“Acceptance Speech” Frontiers of Knowledge Award 2021 in Economics, Finance and Management

Acceptance speech by Nobuhiro Kiyotaki, winner of the 2021 Frontiers of Knowledge Award in Economics, Finance and Management, who was honored alongside Ben S. Bernanke, Mark Gertler and John Moore for their contributions to understanding how financial market imperfections can amplify economic fluctuations and trigger deep recessions. His research, particularly the Kiyotaki-Moore model, has helped explain how credit constraints, the value of assets used as collateral and liquidity affect investment and economic activity.

Kiyotaki reflects on the functioning of decentralized economies and the role of financial relationships in business cycles. His work with John Moore explains how a decline in asset values can restrict access to credit and trigger a process that deepens economic downturns. His research has also contributed to understanding the importance of unconventional monetary

Acceptance speech by Nobuhiro Kiyotaki, winner of the 2021 Frontiers of Knowledge Award in Economics, Finance and Management, who was honored alongside Ben S. Bernanke, Mark Gertler and John Moore for their contributions to understanding how financial market imperfections can amplify economic fluctuations and trigger deep recessions. His research, particularly the Kiyotaki-Moore model, has helped explain how credit constraints, the value of assets used as collateral and liquidity affect investment and economic activity.

Kiyotaki reflects on the functioning of decentralized economies and the role of financial relationships in business cycles. His work with John Moore explains how a decline in asset values can restrict access to credit and trigger a process that deepens economic downturns. His research has also contributed to understanding the importance of unconventional monetary policies during financial crises. The economist expresses his interest in continuing to explore the mechanisms that coordinate economic activity.