WEKO3
アイテム
Bubbles and Economic Fluctuations
http://hdl.handle.net/10086/85878
http://hdl.handle.net/10086/858781a62e126-853a-43e9-abc5-f246174d38c4
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP768.pdf (684.2 KB)
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| Item type | デフォルトアイテムタイプ（フル）その２(1) | |||||||
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| 公開日 | 2025-06-04 | |||||||
| タイトル | ||||||||
| タイトル | Bubbles and Economic Fluctuations | |||||||
| 言語 | en | |||||||
| 作成者 |
GUERRÓN QUINTANA, Pablo A.
× GUERRÓN QUINTANA, Pablo A.
× JINNAI, Ryo× YAMAMOTO, Yohei |
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| 寄与者 | ||||||||
| 寄与者タイプ | Editor | |||||||
| 姓名 | Institute of Economic Research, Hitotsubashi University | |||||||
| 言語 | en | |||||||
| アクセス権 | ||||||||
| アクセス権 | open access | |||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | asset price bubble | |||||||
| 主題 | ||||||||
| 言語 | en | |||||||
| 主題Scheme | Other | |||||||
| 主題 | business cycles | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | This chapter studies the relationship between asset price bubbles and macroeconomic fluctuations through both empirical analysis and theoretical modeling. We begin by applying the right-tailed unit root tests of Phillips et al. (2015a,b) to real stock and housing price indices in G-7 economies. These tests identify explosive dynamics in asset prices, and our findings show that such bubbly episodes frequently align with periods of economic expansion, suggesting a strong empirical link between asset booms and business cycle upswings. To investigate the mechanisms behind this co-movement, we modify the canonical bubble models of Tirole (1985) and Martin and Ventura (2012) by incorporating endogenous labor supply. However, in both cases, the emergence of a bubble fails to generate a robust macroeconomic expansion. Output and investment either decline or respond sluggishly, while labor hours fall in response to bubble formation. We then turn to the model of Guerron-Quintana et al. (2023), which embeds a variable capacity utilization mechanism into a dynamic general equilibrium framework. This amplification channel allows the model to produce simultaneous increases in output, consumption, investment, and labor during bubbly periods, consistent with empirical patterns. We also discuss the quantitative implementation challenges faced by this approach, highlighting the trade-offs involved in quantitatively modeling bubble-driven fluctuations. | |||||||
| 言語 | en | |||||||
| 出版者 | ||||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||||
| 日付 | ||||||||
| 日付 | 2025-06 | |||||||
| 日付タイプ | Issued | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||
| 資源タイプ | technical report | |||||||
| 出版タイプ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| 関連情報 | ||||||||
| 関連タイプ | isPartOf | |||||||
| 言語 | en | |||||||
| 関連名称 | Discussion paper series. A ; No. 768 | |||||||
| 関連情報 | ||||||||
| 識別子タイプ | URI | |||||||
| 関連識別子 | https://www.ier.hit-u.ac.jp/English/ | |||||||
| 収録物識別子 | ||||||||
| 収録物識別子タイプ | NCID | |||||||
| 収録物識別子 | AA11476336 | |||||||
| ページ数 | ||||||||
| ページ数 | 40 | |||||||
