Asset Bubbles, Unemployment, and Financial Market Frictions

Hashimoto, Ken-ichi; Im, Ryonghun; Kunieda, Takuma; Shibata, Akihisa

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論文情報

タイトル	Asset Bubbles, Unemployment, and Financial Market Frictions
著者	Hashimoto, Ken-ichi Hashimoto, Ken-ichi
	Im, Ryonghun Im, Ryonghun
	Kunieda, Takuma Kunieda, Takuma
	Shibata, Akihisa Shibata, Akihisa
キーワード等	Asset bubbles
	Unemployment
	Labor-market matching frictions
	Financial frictions
抄録	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.
公開者	The Institute of Social and Economic Research, Osaka University
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	1096
開始ページ	1
終了ページ	50
刊行年月	2020-08
URL	http://hdl.handle.net/11094/76692
関連情報 (references)	https://www.iser.osaka-u.ac.jp/library/dp/2020/DP1096.pdf
言語	英語
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers.1096 P.1-P.50
DC.title	Asset Bubbles, Unemployment, and Financial Market Frictions
DC.creator	Hashimoto, Ken-ichi
	Im, Ryonghun
	Kunieda, Takuma
	Shibata, Akihisa
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2020-08
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/76692
DC.subject	Asset bubbles
	Unemployment
	Labor-market matching frictions
	Financial frictions
DCTERMS.abstract	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.
citation_title	Asset Bubbles, Unemployment, and Financial Market Frictions
citation_author	Hashimoto, Ken-ichi
	Im, Ryonghun
	Kunieda, Takuma
	Shibata, Akihisa
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2020-08
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1096
citation_firstpage	1
citation_lastpage	50
citation_public_url	http://hdl.handle.net/11094/76692
citation_keywords	Asset bubbles
	Unemployment
	Labor-market matching frictions
	Financial frictions

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