Fellow Researchers Profile

Kiminori Matsuyama

Kiminori Matsuyama

International Senior Fellow

Professor, Northwestern University


  • Macroeconomics, International Trade, Endogenous Growth and Fluctuations, Structural Change



1987 Harvard University, Ph D in Economics
1980 University of Tokyo, BA in International Relations


2020-present Global Fellow, Faculty of Economics, University of Tokyo,
2019-present Chercheur associé, Centre de l’économie de l’innovation, Collège de France,
2018-present Member, Academic Advisory Council, Institute of New Structural Economics (INSE), Peking University
2018-2021.03 Chief Scientific Adviser, Tokyo Foundation for Policy Research
2017-present Foreign Member, Collegio Docenti, Ph.D programme in Global Studies, University of Urbino
2016-present Research Fellow, Macroeconomics and Growth Programme, Centre for Economic Policy Research (CEPR), London
1995-present Professor, Northwestern University
1991-1995 Associate Professor, Northwestern University
1987-1991 Assistant Professor, Northwestern University
Spring 2008 Visiting Professor, MIT
Spring 1993, Fall 2003 Visiting Professor, University of Chicago
1991-1992 National Fellow, Hoover Institution


  • “Engel’s Law in the Global Economy: Demand-Induced Patterns of Structural Change, Innovation, and Trade,” Econometrica, Vol. 87 No.2 (March 2019): 497-528.
  • "Geographical Advantage: Home Market Effect in a Multi-region World,” Research in Economics, (formerly Ricerche Economiche), 71 (December 2017): 740-758.
  • “Revisiting the Model of Credit Cycles with Good and Bad Projects,” with Iryna Sushko and Laura Gardini, Journal of Economic Theory, 163 (May 2016): 525-556.
  • “Institution-Induced Productivity Differences and Patterns of International Capital Flows,” Journal of the European Economic Association, 12 (February 2014): 1-24
  • “Endogenous Ranking and Equilibrium Lorenz Curve Across (ex-ante) Identical Countries,” Econometrica, 81 (September 2013): 2009-2031
  • “The Good, The Bad, and The Ugly: An Inquiry into the Causes and Nature of Credit Cycles,” Theoretical Economics, 8 (September 2013): 623-651
  • “Imperfect Credit Markets, Household Wealth Distribution, and Development,” Annual Review of Economics, 2011, Volume 3, 339-362
  • "Structural Change in an Interdependent World: A Global View of Manufacturing Decline," Journal of the European Economic Association, 7 (April-May 2009): 478-486
  • "Aggregate Implications of Credit Market Imperfections,” in Daron Acemoglu, Kenneth Rogoff, and Michael Woodford, eds., NBER Macroeconomics Annual 2007, Volume 22
  • “Beyond Icebergs: Toward A Theory of Biased Globalization,” The Review of Economic Studies, 74 (January 2007): 237-253
  • “Credit Traps and Credit Cycles,” American Economic Review, 97 (March 2007): 503-516
  • "The 2005 Lawrence R. Klein Lecture: Emergent Class Structure,” International Economic Review, 47 (May 2006): 327-360
  • “Credit Market Imperfections and Patterns of International Trade and Capital Flows,” Journal of the European Economic Association, 3 (April-May 2005): 714-723
  • “Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations,” Econometrica, 72 (May 2004): 853-884
  • "The Rise of Mass Consumption Societies," Journal of Political Economy, 110 (October 2002): 1035-1070
  • "A Ricardian Model with a Continuum of Goods under Nonhomothetic Preferences: Demand Complementarities, Income Distribution and North-South Trade," Journal of Political Economy, 108 (December 2000): 1093-1120
  • "Endogenous Inequality," The Review of Economic Studies, 67 (October 2000): 743-759
  • "Efficiency and Equilibrium with Dynamic Increasing Aggregate Returns Due to Demand Complementarities," with Antonio Ciccone, Econometrica, 67 (May 1999): 499-526
  • "Growing Through Cycles," Econometrica, 67 (March 1999): 335-347
  • "Self-Defeating Regional Concentration," with Takaaki Takahashi, The Review of Economic Studies, 65 (April 1998): 211-234
  • "The 1996 Nakahara Lecture: Complementarity, Instability, and Multiplicity," Japanese Economic Review, 48 (September 1997): 240-266
  • "Economic Development as Coordination Problems," The Role of Government in East Asian Development: Comparative Institutional Analysis, edited by M. Aoki, H. Kim, and M. Okuno-Fujiwara, Oxford University Press, 1996
  • "Start-up Costs and Pecuniary Externalities as Barriers to Economic Development," with Antonio Ciccone, Journal of Development Economics, 49 (April 1996): 33-59
  • "Complementarities and Cumulative Processes in Models of Monopolistic Competition," Journal of Economic Literature 33 (June 1995): 701-729
  • "An Approach to Equilibrium Selection," with Akihiko Matsui, Journal of Economic Theory 65 (April 1995): 415-434
  • "Toward a Theory of International Currency," with Nobuhiro Kiyotaki and Akihiko Matsui, The Review of Economic Studies 60 (April 1993): 283-307
  • "Agricultural Productivity, Comparative Advantage, and Economic Growth," Journal of Economic Theory 58 (December 1992): 317-334
  • "A Simple Model of Sectoral Adjustment," The Review of Economic Studies 59 (April 1992): 375-388
  • "Endogenous Price Fluctuations in an Optimizing Model of a Monetary Economy," Econometrica 59 (November 1991): 1617-1631
  • "Increasing Returns, Industrialization, and Indeterminacy of Equilibrium," The Quarterly Journal of Economics 106 (May 1991): 617-650
  • "Perfect Equilibria in a Trade Liberalization Game" The American Economic Review 80 (June 1990): 480-492
  • "Residential Investment and the Current Account" Journal of International Economics 28 (February 1990): 137-153
  • "Sunspot Equilibria (Rational Bubbles) in a Model of Money-in-the-Utility-Function" Journal of Monetary Economics 25 (January 1990): 137-144
  • "Terms of Trade, Factor Intensities and the Current Account in a Life‑Cycle Model" The Review of Economic Studies 55 (April 1988): 247-262
  • "Current Account Dynamics in a Finite Horizon Model" Journal of International Economics 23 (November 1987): 299-313


  • “Globalization and Synchronization of Innovation Cycles,” (with Laura Gardini and Iryna Sushko)
  • “The Home Market Effect and Patterns of Trade Between Rich and Poor Countries,” London School of Economics, Centre for Macroeconomics DP#2015-27.
  • “Beyond CES: Three Alternative Classes of Flexible Homothetic Demand Systems,” with Philip Ushchev, CEPR-DP12210.
  • “Reconsidering the Market Size Effect in Innovation and Growth,” with Hélène Latzer and Mathieu Parenti, CEPR-DP14250
  • “When Does Procompetitive Entry Imply Excessive Entry?” with Philip Ushchev, CEPR-DP14991
  • “Destabilizing Effects of Market Size in the Dynamics of Innovation,” with Philip Ushchev, CEPRDP15010
  • “Constant Pass-Through,” with Philip Ushchev, CEPR-DP15475
  • “A Technology-Gap Model of Premature Deindustrialization,” with Ippei Fujiwara, CEPR-DP15530