Why do economies fall into prolonged periods of economic stagnation, particularly in the
aftermath of credit booms? We study the interactions between household debt, liquidity and …

We incorporate two sets of behavioural assumptions, fairness concerns and insatiable
desire for money, into a dynamic optimization model to illuminate how they can generate …

We consider a dynamic macroeconomic model where households derive utility from wealth
comparisons. Measure of relative affluence can be the ratio to, or the difference from, the …

We develop a Keynesian cross analysis with a dynamic optimization setting that explains
long-run stagnation caused by aggregate demand deficiency. We show that an increase in …

In this study, we examine the impact of environmental policies on consumption and pollution
emissions in the cases of full employment and stagnant economy using a dynamic …

Using a money‐in‐the‐utility‐function model, this paper considers long‐run stagnation
where insatiable demand for money persistently creates aggregate demand deficiency and …

By introducing an international relocation mechanism into a two-country model, we analyze
the effects of an increase in the corporation tax in the richer country on employment and …

This paper develops a two-country, two-commodity continuous-time dynamic optimization
model that accommodates a liquidity trap and persistent unemployment. It investigates a …

This study theoretically considers household behavior with wealth preference and
empirically investigates the validity of insatiable wealth preference using a nationally …

要約本稿は, 大阪大学 COE が日本で行った大規模アンケート調査の結果を使って,
幸福度がどのような変数で決まっているかを検討する. まず, 性別, 年齢, 学歴 …