Emi Nakamura#Selected works

Nakamura graduated summa cum laude from Princeton University with a Bachelor of Arts in economics in 2001, completing a senior thesis titled "An Economy with Monetary Business Cycles" under the supervision of Michael Woodford.{{Cite web|last=Nakamura|first=Emi|department=Princeton University Department of Economics|title=An Economy with Monetary Business Cycles|url=https://catalog.princeton.edu/catalog/dsp01ks65hd23p|language=English}} Nakamura then went on to pursue graduate studies in economics at Harvard University, receiving a Ph.D. in economics in 2007 after completing her doctoral dissertation, titled "Price Adjustment, Pass-through and Monetary Policy", under the supervision of Robert Barro and Ariel Pakes.{{Cite web|title=Emi Nakamura - CV|url=https://eml.berkeley.edu/~enakamura/cvenweb.pdf|last=|first=|date=|website=|access-date=}}

Nakamura's research focuses on empirical issues in macroeconomics, including price stickiness, the impact of fiscal shocks, and measurement errors in official statistics. Her citation for the John Bates Clark Medal from the American Economic Association states that Nakamura has "greatly increased our understanding of price-setting by firms and the effects of monetary and fiscal policies", and cited her "creativity in suggesting new sources of data to address long-standing questions".{{Cite web|title=Emi Nakamura, Clark Medalist 2019|url=https://www.aeaweb.org/about-aea/honors-awards/bates-clark/emi-nakamura|access-date=2019-05-01|website=American Economic Association}} Nakamura is a prominent figure in the field of new Keynesian economics, which incorporates microeconomic theories and ideas and places them into macroeconomic theories. Nakamura demonstrates this in her work, “Five facts about prices”, by including microdata from the Bureau of Labor Statistics to prove macroeconomic ideas.

File:AEA 2025 - Getler Daly Nakamura 01.jpg

In her most cited work, "Five facts about prices", Nakamura and Jón Steinsson showed that many measured price changes are due to temporary sales, scheduled far in advance, rather than happening as dynamic responses to economic conditions. This suggested that even though economic data features frequent price changes, this can be compatible with macroeconomic models featuring substantial price rigidity.{{cite web|url=https://www.richmondfed.org/-/media/richmondfedorg/publications/research/econ_focus/2015/q3/pdf/interview.pdf|title=Interview: Emi Nakamura|date=2015|work=Econ Focus--A publication of the Richmond Federal Reserve Bank}} In another highly cited work, "Fiscal stimulus in a monetary union", she and Jón Steinsson use variation in United States government military spending across states to estimate the open-economy government spending multiplier, finding values substantially higher than one. This confirms the prediction of Keynesian macroeconomic models that fiscal stimulus can have substantial effects on output, particularly at the zero lower bound.

She was awarded the John Bates Clark Medal,{{Cite journal|last1=Eberly|first1=Janice|last2=Woodford|first2=Michael|date=2020-02-01|title=Emi Nakamura: 2019 John Bates Clark Medalist|journal=Journal of Economic Perspectives|language=en|volume=34|issue=1|pages=222–239|doi=10.1257/jep.34.1.222|issn=0895-3309|doi-access=free}} and was elected as a member of the American Academy of Arts and Sciences in 2019.{{Cite web|title=Emi Nakamura|url=https://www.amacad.org/person/emi-nakamura|access-date=2021-01-07|website=American Academy of Arts & Sciences|language=en}} She has been awarded a National Science Foundation Career Grant and Sloan Research Fellowship, and was the 2014 recipient of the Elaine Bennett Research Prize,[https://www.aeaweb.org/content/file?id=659 Emi Nakamura Recipient of the 2014 Elaine Bennett Research Prize]. American Economic Association. [https://www.aeaweb.org aeaweb.org]{{Cite web|title=Emi Nakamura Receives AEA's Elaine Bennett Research Prize {{!}} Columbia University - Economics|url=http://econ.columbia.edu/emi-nakamura-receives-aea-s-elaine-bennett-research-prize|url-status=dead|archive-url=https://web.archive.org/web/20171223203900/http://econ.columbia.edu/emi-nakamura-receives-aea-s-elaine-bennett-research-prize|archive-date=December 23, 2017|access-date=2017-08-07|website=econ.columbia.edu|language=}} She was also named one of the top 25 economists under 45 in 2014 by the International Monetary Fund,{{Cite web|title=NBER Reporter 2015 Number 1: Research Summary|url=http://www.nber.org/reporter/2015number1/nakamura.html|access-date=2017-08-07|website=www.nber.org}} and named one of "the decade’s eight best young economists" in 2018 by The Economist.{{Cite news|title=Our pick of the decade's eight best young economists|newspaper=The Economist|url=https://www.economist.com/christmas-specials/2018/12/18/our-pick-of-the-decades-eight-best-young-economists|access-date=2020-10-29|issn=0013-0613}} In 2021, she was named a Fellow of the Econometric Society.{{cite web|date=September 22, 2021|title=Congratulations to our 2021 Fellows|url=https://www.econometricsociety.org/content/congratulations-our-2021-fellows|access-date=2021-10-29|publisher=The Econometric Society}}

