EconomyTaking on Nobel economics contender Kiyotaki: Brilliant theory, but reality has changed

The article examines Nobuhiro Kiyotaki’s account of how credit, financial institutions and markets can fundamentally affect the real economy, and traces its links to Keynesian and New Keynesian economics. The author, who identifies with the Keynes-Kiyotaki camp, says he will nevertheless challenge both theories.

Nobuhiro KiyotakiKeynesian economicsfinancial crisisreal economy

TToyo Keizai★★☆☆☆2026-08-01 21:00Original