Sophia University Faculty of Economics

Sophia University Faculty of Economics

Research Seminars

Seminars hosted by the Department of Economics

Seminars hosted by Sophia University’s Faculty of Economics are academic seminars that welcome all researchers, graduate students, and undergrad students from both within and outside the university who have an interest in the topic. Please note in advance that all materials will be distributed on the day of the seminar and will be limited in number.

Upcoming Seminars

Date Venue Speaker Title
July 22
12:45-14:15
11th Floor, Bldg.No.2
Meeting Room B
& ZOOM (HyFlex)
Tomohiro Hirano
(Royal Holloway, University of London)
Land Speculation, Booms, and Busts with Endogenous Phase Transitions: A Model of Economic Fluctuations with Rational Exuberance
This paper develops a model of macroeconomic fluctuations with rational exuberance. We show that endogenous instabilities in the macroeconomic system occur in a dynamic general equilibrium model with rational expectations, with endogenous booms and busts in asset prices. There are a plethora of rational expectation equilibria trajectories driven by people’s beliefs; land prices and other key macro variables endogenously “wobble” within well-identified ranges with repeated boom-bust cycles. As a result of interactions between land prices and capital accumulation, the macro-economy changes endogenously between stable and unstable states—“endogenous phase transitions” occur. There is a tipping point when land speculation reaches an unsustainable level, and bullish expectations suddenly must turn bearish, leading to endogenous crashes. We analyze the set of parameter values for which macroeconomic fluctuations with endogenous instabilities occur, demonstrate how changes in parameters affect global macro-dynamics, and show how policy interventions can affect stability and social welfare.

2022

Date Venue Speaker Title
May 20
17:15-18:45
11th Floor, Bldg.No.2
Meeting Room B
& ZOOM (HyFlex)
Masashi Toshino
(Seikei University)
IPO前後の価格形成 (Available only in Japanese)
July 22
12:45-14:15
11th Floor, Bldg.No.2
Meeting Room B
& ZOOM (HyFlex)
Tomohiro Hirano
(Royal Holloway, University of London)
Land Speculation, Booms, and Busts with Endogenous Phase Transitions: A Model of Economic Fluctuations with Rational Exuberance