演講者簡介 : Professor Makoto Watanabe received his Ph.D. in Economics from the University of Essex in 2006. He is currently a Professor at Kyoto University. His research interests are Industrial Organization, Banking and Finance, Labor Economics, Applied Theory, and Macroeconomics.
演講摘要 : This paper examines how monetary expansion causes asset bubbles. When there is no monetary expansion, a bubbly asset is not created due to a hold-up problem. Monetary expansion increases buyers' money holdings, and then, dealers are willing to buy a worthless asset from sellers, in hopes of selling it to buyers who may not know that it is worthless—a bubble now occurs.
