2023 Fiscal Year Final Research Report
Monetary general equilibrium analysis on asset bubble and related issues
| Project/Area Number |
20K13471
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 07040:Economic policy-related
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| Research Institution | Hokkaido University |
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Principal Investigator |
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| Project Period (FY) |
2020-04-01 – 2024-03-31
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| Keywords | 貨幣経済の分析枠組み / 経済発展と格差 / 資産バブルと格差 / 生産ブームと格差 / 経済発展と貨幣供給 |
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| Outline of Final Research Achievements |
This research has developed a monetary model and successfully unveiled characteristics of asset bubble as well as production boom that emerge under excess money supply.
Previous research conducted under non-monetary models indicates that the primary effect of asset bubble is to improve efficiency. In contrast, this research has shown that the essential consequence of asset bubble is to worsen purchasing power inequality through arising pecuniary externality associated with asset trades.Concerning the issue of production boom and inequality, previous research conducted under non-monetary models argues "segregated" production boom in which a boom does not spill over to other domains. This research has shown severer inequality; the existence of negative spillover effect (in decreasing consumption) through pecuniary externality, and the emergence of inefficiency in the form of "wasteful production" (unconsumed production).
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| Free Research Field |
貨幣経済理論
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| Academic Significance and Societal Importance of the Research Achievements |
本研究は、貨幣流通を明示的に扱うモデルにおいて経済発展過程の諸現象を分析する基礎的枠組みを構築した。本研究は、（現在主流の非貨幣的モデルにおいては忘れられている）経済発展における貨幣供給（信用創造）の役割、また貨幣経済の本質的不安定性といった貨幣経済の理解における重要な論点に再び光をあてる。
本研究の分析は、とくに貨幣供給の過剰における資産バブル・生産ブームの発生のメカニズムと帰結を明らかにした。これは、経済発展と格差の展開というテーマに新たな視点を与えるとともに、日本の1980年代のバブルや2000年代の米国サブプライムバブルの発生と帰結に関して、新たな理解をもたらすものと位置づけられる。
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