Makoto Nirei
Professor, University of Tokyo.
I am a professor in the Faculty of Economics at the University of Tokyo, specializing in macroeconomics with a focus on business fluctuations. My research explores how macroeconomic volatility emerges from the interactions of micro-level shocks—how the decisions of investors, firms, and other economic agents collectively shape the broader economy. A key aspect of my work examines how supply chain networks influence these dynamics, identifying how local disruptions can propagate through the system.
One of my main interests lies in applying the concept of self-organized criticality to dynamic general equilibrium models, offering new perspectives on economic fluctuations. My recent book, Interaction-driven Macroeconomic Fluctuations (2023, in Japanese), delves into these ideas and was honored with the Grand Prix of the Nikkei Economic Books Cultural Award in 2024.
Beyond macroeconomic volatility, I have also studied fat-tail phenomena in asset pricing and household income distributions. My academic journey began with a B.A. from the University of Tokyo, followed by a Ph.D. from the University of Chicago. Over the years, I have been fortunate to collaborate with institutions such as the Santa Fe Institute, Utah State University, Carleton University, and Hitotsubashi University. Before joining the University of Tokyo, I also served as Chief Economist at the Policy Research Institute of the Ministry of Finance of Japan.
Through my research, I strive to deepen our understanding of economic complexity and contribute insights that can inform policy and investment decisions in an increasingly interconnected world.
Here is the abstract of the paper I am presenting at the conference
For more about my research and publications, please visit my webpage