NIREI, Makoto

NIREI, Makoto

Name / Position

NIREI, Makoto / Professor


Personal WebsiteOpen a new window


Curriculum Vitae


2002 March University of Chicago, Ph.D. (Economics)
1996 March University of Tokyo, M.A. (Economics)
1994 March  University of Tokyo, B.A. (Economics)

Professional Experience

2019- Professor, Department of Economics, University of Tokyo
2017-2019 Associate Professor, Department of Economics, University of Tokyo
2015-2017 Chief Economist, Policy Research Institute, Ministry of Finance
2008-2015 Associate Professor, Institute of Innovation Research, Hitotsubashi University
2006-2008 Assistant Professor, Department of Economics, Carleton University
2004-2006 Assistant Professor, Department of Economics, Utah State University
2001-2004 Postdoctoral Fellow, Santa Fe Institute

Research Field

Macroeconomics, business cycles, financial fluctuations, income inequality, innovation, complex systems

Research Theme

My research focuses on macroeconomic fluctuations that arise from interactions of idiosyncratic shocks through complementary decisions, such as firms’ investment or pricing. My recent research deals with fat-tail phenomena in asset pricing and in household income/wealth distributions.



  • “Supply chain disruptions: Evidence from the Great East Japan Earthquake” (with Vasco M. Carvalho, Yukiko U. Saito and Alireza Tahbaz-Salehi), Quarterly Journal of Economics, May 2021
  • “Trade clustering and power laws in financial markets” (with John Stachurski and Tsutomu Watanabe), Theoretical Economics, 15:1365-1398, 2020
  • “Zipf's Law, Pareto's Law, and the evolution of top incomes in the United States” (with Shuhei Aoki), American Economic Journal: Macroeconomics, 9(3): 36-71, 2017
  • “An empirical study of interaction-based aggregate investment fluctuations” (with Luigi Guiso and Chaoqun Lai), Japanese Economic Review, 68(2): 137-157, 2017
  • “Pareto distribution of income in neoclassical growth models” (with Shuhei Aoki), Review of Economic Dynamics, 20:25-42, 2016
  • “Bank capital shock propagation via syndicated interconnectedness” (with Julián Caballero and Vladyslav Sushko), Computational Economics, 47(1):67-96, 2016
  • “An interaction-based foundation of aggregate investment fluctuations,” Theoretical Economics, 10:953-985, 2015
  • “Management of science, serendipity, and research performance: Evidence from a survey of scientists in Japan and the U.S.” (with Kota Murayama and Hiroshi Shimizu), Research Policy, 44(4):862-873, 2015
  • “Closely competing firms and price adjustment: Some findings from an online marketplace” (with Takayuki Mizuno and Tsutomu Watanabe), Scandinavian Journal of Economics, 112(4):673-696, 2010
  • “A two factor model of income distribution dynamics” (with Wataru Souma), Review of Income and Wealth, 53(3):440-459, 2007
  • “Quantifying borrowing constraints and precautionary savings,” Review of Economic Dynamics, 9:353-363, 2006
  • “Threshold behavior and aggregate fluctuation,” Journal of Economic Theory, 127(1):309-322, 2006

Other Professional Activities and Awards