Economic Analysis of Speculative Trading: Heterogeneity in Financial Markets and Search Theory
| Project/Area Number |
26380230
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Nagoya University (2015-2016)
Hokkaido University (2014) |
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Principal Investigator |
Kudoh Noritaka 名古屋大学, 経済学研究科, 教授 (80334598)
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| Co-Investigator(Kenkyū-buntansha) |
尾山 大輔 東京大学, 大学院経済学研究科(経済学部), 准教授 (00436742)
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
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)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | マクロ経済学 / サーチ理論 / 資産価格 / 異質性 |
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| Outline of Final Research Achievements |
This project investigates speculative trading of assets from the viewpoint of search theory, which assumes that markets are frictional. This is in sharp contrast with the traditional approach in which all markets are assumed to be perfectly competitive and frictionless. The project clarified that the asset price is not bubbly when agents are not heterogeneous. In addition, when traders form higher-order expectations (i.e., traders try to forecast the forecasts of the future traders), then even a small liquidity shock can cause the economy to fluctuate significantly.
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Report
(4 results)
Research Products
(7 results)
