2017 Fiscal Year Final Research Report
Asset Bubbles and Government Policy
| Project/Area Number |
15K17018
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic theory
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| Research Institution | The University of Tokyo |
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Principal Investigator |
HIRANO Tomohiro 東京大学, 大学院経済学研究科(経済学部), 講師 (60609064)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Keywords | 資産バブルの基礎理論構築 |
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| 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.
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| Free Research Field |
マクロ経済学
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