Emi Nakamura

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Emi Nakamura
Emi Nakamura, presenting, European Central Bank (September 2017).png
Nakamura presenting a talk in 2017
BornOctober 1980 (age 41)
Citizenship American, Canadian [1]
Alma mater Princeton University (A.B.)
Harvard University (PhD)
Spouse(s) Jón Steinsson
Awards John Bates Clark Medal, 2019

Elaine Bennett Research Prize, 2014
Eccles Research Award in Finance and Economics, 2015
2014 IMF Generation Next: Top 25 Economists under 45
Sloan Research Fellowship 2014-2016 NSF Career Award 2011-2016

NSF Grant 2009-2011


Scientific career
Institutions University of California, Berkeley,
Columbia University
Doctoral advisor Robert Barro and Ariel Pakes
Website https://eml.berkeley.edu/~enakamura/

Emi Nakamura is a Canadian-American economist. She is the Chancellor's Professor of Economics at University of California, Berkeley. [2]

Nakamura is a research associate and co-director of the Monetary Economics Program of the National Bureau of Economic Research, [3] and a co-editor of the American Economic Review. [4] [5]


Nakamura graduated summa cum laude from Princeton University with an A.B. in economics in 2001, completing a senior thesis titled "An Economy with Monetary Business Cycles" under the supervision of Michael Woodford. [6] Nakamura then went on to pursue graduate studies in economics at Harvard University, receiving a Ph.D. in economics in 2007 after completing her doctoral dissertation, titled "Price Adjustment, Pass-through and Monetary Policy", under the supervision of Robert Barro and Ariel Pakes. [7]


Nakamura's research focuses on empirical issues in macroeconomics, including price stickiness, the impact of fiscal shocks, and measurement errors in official statistics. Her citation for the John Bates Clark Medal from the American Economic Association states that Nakamura has "greatly increased our understanding of price-setting by firms and the effects of monetary and fiscal policies", noting her "creativity in suggesting new sources of data to address long-standing questions. [8] ". Emi Nakamura is a prominent figure in the field of New Keynesian Economics. New Keynesian Economics incorporates microeconomic theories and ideas and places them into macroeconomic theories. Nakamura demonstrates this in her work, “Five facts about prices”, by including microdata from the Bureau of Labor Statistics to prove macroeconomic ideas. [8] " In her most cited work, "Five facts about prices", she and Jón Steinsson showed that many measured price changes are due to temporary sales, scheduled far in advance, rather than happening as dynamic responses to economic conditions. This suggested that even though economic data features frequent price changes, this can be compatible with macroeconomic models featuring substantial price rigidity. [9] In another highly cited work, "Fiscal stimulus in a monetary union", she and Jón Steinsson use variation in US government military spending across states to estimate the open-economy government spending multiplier, finding values substantially higher than one. This confirms the prediction of Keynesian macroeconomic models that fiscal stimulus can have substantial effects on output, particularly at the zero lower bound. [9]


Nakamura is married to fellow economist and frequent co-author Jón Steinsson, with whom she has two children [10] and is the daughter of economists Alice Nakamura and Masao Nakamura [11] [12] and the granddaughter of economist Guy Orcutt.

Selected works

Inflation and price dispersion

Monetary policy

Fiscal policy

Economic crises


She was awarded the John Bates Clark Medal [8] [14] and elected as a member of the American Academy of Arts and Sciences in 2019. [15] She has been awarded an NSF Career Grant and Sloan Research Fellowship, and was the 2014 recipient of the Elaine Bennett Research Prize, [16] [17] She was also named one of the top 25 economists under 45 in 2014 by the IMF [18] and named one of "the decade’s eight best young economists" in 2018 by The Economist. [19] In 2021 she was named a Fellow of the Econometric Society. [20]

Related Research Articles

Macroeconomics Study of an economy as a whole

Macroeconomics is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy’s growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism."

Stagflation Both high inflation and high unemployment

In economics, stagflation or recession-inflation is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment.

Monetarism School of thought in monetary economics

Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.

New Keynesian economics

New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics.

Fiscal policy Use of government revenue collection and expenditure to influence a countrys economy

In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenues and expenditures to influence macroeconomic variables developed as a result of the Great Depression, when the previous laissez-faire approach to economic management became unpopular. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorized that government changes in the levels of taxation and government spending influences aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilize the economy over the course of the business cycle.

Nominal rigidity Inertia of prices in economics

Nominal rigidity, also known as price-stickiness or wage-stickiness, is a situation in which a nominal price is resistant to change. Complete nominal rigidity occurs when a price is fixed in nominal terms for a relevant period of time. For example, the price of a particular good might be fixed at $10 per unit for a year. Partial nominal rigidity occurs when a price may vary in nominal terms, but not as much as it would if perfectly flexible. For example, in a regulated market there might be limits to how much a price can change in a given year.

Macroeconomic model

A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.

Ricardo Reis Portuguese economist (born 1978)

Ricardo A. M. R. Reis is a Portuguese economist and the A. W. Phillips professor of economics at the London School of Economics. In a 2013 ranking of young economists by Glenn Ellison, Reis was considered the top economist with a PhD between 1996 and 2004., and in 2016 he won the Germán Bernácer Prize for top European-born economist researching macroeconomics and finance. He writes a weekly op-ed for the Portuguese newspaper Jornal de Notícias and Expresso, and participates frequently in economic debates in Portugal.

John B. Taylor American economist

John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.