Nakamura is married to fellow economist and frequent co-author Jón Steinsson, with whom she has two children.{{Cite news|last=Rampell|first=Catherine|date=2013-11-05|title=Outsource Your Way to Success|language=en-US|work=The New York Times|url=https://www.nytimes.com/2013/11/10/magazine/outsource-your-way-to-success.html|access-date=2017-08-07|issn=0362-4331}} She is the granddaughter of economist Guy Orcutt, and the daughter of economists Alice Nakamura and Masao Nakamura.{{cite web|date=2015|title=An Interview with Emi Nakamura|url=https://www.aeaweb.org/content/file?id=1158|work=CSWEP News}}[https://www.aeaweb.org/about-aea/committees/cswep/videos CSWEP Talks]. aeaweb.org

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• {{cite journal|last1=Nakamura|first1=Emi|last2=Steinsson|first2=Jón|year=2008|title=Five facts about prices: A reevaluation of menu cost models|jstor=40506213|journal=The Quarterly Journal of Economics|volume=123|issue=4|pages=1415–1464|doi=10.1162/qjec.2008.123.4.1415|s2cid=1576112}}
• {{Cite journal|last1=Nakamura|first1=Emi|last2=Steinsson|first2=Jón|last3=Sun|first3=Patrick|last4=Villar|first4=Daniel|date=2018|title=The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation|url=https://eml.berkeley.edu/~enakamura/papers/costsinflation.pdf|journal=Quarterly Journal of Economics|volume=133|issue=4|pages=1933–1908|doi=10.1093/qje/qjy017|s2cid=14408509}}

• {{Cite journal|last=Nakamura|first=Emi|date=2018|title=High-Frequency Identification of Monetary Non-Neutrality: The Information Effect|url=https://eml.berkeley.edu/~enakamura/papers/realrate.pdf|journal=Quarterly Journal of Economics|volume=133|issue=3|pages=1283–1330|doi=10.1093/qje/qjy004|s2cid=30206128}}
• {{Cite journal|last1=McKay|first1=Alisdair|last2=Nakamura|first2=Emi|last3=Steinsson|first3=Jón|date=2016|title=The Power of Forward Guidance Revisited|url=https://eml.berkeley.edu/~enakamura/papers/forwardguidance.pdf|journal=American Economic Review|volume=106|issue=10|pages=3133–3158|doi=10.1257/aer.20150063|s2cid=54010965}}
• {{cite journal|last1=Nakamura|first1=Emi|last2=Steinsson|first2=Jón|year=2010|title=Monetary non-neutrality in a multisector menu cost model|jstor=27867504|journal=The Quarterly Journal of Economics|volume=125|issue=3|pages=961–1013|doi=10.1162/qjec.2010.125.3.961|s2cid=9417107|url=https://pdfs.semanticscholar.org/70dd/a2b295bcc25ea5e2ceec7dce53e39a050eeb.pdf|archive-url=https://web.archive.org/web/20200213031538/https://pdfs.semanticscholar.org/70dd/a2b295bcc25ea5e2ceec7dce53e39a050eeb.pdf|url-status=dead|archive-date=2020-02-13}}
• {{cite journal|last1=Nakamura|first1=Emi|last2=Zerom|first2=D|year=2010|title=Accounting for incomplete pass-through|jstor=40835861|journal=The Review of Economic Studies|volume=77|issue=3|pages=1192–1230|doi=10.1111/j.1467-937x.2009.589.x|s2cid=6178966|url=http://www.nber.org/papers/w15255.pdf}}
• {{cite report|type=Working Paper|last1=Nakamura|first1=Emi|last2=Dupraz|first2=Stéphane|last3=Steinsson|first3=Jón|date=October 2019|title=A Plucking Model of Business Cycles|publisher=National Bureau of Economic Research|id=NBER Working Paper No. 26351|doi=10.3386/w26351|url=https://www.nber.org/system/files/working_papers/w26351/w26351.pdf}}

• {{cite journal|last1=Nakamura|first1=Emi|last2=Steinsson|first2=Jón|year=2014|title=Fiscal stimulus in a monetary union: Evidence from US regions|jstor=42920719|journal=The American Economic Review|volume=104|issue=3|pages=753–792|doi=10.1257/aer.104.3.753|s2cid=6641769|url=http://www.aeaweb.org/aer/app/10403/20111109_app.pdf}}

• {{cite journal|last1=Nakamura|first1=Emi|last2=Steinsson|first2=Jón|last3=Barro|first3=R|last4=Ursúa|first4=J|year=2013|title=Crises and recoveries in an empirical model of consumption disasters|url=https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/3268/barro_nakamura_steinsson_cdisasters.pdf|journal=American Economic Journal: Macroeconomics|volume=5|issue=3|pages=35–74|doi=10.1257/mac.5.3.35|s2cid=8348799}}

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{{Elaine Bennett Research Prize recipients}}

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Category:1980 births

Category:21st-century American economists

Category:American academics of Japanese descent

Category:American women economists

Category:Canadian emigrants to the United States

Category:Canadian people of Japanese descent

Category:Canadian women economists

Category:Columbia University faculty

Category:Fellows of the American Academy of Arts and Sciences

Category:Fellows of the Econometric Society

Category:Harvard University alumni

Category:Living people

Category:Princeton University alumni

Category:21st-century American women