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Asset Markets and Economic Growth: An Economic Dynamic Analysis

Research Project

Project/Area Number 11630001
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field 経済理論
Research InstitutionOtaru University of Commerce

Principal Investigator

YAMAMOTO Kenji  Otaru University of Commerce, Department of Economics, Professor, 商学部, 教授 (10182619)

Project Period (FY) 1999 – 2001
Project Status Completed (Fiscal Year 2001)
Budget Amount *help
¥1,100,000 (Direct Cost: ¥1,100,000)
Fiscal Year 2001: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 2000: ¥600,000 (Direct Cost: ¥600,000)
KeywordsAsset market / Overlapping-generations model / Economic dynamics / 資産選択 / ファンダメンタルズ / 横断性条件
Research Abstract

In my research project, the focus is on the roles of capital vintages in the overlapping-generations models (hereafter, OLG models). The assumption of durable capital goods distinguishes my OLG model from the standard one. Even in the single good model, the price of consumption good is not necessarily equal to the price of capital good because of incomplete depreciation.
More closely, I set up the following problems:
(1) Introduction of vintage capital into the OLG model and definition of competitive equilibria,
(2) Vintage composition of capital goods in competitive equilibria,
(3) derivation of a necessary and sufficient condition for production efficiency (Extension of Cass(1972)).
For (1), I modify the standard treatment of capital goods so that the capital stock, K_t, at the t-th period is given by
K_t = a_0k_t + a_1k_<t-1> + a_2k_<t-2> + … ; a_t >0 (t=0, 1, 2,…).
As a result, my feasibility condition is formalized as c_t = f(K_t) - k_t>0, (t= 0, 1, 2, …), where c_t, k_t, and f(.) are, respectively, the consumption and investment in the t-th period, and a production function.
For (2), it has become clear that the vintage composition crucially depends upon both the no arbitrary condition and the coefficients, at, which reflect the depreciation.
For (3), it is shown that competitive equilibrium paths are production efficient if the value of capital stock at infinity is finite: lim t→∞p_tK_t<+∞.

Report

(4 results)
  • 2001 Annual Research Report   Final Research Report Summary
  • 2000 Annual Research Report
  • 1999 Annual Research Report
  • Research Products

    (19 results)

All Other

All Publications (19 results)

  • [Publications] Kenji Yamamoto: "Asset trading, bubbles, and economic growth : a violation of the transversality condition"Working Paper, Dept of Econ., Otaru University of Commerce. 1-18 (2000)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset risk, fundamentals, and growth"Working Paper, Dept of Econ., Otaru University of Commerce. 1-16 (2000)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset trading and portfolio"Working Paper, Dept of Econ., Otaru University of Commerce. 1-23 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset, portfolio, and savings"Working Paper, Dept of Econ., Otaru University of Commerce. 1-23 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Accelerated growth through a non-diminishing marginal product"Working Paper, Dept of Econ., Otaru University of Commerce. 1-27 (2001)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] 山本賢司, 吉田真理子, 坂上智哉: "第1章「経済成長理論の展望」"東京大学出版会『非線形均衡動学』西村・福田編. 1-23 (2003)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset trading, bubbles, and economic growth: a violation of the transversality condition"Working Paper, Dept. of Econ., Otaru University of Commerce. 1-18 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset risk, fundamentals, and growth"Working Paper, Dept. of Econ., Otaru University of Commerce. 1-16 (2000)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset trading and portfolio"Working Paper, Dept. of Econ., Otaru University of Commerce. 1-23 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Asset, portfolio, and savings"Working Paper, Dept. of Econ., Otaru University of Commerce. 1-23 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: "Accelerated growth through a non-diminishing marginal product"Working Paper, Dept. of Econ., Otaru University of Commerce. 1-27 (2001)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2001 Final Research Report Summary
  • [Publications] Kenji Yamamoto: ""Asset, Portfolio and Savings""Working Paper(Dept. of Econ.,Otaru Univ. of Commerce). 1-23 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] Kenji Yamamoto: ""Accelerated growth through a non-diminishing marginal product""Working Paper(Dept. of Econ.,Otaru Univ. of Commerce). 1-27 (2001)

    • Related Report
      2001 Annual Research Report
  • [Publications] 山本賢司, 吉田真理子: "経済動学の基本モデル"西村, 福田(編)『非線形均衡動学』(東京大学出版会). (刊行予定). (2002)

    • Related Report
      2001 Annual Research Report
  • [Publications] Kenji Yamamoto: "Asset Risk, Fundamentals, and Growth"Working Paper (Dept.of Econ., Otaru Univ.of Commerce). 1-16 (2000)

    • Related Report
      2000 Annual Research Report
  • [Publications] Kenji Yamamoto: "Asset Trading and Portfolio"Working Paper (Dept.of Econ., Otaru Univ.of Commerce). 1-23 (2001)

    • Related Report
      2000 Annual Research Report
  • [Publications] 吉田真理子,山本賢司: "経済動学の基本モデル"Working Paper (Dept.of Econ., Otaru Univ.of Commerce). 1-34 (2001)

    • Related Report
      2000 Annual Research Report
  • [Publications] Kenji Yamamoto: ""Asset Trading,Fundamentals,and Economic Growth""Working Paper (Dept. of Econ., Otaru Univ. of Commerce). 1-23 (1999)

    • Related Report
      1999 Annual Research Report
  • [Publications] Kenji Yamamoto: ""Asset Trading,Bubbles,and Economic Growth : A Violation of the Transversality Condition""Working Paper (Dept. of Econ., Otaru Univ. of Commerce). 1-18 (2000)

    • Related Report
      1999 Annual Research Report

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Published: 2000-04-01   Modified: 2016-04-21  

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