Asset Bubbles and Government Policy

• Project/Area Number: 15K17018
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic theory
• Research Institution: The University of Tokyo
• Principal Investigator: HIRANO Tomohiro 東京大学, 大学院経済学研究科(経済学部), 講師 (60609064)
• Project Period (FY): 2015-04-01 – 2018-03-31
• Project Status: Completed (Fiscal Year 2017)
• Budget Amount: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000); Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 資産バブルの基礎理論構築 / 資産バブル / 長期停滞 / 経済厚生分析 / パレート改善政策

Outline of Final Research Achievements

I published a paper about a theoretical foundation of asset price bubbles in a Top Journal. Also I extended the basic model to include business cycles so that I analyzed the effects of government bailouts after the collapse of bubbles on economic welfare, and derived optimal bailout policy. Recently I have been working on an optimal leaning against the wind policy against asset bubbles. My analyses have shown that under what conditions government policy against bubbles can be desirable from a welfare perspective, and under what conditions it can be harmful.

Research Products

• [Int'l Joint Research] Boston University(米国)
• [Journal Article] Asset Bubbles, Endogenous Growth, and Financial Frictions (2017)
  • Author(s): Tomohiro Hirano and Noriyuki Yanagawa
  • Journal Title: The Review of Economic Studies Volume: 84 Pages: 406-443
  • Peer Reviewed / Open Access
• [Journal Article] Asset Bubbles, Endogenous Growth, and Financial Frictions (2017)
  • Author(s): Tomohiro Hirano, and Noriyuki Yanagawa
  • Journal Title: The Review of Economic Studies Volume: 84(1) Pages: 406-443
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Journal Article] Asset Bubbles and Bailouts (2015)
  • Author(s): Tomohiro Hirano, Masaru Inaba, Noriyuki Yanagawa
  • Journal Title: Journal of Monetary Economics Volume: 76 Pages: 71-89
  • Peer Reviewed / Open Access / Acknowledgement Compliant
• [Presentation] Macroprudential Policy versus Bailouts in a Rational-Bubble Model (2015)
  • Author(s): 平野智裕
  • Organizer: University of Southern Californiaにおける研究発表
  • Place of Presentation: 米国 ロサンゼルス
  • Year and Date: 2015-04-23
• [Presentation] Macroprudential Policy versus Bailouts in a Rational-Bubble Model (2015)
  • Author(s): 平野智裕
  • Organizer: University of California at San Diegoにおける研究発表
  • Place of Presentation: 米国 サンディエゴ
  • Year and Date: 2015-04-22