RIETI Chairman YANO Makoto was elected as a new member of the Japan Academy at the 1154th General Meeting of the Japan Academy held on December 13, 2021.
In selecting Dr. Yano, the Japan Academy described his major academic achievements as follows: "Dr. Yano has accumulated original and sophisticated theoretical research in the fields of international economics and dynamic general equilibrium theory. In particular, his ‘turnpike theorem’ on long-term equilibrium channels in the framework of the dynamic general equilibrium model, the most well-known neoclassical model, and his proof of global stability have been highly evaluated as a link between optimal growth theory and equilibrium dynamic theory. Furthermore, he developed the conventional neoclassical dynamic general equilibrium theory into a nonlinear dynamic theory in collaboration with Dr. Kazuo Nishimura and has greatly expanded the scope of endogenous business cycle theory. In addition, in the field of international economics, his original research on various policy issues of practical importance, such as the transfer paradox and the effects of voluntary export restrictions, has been widely recognized."