2 citations · 4 across the 5 of their papers we have counts for
5 papers
Land and Infinite Debt Rollover
Tomohiro Hirano, Alexis Akira Toda
Many analyses of infinite debt rollover omit productive land, whereas prior work argues that land precludes rollover. We show that when land's income share remains bounded away fro…
General-Purpose Technologies and Stock Market Bubbles
Tomohiro Hirano, Keiichi Kishi, Alexis Akira Toda
We develop a macro-finance model linking stock price bubbles to a general-purpose technology (GPT), such as information technology and artificial intelligence. Knowledge spillovers…
Rational Bubbles Attached to Real Assets
Tomohiro Hirano, Alexis Akira Toda
A rational bubble is a situation in which the asset price exceeds its fundamental value defined by the present discounted value of dividends in a rational equilibrium model. We dis…
Rational Bubbles: A Clarification
Tomohiro Hirano, Alexis Akira Toda
"Rational bubble", as introduced by the famous paper on money by Samuelson (1958), means speculation backed by nothing. The large subsequent rational bubble literature has identifi…
On Equilibrium Determinacy in Overlapping Generations Models with Money
Tomohiro Hirano, Alexis Akira Toda
This paper provides a detailed analysis of the local determinacy of monetary and non-monetary steady states in Tirole (1985)'s classical two-period overlapping generations model wi…