Asset Price Bubbles under Imperfect Financial Markets and PolicyResponses

• Project/Area Number: 23830017
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Single-year Grants
• Research Field: Economic policy
• Research Institution: The University of Tokyo
• Principal Investigator: AOKI Kosuke 東京大学, 大学院・経済学研究科, 准教授 (30263362)
• Project Period (FY): 2011 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2011: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 資産バブル / 金融市場 / 金融機関 / 国際研究者交流 / 資産バブルの理論的研究 / 金融自由化

Research Abstract

I constructed a dynamic general equilibrium model under credit frictions in which asset price bubbles can arise. The main feature of the model is that the banking sector is modeled explicitly. This analytical framework allows me to analyze which economic agents invest in bubbly assets.

Research Products

• [Journal Article] Bubbles, Banks and Financial Stability (2012)
  • Author(s): Kosuke Aoki and Kalin Nikolov
  • Journal Title: ECB Working Paper Series Volume: No 1495
• [Journal Article] Bubbles, Banks and Financial Stability (2012)
  • Author(s): Kosuke Aoki and Kalin Nikolov
  • Journal Title: European Central Bank Working Paper Series Volume: No 1495 Pages: 1-52
• [Journal Article] Bubbles, Banks and Financial Stability (2011)
  • Author(s): Kosuke Aoki, Kalin Nikolov
  • Journal Title: Bank of Japan Discussion Paper IMES Discussion Paper Series Volume: 11-E-24
• [Presentation] Bubbles, Banks and Financial Stability (2012)
  • Author(s): 青木浩介
  • Organizer: AFR Summer Institute of Economics and Finance
  • Place of Presentation: 杭州(中国)
  • Year and Date: 2012-06-14
• [Presentation] Bubbles, Banks and Financial Stability (2012)
  • Author(s): Kosuke Aoki
  • Organizer: AFR Summer Institute of Economics and Finance
  • Place of Presentation: 杭州 （中国）
  • Invited
• [Presentation] Bubbles, Banks and Financial Stability (2011)
  • Author(s): 青木浩介
  • Organizer: 17^<th> International Conference on Computing in Economics and Finance
  • Place of Presentation: サンフランシスコ(USA)
  • Year and Date: 2011-07-01
• [Presentation] Bubbles, Banks and Financial Stability (2011)
  • Author(s): 青木浩介
  • Organizer: 日本銀行国際コンファレンス
  • Year and Date: 2011-06-01
• [Presentation] Bubbles, Banks and Financial Stability (2011)
  • Author(s): 青木浩介
  • Organizer: 2011年日本銀行国際コンファレンス
  • Place of Presentation: 日本銀行(東京都)(招待講演)
  • Year and Date: 2011-06-01
• [Presentation] Bubbles, Banks andFinancial Stability
  • Author(s): 青木浩介
  • Organizer: 17th International Conference on Computing in Economics and Finance
  • Place of Presentation: サンフランシスコ(米国)