{"id":"https://openalex.org/W2106244708","doi":null,"title":"A Perspective on Modern Business Cycle Theory","display_name":"A Perspective on Modern Business Cycle Theory","publication_year":2011,"publication_date":"2011-01-01","ids":{"openalex":"https://openalex.org/W2106244708","mag":"2106244708"},"language":"en","primary_location":{"id":"mag:2106244708","doi":null,"is_oa":true,"landing_page_url":"https://www.princeton.edu/~kiyotaki/papers/Perspective-ModernBCT11.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"volume":null,"type":"preprint","indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://www.princeton.edu/~kiyotaki/papers/Perspective-ModernBCT11.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5086180955","display_name":"Nobuhiro Kiyotaki","orcid":"https://orcid.org/0009-0007-4599-1847","observed_orcids":["https://orcid.org/0009-0007-4599-1847"]},"institutions":[{"id":"https://openalex.org/I20089843","display_name":"Princeton University","ror":"https://ror.org/00hx57361","country_code":"US","type":"education","lineage":["https://openalex.org/I20089843"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Nobuhiro Kiyotaki","raw_affiliation_strings":["Princeton University, Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Princeton University, Department of Economics","institution_ids":["https://openalex.org/I20089843"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5086180955"],"corresponding_institution_ids":["https://openalex.org/I20089843"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":18,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":"97","issue":null,"first_page":"195","last_page":"208"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.600600004196167,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.600600004196167,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.384799987077713,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.007699999958276749,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/business-cycle-theory","display_name":"business cycle theory","score":0.9929999709129333},{"id":"https://openalex.org/keywords/neoclassical-growth-model","display_name":"neoclassical growth model","score":0.9900000095367432},{"id":"https://openalex.org/keywords/market-completeness","display_name":"complete markets","score":0.6899999976158142},{"id":"https://openalex.org/keywords/preference-heterogeneity","display_name":"preference heterogeneity","score":0.5839999914169312},{"id":"https://openalex.org/keywords/external-shocks","display_name":"external shocks","score":0.8619999885559082},{"id":"https://openalex.org/keywords/shock-wave-propagation","display_name":"shock wave propagation","score":0.7889999747276306},{"id":"https://openalex.org/keywords/frictional-labor-market","display_name":"frictional labor market","score":0.972000002861023},{"id":"https://openalex.org/keywords/credit-constraints","display_name":"credit constraints","score":0.9399999976158142}],"concepts":[{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.7662253379821777},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7411791086196899},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.6188098788261414},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.5514850616455078},{"id":"https://openalex.org/C2780339515","wikidata":"https://www.wikidata.org/wiki/Q3074698","display_name":"Arrow","level":2,"score":0.4935344457626343},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.4769819378852844},{"id":"https://openalex.org/C2778029271","wikidata":"https://www.wikidata.org/wiki/Q5421931","display_name":"Extension (predicate logic)","level":2,"score":0.4545457065105438},{"id":"https://openalex.org/C89611455","wikidata":"https://www.wikidata.org/wiki/Q6804646","display_name":"Mechanism (biology)","level":2,"score":0.4348578155040741},{"id":"https://openalex.org/C78173224","wikidata":"https://www.wikidata.org/wiki/Q1853178","display_name":"Theory of the firm","level":2,"score":0.42571133375167847},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.40847814083099365},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.3249443769454956},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.19290032982826233},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.14248499274253845},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"mag:2106244708","doi":null,"is_oa":true,"landing_page_url":"https://www.princeton.edu/~kiyotaki/papers/Perspective-ModernBCT11.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3124658041","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/a/fip/fedreq/y2011i3qp195-208nv.97no.3.html","pdf_url":null,"source":{"id":"https://openalex.org/S2764398645","display_name":"Economic quarterly - Federal Reserve Bank of Richmond","issn_l":"1069-7225","issn":["1069-7225","2163-4556"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Economic quarterly - Federal Reserve Bank of Richmond","raw_type":null},{"id":"pmh:oai:RePEc:fip:fedreq:y:2011:i:3q:p:195-208:n:v.97no.3","doi":null,"is_oa":false,"landing_page_url":"http://www.richmondfed.org/publications/research/economic_quarterly/2011/q3/kiyotaki.cfm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"mag:2106244708","doi":null,"is_oa":true,"landing_page_url":"https://www.princeton.edu/~kiyotaki/papers/Perspective-ModernBCT11.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":21,"referenced_works":["https://openalex.org/W1495009347","https://openalex.org/W1508198902","https://openalex.org/W1570683536","https://openalex.org/W1804939085","https://openalex.org/W1933529014","https://openalex.org/W1963884123","https://openalex.org/W2044687704","https://openalex.org/W2060351950","https://openalex.org/W2080196427","https://openalex.org/W2112070030","https://openalex.org/W2114514721","https://openalex.org/W2123017866","https://openalex.org/W2146207816","https://openalex.org/W2157509893","https://openalex.org/W2162695720","https://openalex.org/W2170428507","https://openalex.org/W2263997305","https://openalex.org/W3125176907","https://openalex.org/W3125387544","https://openalex.org/W3176349119","https://openalex.org/W3187206434"],"related_works":["https://openalex.org/W2173693873","https://openalex.org/W1572251260","https://openalex.org/W2942062800","https://openalex.org/W2928875749","https://openalex.org/W2405916459","https://openalex.org/W2056787795","https://openalex.org/W2342310924","https://openalex.org/W7096383366","https://openalex.org/W1752461191","https://openalex.org/W3047761623"],"abstract_inverted_index":{"In":[0],"this":[1,38,61],"article":[2],"I":[3,82],"provide":[4],"a":[5],"perspective":[6],"on":[7,66],"the":[8,24,30,35,58,84,91,107,127],"current":[9],"state":[10],"of":[11,23,46,86,90,110,131],"modern":[12],"business":[13,73],"cycle":[14],"theory.":[15],"This":[16],"theory":[17],"has":[18,63],"developed":[19],"from":[20],"an":[21],"application":[22],"Arrow-Debreu":[25],"general":[26],"equilibrium":[27],"framework":[28],"to":[29,42,64,70,124],"neoclassical":[31],"growth":[32],"model.":[33],"On":[34,57],"positive":[36],"side,":[37,60],"approach":[39,62],"is":[40,80],"able":[41],"accommodate":[43],"various":[44],"sources":[45],"heterogeneity":[47],"in":[48],"preferences":[49],"and":[50,100,118,129],"production":[51],"within":[52],"its":[53,76],"complete":[54],"markets":[55],"framework.":[56,93],"negative":[59],"rely":[65],"persistent":[67],"exogenous":[68,119,132],"shocks":[69],"account":[71,125],"for":[72,126],"cycles":[74],"since":[75],"internal":[77],"propagation":[78,130],"mechanism":[79],"weak.":[81],"discuss":[83],"implications":[85],"three":[87],"important":[88],"extensions":[89],"basic":[92,108],"The":[94,113],"first":[95],"two":[96],"extensions,":[97],"noncompetitive":[98],"pricing":[99],"frictional":[101],"labor":[102],"markets,":[103],"do":[104],"not":[105],"overcome":[106],"weakness":[109],"limited":[111,116],"propagation.":[112],"third":[114],"extension,":[115],"insurance":[117],"credit":[120],"constraints,":[121],"shows":[122],"promise":[123],"amplification":[128],"shocks.":[133]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}