日本経済学会 - Japanese Economic Association
（London School of Economics and Political Science）
We are pleased to announce that the 1997 JEA-Nakahara Prize has been awarded to Professor Nobuhiro Kiyotaki. Born in 1955, Nobuhiro Kiyotaki took his BA from the University of Tokyo in 1978 and his PhD from Harvard University in 1985, He has taught at the University of Wisconsin, the University of Minnesota and the London School of Economics and Political Science. At present, he is Professor of Economics at the London School of Economics and Political Science.
Professor Kiyotaki has made several outstanding contributions in the areas of macroeconomics and monetary economics by creating innovative original models and, thereby presenting new insights to old questions` First, he provided a new justification for active monetary policy by formulating a macroeconomic model based upon monopolistic competition, where monetary policy plays a role of coordinating activities to choose an equilibrium with higher output.
Second, he constructed a search-theoretic model of money where fiat money serves as a medium of exchange for multilateral exchange, where people accept money not because it is required by a technical reason (e.g. by cash constraint) but simply because they believe others would accept money as well, Third he formulated a model with credit contracts with limited enforcement where land plays two distinct roles: the role of collateral for debt and the role of a productive input. In such an economy, the level of credit limit to each firm positively depends upon the value of land, while the credit provided to each firm stimulates the demand for land.
His main works are as follows: