Asset Bubbles, Unemployment, and Financial Market Frictions

Material type: 文書・図像類

Author: Hashimoto, Ken-ichiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2020-08

Material Format: Paper

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Note (General)：: A tractable model with infinitely lived agents is constructed for the examination of bubbles and unemployment. It is demonstrated that the presence of...

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Paper

Material Type: 文書・図像類
Title: Asset Bubbles, Unemployment, and Financial Market Frictions
Author/Editor: Hashimoto, Ken-ichi
Im, Ryonghun
Kunieda, Takuma
Shibata, Akihisa
Author Heading: Hashimoto, Ken-ichi
https://nrid.nii.ac.jp/nrid/1000070403219
Im, Ryonghun
Kunieda, Takuma
https://nrid.nii.ac.jp/nrid/1000060511516
Shibata, Akihisa
https://nrid.nii.ac.jp/nrid/1000000216003
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-08
Publication Date (W3CDTF): 2020-08
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1096
Volume: 1096
Pages: 1-50
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Asset bubbles
Unemployment
Labor-market matching frictions
Financial frictions
Target Audience: 一般
Note (General): A tractable model with infinitely lived agents is constructed for the examination of bubbles and unemployment. It is demonstrated that the presence of bubbles stimulates capital accumulation and reduces unemployment. The presence of bubbles also changes the effects of government policies that target unemployment and welfare conditions in the labor market. The main findings are as follows: (i) the presence of bubbles is more beneficial to an economy with severe credit constraints; (ii) the presence of bubbles mitigates the negative effects of taxation and unemployment benefits on unemployment and welfare; and (iii) these mitigation eects decrease as credit constraints are relaxed.
References (URI): https://www.iser.osaka-u.ac.jp/library/dp/2020/DP1096.pdf
URI
https://www.iser.osaka-u.ac.jp/library/dp/2020/DP1096.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華