関西大学経済学会

menu

第9回研究会のお知らせ〔10月3日(木)17:00~〕

会 員 各 位

 

皆様にはお変わりなくお過ごしと存じます。
さて下記の内容で第9回研究会をソシオネットワーク戦略研究機構と共催にて開催いたします。
少し先にはなりますが、皆様、奮ってご参加いただきますよう、お願い申しあげます。

日 時:10月3日(木)17:00~18:30
場 所:マルチメディア・ラボ(ソシオネットワーク機構6F)

報告者:Jean-Baptiste Michau 氏
   (Ecole Polytechnique, Department of Economics, Professor)     https://sites.google.com/site/jbmichau/

タイトル:”Helicopter Drops of Money under Secular Stagnation” 

<Abstract> 

What are the effects of helicopter drops of money under secular
stagnation? This paper shows that, if the government cannot sustain a
Ponzi debt scheme under full employment, then helicopter drops of
money cannot transfer real wealth to households under secular
stagnation. In that case, despite being in a permanent liquidity trap,
a one-off helicopter drop triggers an upward jump in the price level,
without any real effect on the economy. Conversely, if a Ponzi scheme
can be sustained, then the helicopter drop can stimulate aggregate
demand by raising household wealth. If the stagnation real interest
rate is larger than the economic growth rate, the economy converges to
full employment and a sustainable Ponzi scheme and, otherwise, it
gradually reverts back to stagnation. Finally, continuous helicopter
drops of money under stagnation must induce the economy to reach a
full employment steady state, with or without a Ponzi scheme.