上智大学経済学部

上智大学経済学部

Research Seminar

経済学部セミナー

上智大学経済学部セミナーは、オープンな学術セミナーです。学内・学外を問わずテーマに興味のある研究者・院生・学生の参加を歓迎します。当日配布の資料は部数に限りがございますので、予めご了承ください。

次回開催セミナー

日時 場所 報告者 タイトル
5月10日(金)
17:15〜18:45
2号館11階
経済学部会議室B
平野智裕氏
(東京大学)
The Wobbly Economy
This paper explores the standard life-cycle model, showing that under not implausible conditions, multiplicity of momentary equilibria can arise. Multiplicity of momentary equilibria can generate an infinity of rational expectation equilibria, leading to “wobbly” macro-dynamics; this may occur even when under myopic expectations, there is a unique dynamic path. Nonetheless, one can provide a full characterization of the possible patterns of economic dynamics. In particular, we identify four possible patterns, providing a characterization of the parameter values under which each may occur. Most interestingly, under some configurations of the parameter values, bubble-like macro dynamics occur. That is, the economy endogenously approaches a critical state with a high level of investment and output where there are multiple momentary equilibria. Once the economy reaches that critical state, the system suddenly becomes unstable and may experience a large scale collapse, followed by a stagnation trap. Moreover, we show that a productivity increase can cause a phase transition from a stable state to an unstable state. That is, a productivity increase may generate a fragile economic boom that is followed by a stagnation trap. Finally, we show how government policy can affect the equilibrium path, demonstrating that an appropriately chosen government policy mix can ensure that the rational expectations equilibrium is unique, preventing wobbly macro-dynamics and improving social welfare.

2019年度

日時 場所 報告者 タイトル
5月10日(金)
17:15〜18:45
2号館11階
経済学部会議室B
平野智裕氏
(東京大学)
The Wobbly Economy
5月22日(水)
17:15〜18:45
2号館11階
経済学部会議室B
Paul Glewwe
(University of Minnesota)
What Explains Vietnam’s Exceptional Performance in Education Relative to Other Countries? Analysis of the Young Lives Data from Ethiopia, Peru, India and Vietnam