研究者情報 | 神奈川大学

シミズ　トシヒロ Shimizu Toshihiro 清水　俊裕所属神奈川大学経済学部経済学科/現代ビジネス学科神奈川大学大学院経済学研究科経済学専攻（公共政策コース）職種准教授
言語種別	英語
発行・発表の年月	2017/08
形態種別	学術雑誌
査読	査読あり
標題	Heterogeneity of Expectations and Financial Crises: A Stochastic Dynamic Approach
執筆形態	単著
掲載誌名	Journal of Economic Interaction and Coordination
掲載区分	国外
出版社・発行元	Springer
巻・号・頁	12(3),pp.539-560
概要	This study provides a theoretical basis heterogeneous agent-based microfoundation for the concept of ''the liquidity trap'' with a binary choice model, in which an economic agent stochastically changes her decisions. The model demonstrates that money holding becomes relatively advantageous as the proportion of money holders increases and that such a situation may bring about multiple equilibria. In particular, in analyzing the influences of heterogeneous expectations on the economy, the model offers a novel perspective about the monetary policy, demonstrating the effectiveness of unconventional monetary policies when the conventional ones are ineffectual.This study found the crucial fact that unconventional monetary policies work better than conventional ones in response to a crisis induced by a flight to liquidity.