セミナーシリーズ
マクロ経済学セミナー（2025.12.18）（京都大学経済研究所マクロ経済学・経済システム研究会と共催）
岸 慶一（関西大学・准教授）
- 開催日：
- 2025年12月18日（木）16:00～17:30
- 場所：
- 京都大学 吉田キャンパス 経済研究所北館1階 N101/102室
- 言語：
- 日本語
- コーディネーター：
- 安井 大真
タイトル： ”Technological Innovation and Bursting Bubbles” (with Tomohiro Hirano and Alexis Akira Toda)
Abstract: We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge spillover from innovations to the two sectors is initially high and uneven (unbalanced growth), but eventually weakens and equalizes (balanced growth). A rational stock bubble (prices exceed fundamentals) necessarily emerges, even though it is expected to burst with regime switching. Despite the inevitable collapse, stock bubbles and technological innovation reinforce each other and lead to permanently higher output and wages because technologies developed during the bubble era prevail.