Nobuhiro Kiyotaki

TL;DR: In this paper, the authors investigate how aggregate output and employment interact with the shrinkage of the state sector and the creation and destructions of new private businesses in transition economies of Central Europe after 1989.

TL;DR: In this paper, the authors study a general equilibrium model where agents search for production and trading opportunities, that generalizes the existing literature by considering a large number of differentiated commodities and agents with idiosyncratic tastes.

TL;DR: In this paper, the authors developed and applied a log-linear flexible accelerator model to analyze business fixed investment in Japan, which has been unusually volatile in recent years, and they found that movements in fixed investment are consistent with movements in output and the tax-adjusted cost of capital, both on average during the entire 1961-1994 sample and during the recent 1986-1994 business cycle.

TL;DR: In this paper, the adjustment to capital liberalization depends upon the domestic and international collateral constraints, and it is shown that, with an intermediate level of domestic collateral constraint, capital liberalisation leads to capital outflow, im- provement of TFP, and transitional loss of wage and employment.

TL;DR: In this paper, the authors incorporate banks and banking panics within a conventional macroeconomic framework to analyse the dynamics of a financial crisis of the kind recently experienced, and introduce a belief driven credit boom that increases the susceptibility of the economy to a disruptive banking panic.