In this paper, we analyze the implications of demographic change, i.e., the aging of society, on the direction of technological change and the rate of economic growth.Taking demographic change as an exogenous event, the simple variant of Acemoglu's theory of directed technical change implies...

Low economic growth tends to be seen a decade after financial crises. To explain this fact, we construct general equilibrium models based on a simplified version of Jermann and Quadrini (2012), in which exogenous shocks cause a substantial number of firms to default on their debts. Lenders...

We construct a monetary model of financial crises that can explain two characteristic features of the global financial crisis in 2008/2009, namely, the widespread freeze of asset transactions and a sharp contraction in aggregate output. We assume that the assets, such as real estate, work as...

We generalize Lagos and Wright's (2005) framework for a monetary economy in a way that there exist two technologies, "high" and "low," for producing the goods in a decentralized matching market. The high technology is more productive than the low technology, while the agents who use the high...

This paper constructs a model of financial crises that can explain characteristic features of the global financial crisis of 2008-2009, namely, the widespread freezing of asset transactions, the sharp contraction of aggregate output, and a deterioration in the labor wedge. This paper assumes...

We propose a simple model of financial crises, which may be useful for the unified analysis of macro and financial policies implemented during the 2008-2009 financial crisis. A financial crisis is modeled as the disappearance of inside money due to the lemon problem à la Akerlof (1970), in a...

This paper introduces the details and characteristics of disclosures of crisis management scenarios and simulations of countries and regions based on some of the information collected in research activities for a project on constructing a new macroeconomic model and identifying the right...

This publication is in Japanese. Neither an English translation of the publication nor an English abstract is available.

This paper empirically analyzes how the decline in Japanese banks' capital adequacy ratios during the 1990s affected the productivity of borrowing firms, using the financial data of Japanese firms. The findings indicate a high probability that the decline in the capital adequacy ratios at main...

In this paper, I demonstrate that expansionary fiscal policy associated with an increase in public debt can cause a persistent recession. I assume that entrepreneurs have borrowing constraints and that the government issues debt and collects tax from productive entrepreneurs. The government can...