75th CARF Special Seminar : Prof. Nobuhiro Kiyotaki
FinishedDate : 2017.06.08
Place :Seminar Room 2 on the 1st floor of the Economics Research Annex (Kojima Hall)
Speaker : Nobuhiro Kiyotaki (Professor of Economics at Princeton University)
Co-organizer：Mizuho Financial Group Endowed Chairs，
Speech Title :
"Intangibles, Inequality and Stagnation" (joint with Shengxing Zhang）
We examine how aggregate output and income distribution interact with accumulation of intangible capital over time and across generations. We consider an overlapping generations economy in which skill of managers (intangible capital) is essential for production along with labor, and managerial skill is acquired by young workers when they are trained by old managers on the job. Because training is costly, it becomes investment in intangible capital. We show that, when young trainees face financing constraint, a small di↵erence in initial endowment of young workers leads to a large inequality in the assignment and accumulation of intangibles. A negative shock to endowment can generate a persistent stagnation and a rise in inequality.
Professor Nobuhiro Kiyotaki is a Professor of Economics at Princeton University. He received a B.A. from University of Tokyo in 1978. After receiving his doctorate in economics from Harvard University in 1985, He held faculty positions at the Univ. of Wisconsin–Madison, the Univ. of Minnesota, and the London School of Economics before moving to Princeton.
He has made a number of highly influential papers on macroeconomics and monetary economics. He is a fellow of the Econometric Society, was awarded the 1997 Nakahara Prize of the Japan Economics Association and the 1999 Yrjö Jahnsson Award of the European Economic Association, the latter together with John Moore. He also received the Stephen A. Ross Prize in Financial Economics (with John Moore).
* Hand-outs will be provided at the seminar.
* Please see this website for registration.