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Expectations, Liquidity Trap, and Economic Fluctuations
http://hdl.handle.net/10112/00018974
http://hdl.handle.net/10112/0001897471b1d756-2528-43d2-8160-ac8c2b2238cd
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
KU-1100-20011225-02.pdf (1.1 MB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2020-02-04 | |||||
| タイトル | ||||||
| タイトル | Expectations, Liquidity Trap, and Economic Fluctuations | |||||
| 言語 | en | |||||
| 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_6501 | |||||
| 資源タイプ | departmental bulletin paper | |||||
| 著者 |
宇惠, 勝也
× 宇惠, 勝也 |
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| 概要 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | The role of the expected interest rate and the expected profit rate in economic fluctuations is examined by focusing on the importance of expectations in households' consumption choices and firms' investment decisions. Based on the current and "normal" interest rates, the expected interest rate and the expected profit rate are endogenously determined. Under plausible assumptions of consumption, investment and money demand functions, the model can have multiple steady-state equilibria. The steady-state equilibrium with a medium level of the expected interest rate cannot exist except the case in which the expected profit rate takes a particular value, and this steady-state equilibrium is unstable even if it exists. In contrast to it, the steady-state equilibria with lower and higher levels of the expected interest rate (a liquidity trap and a boom respectively) are stable. However, since the steady-state equilibrium with the boom does not warrant the long-run equilibrium of the labor market, sooner or later the downturn of the economy has to occur. On the other hand, once it is trapped, the economy cannot escape from the liquidity trap before the expected profit rate exceeds a level (a threshold) . This result is important because it explains why the rise of investment due to the amelioration of the expected profit rate cannot easily succeed in getting the economy out of the liquidity trap. | |||||
| 書誌情報 |
關西大學商學論集 巻 46, 号 5, p. 571-593, 発行日 2001-12-25 |
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| ISSN | ||||||
| 収録物識別子タイプ | PISSN | |||||
| 収録物識別子 | 04513401 | |||||
| 書誌レコードID | ||||||
| 収録物識別子タイプ | NCID | |||||
| 収録物識別子 | AN00047023 | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 出版者 | ||||||
| 出版者 | 關西大學商學會 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Expectations | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | confidence | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | multiple equilibria | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | liquidity trap | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | economic fluctuations | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | 関西大学 | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Kansai University | |||||
