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Business Cycles with Asset Price Bubbles and the Role of Monetary Policy
http://hdl.handle.net/10252/4179
http://hdl.handle.net/10252/41797adee889-32f9-4c77-a6b7-9cabe392e499
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP_5.PDF (1.6 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2010-05-21 | |||||
| タイトル | ||||||
| タイトル | Business Cycles with Asset Price Bubbles and the Role of Monetary Policy | |||||
| 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 | |||||
| 著者 |
Shibuya, Hiroshi
× Shibuya, Hiroshi |
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| 著者別名 | ||||||
| 識別子Scheme | WEKO | |||||
| 識別子 | 10577 | |||||
| 姓名 | 渋谷, 浩 | |||||
| 書誌情報 |
Discussion paper series 巻 5, p. 1-27, 発行日 1993-06 |
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| 出版者 | ||||||
| 出版者 | 小樽商科大学ビジネス創造センター | |||||
| テキストバージョン | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 336 | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 337 | |||||
| NIIサブジェクト | ||||||
| 主題Scheme | Other | |||||
| 主題 | ビジネス・経営・産業 | |||||
| NIIサブジェクト | ||||||
| 主題Scheme | Other | |||||
| 主題 | 経済学 | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper presents a dynamic general equilibrium model that incorporates profit-maximizing banks and inside money into a decentralized Ramsey economy. It offers an alternative to the monetary equilibrium model of Sidrauski with money in the utility function and that of Stockman with a cash-in-advance constraint, both of which are based on a centralized Ramsey model with outside money. The model shows how an expansionary monetary policy triggers the business cycle with an asset price bubble. The magnitude of the business cycle and the asset price bubble depend not only on the size but also on the anticipated duration of the monetary policy. Moreover, if the end of the expansionary monetary policy is followed by a banking crisis, the economy could experience a prolonged period of economic slowdown. Thus, the model is capable of analyzing the phenomenon of disequilibrium dynamics. | |||||
