NIREI Makoto

NIREI Makoto

NIREI Makoto

Faculty Fellow

Professor, Graduate School of Economics, University of Tokyo

Activities at RIETI



Research Projects


2002 Ph.D. in Economics, University of Chicago
1996 M.A. in Economics, The University of Tokyo
1994 B.A. in Economics, The University of Tokyo


2019 - present Professor, Graduate School of Economics, University of Tokyo
2017 - 2019 Associate Professor, Graduate School 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 Post-doctoral Fellow, Santa Fe Institute

Selected Publications and Papers

  • "Repricing avalanches," NBER Working Paper 28654, 2021 (with José Scheinkman)
  • "Supply chain disruptions: Evidence from the Great East Japan Earthquake," Quarterly Journal of Economics, 136(2):1255-1321, 2021 (with Vasco M. Carvalho, Yukiko U. Saito and Alireza Tahbaz-Salehi)
  • "Trade clustering and power laws in financial markets," Theoretical Economics, 15:1365-1398, 2020 (with John Stachurski and Tsutomu Watanabe)
  • "Zipf's Law, Pareto's Law, and the evolution of top incomes in the U.S.," American Economic Journal: Macroeconomics, 9(3):36-71, 2017 (with Shuhei Aoki)
  • "Pareto distribution of income in neoclassical growth models," Review of Economic Dynamics, 20:25-42, 2016 (with Shuhei Aoki)
  • "Bank capital shock propagation via syndicated interconnectedness," Computational Economics, 47(1):67-96, 2016 (with Julián Caballero and Vladyslav Sushko)
  • "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.," Research Policy, 44(4):862-873, 2015 (with Kota Murayama and Hiroshi Shimizu)
  • "Closely competing firms and price adjustment: Some findings from an online marketplace," Scandinavian Journal of Economics, 112(4):673-696, 2010 (with Takayuki Mizuno and Tsutomu Watanabe)
  • "A two factor model of income distribution dynamics," Review of Income and Wealth, 53(3):440-459, 2007 (with Wataru Souma)
  • "Quantifying borrowing constraints and precautionary savings," Review of Economic Dynamics, 9:353-363, 2006
  • "Threshold behavior and aggregate fluctuation," Journal of Economic Theory, 127:309-322, 2006