Asset Bubbles, Unemployment, and Financial Market Frictions

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

Asset Bubbles, Unemployment, and Financial Market Frictions

Hashimoto, Ken-ichi; Im, Ryonghun; Kunieda, Takuma et al.

Institute of Social and Economic Research Discussion Papers, 2020, 1096, 1-50

アクセス数:459件（2025-07-11 09:08 集計）

固定URL: https://hdl.handle.net/11094/76692

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タイトル	Asset Bubbles, Unemployment, and Financial Market Frictions
著者	NRID 1000070403219 1000070403219 著者名 Hashimoto, Ken-ichi
	著者名 Im, Ryonghun
	NRID 1000060511516 1000060511516 著者名 Kunieda, Takuma
	NRID 1000000216003 1000000216003 著者名 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.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1096
ページ	1-50
刊行年月	2020-08
言語	英語
ハンドルURL	https://hdl.handle.net/11094/76692
PISSN	0473453X
eISSN	24350982
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2020/DP1096.pdf
アクセス権	metadata only access
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

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. 2020, 1096, p. 1-50
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
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2020-08
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2020/DP1096.pdf
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.
DC.format	76692
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	https://hdl.handle.net/11094/76692
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2020/DP1096.pdf

Asset Bubbles, Unemployment, and Financial Market Frictions

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