Nakahara Prize goes to Hoshi.

• Position: Bureau News - Takeo Hoshi - Brief article

Takeo Hoshi, an NBER Research Associate from the University of California, San Diego, won the Japan Economic Association's 2005 Nakahara Prize. The prize is awarded every year to honor one outstanding Japanese economist under the age of 45. The committee cited Hoshi's work on the Japanese banking system. They said "he has been the forefront of analyzing both theoretical and empirical issues of the Japanese banking problem in the 1990s. He analyzed how the once highly regarded bank-centered Japanese financial system has become a liability to the entire economy." Since the founding of the award in 1995, Hoshi becomes the fourth NBER economist to win it.

In 1995, Fumio Hayashi of the University of Tokyo was chosen by the committee for his work in macroeconomics, particularly for making a "major contribution to our understanding of the rational expectations hypothesis by creating new inference methods and applying...