第1回研究会

日　時：　2024年8月26日（月）18：30～18：00

場　所：　Zoom

報告者：　ロンドン大学　Royal Holloway校　経済学部　平野　智裕氏

報告タイトル：　A Model of Stock Price Bubbles

要 旨：　This study presents a two-sector growth model describing a stock bubble. When the productivity in the investment goods sector is low, the economy converges to a steady state. At this time, stock prices always reflect fundamental values. However, when the productivity of the investment goods sector becomes sufficiently high and exceeds a certain threshold, the economy generates an endogenous growth and sustained capital accumulation takes place. At this point, a stock bubble inevitably arises, accompanied by the capital deepening and the faster capital-augmenting technological progress.

第2回研究会

日　時：　2024年11月9日（土）15：30～16：30

場　所：　マルチメディア・ラボ（ソシオネットワーク戦略研究機構 6F）

報告者：　東北学院大学経済学部　白井　大地氏

報告タイトル：　Sources of Inequality and Business Cycles: Evidence from the US and Japan (Joint with Masaru Inaba and Kengo Nutahara)

要 旨：　We investigate (i) sources of inequality and business cycle fluctuations in the US and Japan and (ii) the effects of reducing inequality on business cycles. Developing a heterogeneous-agent business cycle model with unconstrained and hand-to-mouth households and various wedges to represent economic distortions, we estimate the model by the Bayesian methods. We find that, in the US, the labor market distortion specific to unconstrained households is the common factor that significantly impacts business cycles and consumption inequality, whereas there are no common factors in Japan. In both countries, the primary source of business cycles is distortions in aggregate productivity, and that of consumption inequality is household-specific labor market distortions. We assess labor market reforms and redistribution policy as means to reduce consumption inequality. Our findings imply that the effects of lowering inequality on business cycle volatility depend on the country and how it is done. We also find that labor market reform is welfare-improving in both countries while redistribution policy is not.

共催：：関西大学ソシオネットワーク研究機構 RISSワークショップ（2024年11月9日）を開催します。｜関西大学ソシオネットワーク戦略研究機構 (kansai-u.ac.jp)