青木浩介

青木 浩介（あおき こうすけ、1969年 -）は、日本の経済学者。東京大学大学院経済学研究科教授。専門はマクロ経済学、金融政策およびバブル。2014年に日本経済学会中原賞を受賞。学位はPh.D (プリンストン大学）。 日本を代表するマクロ経済学者の一人。特にAoki 2001は金融政策分野で最も引用数が多い論文の一つであり、その後の政策運営に大きな影響を与えた。また、プリンストン大学の清滝信宏教授との共同研究も多い。 1969年生まれ。1992年に神戸大学経済学部を卒業後、同大学院経済学研究科に進学。神戸大学で修士号取得後、プリンストン大学に留学。2000年に同大学よりPh.Dの学位を取得。イングランド銀行やLSEに勤めるなど国際的に活躍する一方、日本銀行調査統計局で顧問を務める。2016年より東京大学大学院経済学研究科教授に就任。 1992年 　神戸大学経済学部卒業 1994年 　神戸大学大学院経済学研究科前期課程修了 2000年　プリンストン大学 Ph.D (Economics) 2004年　London School of Economics講師 2011年　東京大学大学院経済学研究科准教授 2016年　東京大学大学院経済学研究科教授 青木は金融政策の理論的研究において国際的に高い評価を受けており、2014年度に日本経済学会から中原賞を授与されている。 Professor Aoki has contributed significantly to the areas of macro and monetary economics. Aoki (2011) poses two key questions. How does the inflation-output tradeoff depend on shocks to relative prices (such as oil price shock)? How should the monetary authority target the inflation rate in the presence of a relative price shock? To address these questions, he develops a two-sector general equilibrium model of the monetary economy, in which one sector is a competitive sector with flexible prices and the other is a monopolistically competitive sector with sticky prices. He suggests that the monetary authority should target the inflation rate of the sticky price sector if the distortion comes from the price dispersion due to price stickiness. Professor Aoki presents the first coherent theory to explain why the central bank should target the core domestic inflation rate, which excludes flexible price sectors such as energy and fresh foods. Given that many central banks now target the core inflation rate instead of the inflation rate of the general consumer price index, the significance of Professor Aoki's contribution is apparent. Professor Aoki has also been studying the interaction between credit constraints and aggregate economic activities. Aoki et al. (2004) first document the close correlation between housing prices, housing equity, and home equity withdrawal and consumption (particularly durable consumption). Then, to examine the effects of monetary policy shocks, they develop a model in which households use their houses as collateral for loans. This study shows the usefulness of the financial accelerator approach in understanding both the housing economy and the aggregate economy, and affects the recent analyses on the global financial crisis. In addition, Professor Aoki has investigated the interaction between international capital flows, asset prices and aggregate production. By developing a small open economy model with financial constraints, Aoki et al. (2009) explain why countries with relatively underdeveloped financial systems tend to experience large swings in asset prices and aggregate output after liberalizing international transactions of financial assets. Today, many researchers are examining the questions of financial and fiscal crises in line with this study. — 「受賞理由」　日本経済学会・2014年度中原賞受賞者 『金融機関のリスクテイキングと資産バブル』（三菱経済研究所、2020） Aoki, Kosuke (2001), “Optimal monetary policy responses to relative-price changes”, Journal of monetary economics 48 (1): 55-80  Aoki, Kosuke (2003), “On the optimal monetary policy response to noisy indicators”, Journal of monetary economics 50 (3): 501-523  Aoki, Kosuke; Proudman, James; Vlieghe (2004), “House prices, consumption, and monetary policy: a financial accelerator approach”, Journal of financial intermediation 13 (4): 414-435  Aoki, Kosuke; Gianluca, Benigno; Nobuhiro, Kiyotaki (2009), “Capital Flows and Asset Prices”, NBER International Seminar on Macroeconomics 2007  Aoki, Kosuke; Nikolov, Kalin (2015), “Bubbles, Banks and Financial Stability”, Journal of Monetary Economics 74: 33-51