Thomas J. Sargent American economist

Thomas John Sargent is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics. As of 2020, he ranks as the 29th most cited economist in the world. He was awarded the Nobel Memorial Prize in Economics in 2011 together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy".

In economics, a menu cost is the cost to a firm resulting from changing its prices. The name stems from the cost of restaurants literally printing new menus, but economists use it to refer to the costs of changing nominal prices in general. In this broader definition, menu costs might include updating computer systems, re-tagging items, and hiring consultants to develop new pricing strategies as well as the literal costs of printing menus. More generally, the menu cost can be thought of as resulting from costs of information, decision and implementation resulting in bounded rationality. Because of this expense, firms sometimes do not always change their prices with every change in supply and demand, leading to nominal rigidity. Generally, the effect on the firm of small shifts in price is relatively minor compared to the costs of notifying the public of this new information. Therefore, the firm would rather exist in slight disequilibrium than incur the menu costs.

Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modeling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.

Michael Dean Woodford is an American macroeconomist and monetary theorist who currently teaches at Columbia University.

The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a post-World War II academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes with neoclassical economics. Being Keynesian in the short run and neoclassical in the long run, neoclassical synthesis allowed the economy to adjust via fiscal and monetary policies in the short run whilst predicting that equilibrium in the long run will be reached without state intervention. The synthesis, formulated by a group of economists, dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 1960s and 1970s.

New classical macroeconomics School of thought in macroeconomics

New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.

Jordi Galí

Jordi Galí is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is currently the director of the Centre de Recerca en Economia Internacional at Universitat Pompeu Fabra and a Research Professor at the Barcelona Graduate School of Economics. After obtaining his doctorate from MIT in 1989 under the supervision of Olivier Blanchard, he held faculty positions at Columbia University and New York University before moving to Barcelona.

History of macroeconomic thought Aspect of history

Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.

New neoclassical synthesis

The new neoclassical synthesis (NNS), which is now generally referred to as New Keynesian economics, and occasionally as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought - new classical macroeconomics/real business cycle theory and early New Keynesian economics - into a consensus view on the best way to explain short-run fluctuations in the economy. This new synthesis is analogous to the neoclassical synthesis that combined neoclassical economics with Keynesian macroeconomics. The new synthesis provides the theoretical foundation for much of contemporary mainstream economics. It is an important part of the theoretical foundation for the work done by the Federal Reserve and many other central banks.

Stephanie Schmitt-Grohe is a German economist who currently works as a professor of economics at Columbia University. Schmitt-Grohe's research has been focused on macroeconomics as well as fiscal and monetary policy in open and closed economies. In 2004 she was awarded the Bernacer prize, for her research of monetary stabilization policies.

Jón Steinsson is Chancellor's Professor of Economics at University of California, Berkeley, a research associate and co-director of the Monetary Economics program of the National Bureau of Economic Research, and associate editor of both American Economic Review: Insights, and the Quarterly Journal of Economics. He received his PhD in economics from Harvard and his AB from Princeton.


  1. https://eml.berkeley.edu/~enakamura/cvenweb.pdf
  2. "Emi Nakamura". Department of Economics. Retrieved May 13, 2020.
  3. "Emi Nakamura". www.nber.org. Retrieved May 13, 2020.
  4. "Editors of the American Economic Review". American Economic Association. Retrieved August 28, 2018.
  5. "Meet our new faculty: Emi Nakamura, economics". Berkeley News. November 14, 2018. Retrieved April 18, 2019.
  6. Nakamura, Emi. Woodford, Michael; Princeton University. Department of Economics (eds.). "An Economy with Monetary Business Cycles".Cite journal requires |journal= (help)
  7. "Emi Nakamura - CV" (PDF).
  8. 1 2 3 "Emi Nakamura, Clark Medalist 2019". American Economic Association. Retrieved May 1, 2019.
  9. 1 2 "Interview: Emi Nakamura" (PDF). Econ Focus--A publication of the Richmond Federal Reserve Bank. 2015.
  10. Rampell, Catherine (November 5, 2013). "Outsource Your Way to Success". The New York Times. ISSN   0362-4331 . Retrieved August 7, 2017.
  11. "An Interview with Emi Nakamura". CSWEP News. 2015.
  12. CSWEP Talks. aeaweb.org
  13. Nakamura, Emi; Steinsson, Jón (October 2, 2011). "Does fiscal stimulus work in a monetary union? Evidence from US regions". VoxEU.org. Retrieved April 18, 2019.
  14. Eberly, Janice; Woodford, Michael (February 1, 2020). "Emi Nakamura: 2019 John Bates Clark Medalist". Journal of Economic Perspectives. 34 (1): 222–239. doi: 10.1257/jep.34.1.222 . ISSN   0895-3309.
  15. "Emi Nakamura". American Academy of Arts & Sciences. Retrieved January 7, 2021.
  16. Emi Nakamura Recipient of the 2014 Elaine Bennett Research Prize. American Economic Association. aeaweb.org
  17. "Emi Nakamura Receives AEA's Elaine Bennett Research Prize | Columbia University - Economics". econ.columbia.edu. Archived from the original on December 23, 2017. Retrieved August 7, 2017.
  18. "NBER Reporter 2015 Number 1: Research Summary". www.nber.org. Retrieved August 7, 2017.
  19. "Our pick of the decade's eight best young economists". The Economist. ISSN   0013-0613 . Retrieved October 29, 2020.
  20. "Congratulations to our 2021 Fellows". The Econometric Society. September 22, 2021. Retrieved October 29, 2021.


Preceded by Recipient of the John Bates Clark Medal
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