3 papers
econ.TH2025
Credit Expansion, Land Speculation, and Low-Interest-Rate Policy
Tomohiro Hirano, Joseph E. Stiglitz
This paper analyses the impact of credit expansions arising from decreases in collateral requirements or more expansionary monetary policies on long-term productivity in a model wi…
econ.TH2024
Recurrent Stochastic Fluctuations with Financial Speculation
Tomohiro Hirano
Throughout history, many countries have repeatedly experienced large swings in asset prices, which are usually accompanied by large fluctuations in macroeconomic activity. One of t…
econ.TH2024
Credit, Land Speculation, and Long-Run Economic Growth
Tomohiro Hirano, Joseph E. Stiglitz
This paper presents a model that studies the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and ec…