 1991 in English and held by 7 WorldCat member libraries worldwide

Fiat money in search equilibrium by Nobuhiro Kiyotaki( Book )

2 editions published in 1988 in English and held by 4 WorldCat member libraries worldwide

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Audience level: 0.71 (from 0.67 for Banking, l ... to 0.85 for Adjusting ...)

Alternative Names
Kiyotaki, N.

Nobuhiro Kiyotaki

Nobuhiro Kiyotaki economista japonés

Nobuhiro Kiyotaki économiste japonais

Nobuhiro Kiyotaki Japanese economist

Nobuhiro Kiyotaki japanischer Ökonom

Nobuhiro Kiyotaki Japans econoom

Киётаки, Нобухиро

Нобухиро Киотаки

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清滝信宏 日本の経済学者

English (139)