1995 JAEE -Nakahara Prize: Announcement

Aoyama Gakuin University

The JAEE (Japan Association of Economics and Econometrics) - Nakahara Prize was initiated 1995 and is funded by a donation from Mr Nobuyuki Nakahara. The Prize was established to honour young economists under the age of 45 who have achieved internationally recognized research. The selection committee for the Prize consists of three Japanese economists and three overseas economists together with the President of the Association. Their names are listed at the end of this announcement.

We are pleased to announce that the 1995 JAEE-Nakahara Prize has been awarded to Professor Fumio Hayashi. Born in 1952, Fumio Hayashi took his BA from the University of Tokyo and his PhD from Harvard University in 1980. He has taught at Northwestern University, the University of Tsukuba, Osaka University, the University of Pennsylvania and Columbia University. At present, he is Professor of Economics at the University of Tokyo.

Professor Hayashi’s research contribution is largely in macroeconomics. The theory of saving behaviour, liquidity constraint, q-theory of investment, taxation and investment, etc. are his main subjects. In particular, he has made a major contribution to our understanding of the rational expectations hypothesis by creating new inference methods and applying them to US and Japanese data on consumption. His research is not only highly original but also well balanced between theory and empirical work. He was elected a Fellow of the Econometric Society in 1988. His main works are as follows:

Tobin’s Marginal q and Average q: A Neoclassical Interpretation,” Econometrica, Vol.50, 1982, pp.213-224.

The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables,” Journal of Political Economy, Vol.90, 1982, pp.859-916.

Nearly Efficient Estimation of the Time Series Models with Predetermined, but not Exogenous, Instruments,” Econometrica, Vol.51, 1983, pp.789-798 (with C. A. Sims).

The Effect of Liquidity Constraints on Consumption: A Cross Section Analysis,” Quarterly Journal of Economics, Vol.100, 1985, pp.183-206.

Tests for Liquidity Constraints: A Critical Survey and Some New Observations,” in Advances in Econometrics, Cambridge: Cambridge University Press, 1987, pp. 91-120.

Selection Committee

Takashi Negishi, Aoyama Gakuin University (Chair)
Masahiko Aoki, Stanford University (1995 President of the JAEE)
Anthony B. Atkinson, Oxford University
Michio Hatanaka, Tezukayama University

Dale W. Jorgenson, Harvard University
Paul Krugman, Stanford University
Toshiaki Tachibanaki, Kyoto University