Publications

by members of

University of Tokyo → Faculty of Economics → Center for Advanced Research in Finance

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.

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| Working papers | Journal articles |

Working papers

2025

1. Tomohiro Hirano & Keiichi Kishi & Alexis Akira Toda, 2025, "Bursting Bubbles in a Macroeconomic Model," Discussion Papers, Centre for Macroeconomics (CFM), number 2503, Jan.
   
   • Tomohiro Hirano & Keiichi Kishi & Alexis Akira Toda, 2025, "Bursting Bubbles in a Macroeconomic Model," CIGS Working Paper Series, The Canon Institute for Global Studies, number 25-001E, Jan.
2. Tomohiro Hirano & Joseph E. Stiglitz, 2025, "Growth and Fluctuations Economies with Land Speculation," NBER Working Papers, National Bureau of Economic Research, Inc, number 33589, Mar.
   
   • Tomohiro Hirano & Joseph E. Stiglitz, 2025, "Growth and Fluctuations Economies with Land Speculation," CIGS Working Paper Series, The Canon Institute for Global Studies, number 25-012E, Mar.
3. Tomohiro Hirano & Joseph E. Stiglitz, 2025, "Credit, Land Speculation, and Low-Interest-Rate Policy," NBER Working Papers, National Bureau of Economic Research, Inc, number 33661, Apr.
4. Tomohiro Hirano & Joseph E. Stiglitz, 2025, "Overlapping Generations Models, Multiplicity of Steady States and Momentary Equilibria, and Economic Fluctuations," NBER Working Papers, National Bureau of Economic Research, Inc, number 34193, Aug.
   
   • Tomohiro Hirano & Joseph E Stiglitz, 2025, "Overlapping generations models, multiplicity of steady states and momentary equilibria, and economic fluctuations," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, volume 41, issue 2, pages 260-290.

2024

1. Tomohiro Hirano & Alexis Akira Toda, 2024, "Bubble Necessity Theorem," Discussion Papers, Centre for Macroeconomics (CFM), number 2421, Apr.
   
   • Tomohiro Hirano & Alexis Akira Toda, 2025, "Bubble Necessity Theorem," Journal of Political Economy, University of Chicago Press, volume 133, issue 1, pages 111-145, DOI: 10.1086/732528.
   • Tomohiro Hirano & Alexis Akira Toda, 2023, "Bubble Necessity Theorem," Papers, arXiv.org, number 2305.08268, May, revised Apr 2024.
   • Tomohiro Hirano & Alexis Akira Toda, 2023, "Bubble Necessity Theorem," CIGS Working Paper Series, The Canon Institute for Global Studies, number 23-011E, Jul.
2. Tomohiro Hirano & Alexis Akira Toda, 2024, "Housing Bubbles with Phase Transitions," Discussion Papers, Centre for Macroeconomics (CFM), number 2427, Jun.
   
   • Tomohiro Hirano & Alexis Akira Toda, 2023, "Housing Bubbles with Phase Transitions," Papers, arXiv.org, number 2303.11365, Mar, revised May 2025.
   • Tomohiro HIRANO & Alexis Akira Toda, 2024, "Housing Bubbles with Phase Transitions," CIGS Working Paper Series, The Canon Institute for Global Studies, number 24-009E, May.
3. Tomohiro Hirano & Alexis Akira Toda, 2024, "Unbalanced Growth and Land Overvaluation," Discussion Papers, Centre for Macroeconomics (CFM), number 2442, Nov.
   
   • Tomohiro Hirano & Alexis Akira Toda, 2025, "Unbalanced growth and land overvaluation," Proceedings of the National Academy of Sciences, Proceedings of the National Academy of Sciences, volume 122, issue 14, pages 2423295122-, April, DOI: 10.1073/pnas.2423295122.
   • Tomohiro Hirano & Alexis Akira Toda, 2023, "Unbalanced Growth and Land Overvaluation," Papers, arXiv.org, number 2307.00349, Jul, revised Nov 2024.
   • Tomohiro Hirano & Alexis Akira Toda, 2025, "Unbalanced Growth and Land Overvaluation," CIGS Working Paper Series, The Canon Institute for Global Studies, number 25-011E, Mar.
4. Tomohiro Hirano & Joseph E. Stiglitz, 2024, "Credit, Land Speculation, and Long-Run Economic Growth," NBER Working Papers, National Bureau of Economic Research, Inc, number 32479, May.
   
   • Tomohiro Hirano & Joseph E. Stiglitz, 2024, "Credit, Land Speculation, and Long-Run Economic Growth," Papers, arXiv.org, number 2405.05901, May.
   • Tomohiro HIRANO & Joseph E. Stiglitz, 2024, "Credit, Land Speculation, and Long-Run Economic Growth," CIGS Working Paper Series, The Canon Institute for Global Studies, number 24-010E, May.

2023

1. Tomohiro Hirano & Alexis Akira Toda, 2023, "Bubble Economics," Discussion Papers, Centre for Macroeconomics (CFM), number 2322, Nov.
   
   • Hirano, Tomohiro & Toda, Alexis Akira, 2024, "Bubble economics," Journal of Mathematical Economics, Elsevier, volume 111, issue C, DOI: 10.1016/j.jmateco.2024.102944.
   • Tomohiro Hirano & Alexis Akira Toda, 2023, "Bubble Economics," Papers, arXiv.org, number 2311.03638, Nov, revised Dec 2023.
   • Tomohiro Hirano & Alexis Akira Toda, 2025, "Bubble Economics," CIGS Working Paper Series, The Canon Institute for Global Studies, number 25-002E, Jan.
   • Hirano, Tomohiro & Toda, Alexis Akira, 2024, "Bubble economics," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library, number 122042, Apr.

2022

1. Tomohiro Hirano & Joseph E. Stiglitz, 2022, "The Wobbly Economy; Global Dynamics with Phase Transitions and State Transitions," Discussion Papers, Centre for Macroeconomics (CFM), number 2204, Jan.
   
   • Tomohiro HIRANO & Joseph E. Stiglitz, 2021, "The Wobbly Economy; Global Dynamics with Phase Transitions and State Transitions," CIGS Working Paper Series, The Canon Institute for Global Studies, number 21-008E, Dec.
2. Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2022, "Bubbles, Crashes, and Economic Growth: Theory and Evidence," Discussion Papers, Centre for Macroeconomics (CFM), number 2215, Jun.
   
   • Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2023, "Bubbles, Crashes, and Economic Growth: Theory and Evidence," American Economic Journal: Macroeconomics, American Economic Association, volume 15, issue 2, pages 333-371, April, DOI: 10.1257/mac.20220015.
3. Tomohiro Hirano & Joseph E. Stiglitz, 2022, "The Wobbly Economy: Global Dynamics with Phase and State Transitions," NBER Working Papers, National Bureau of Economic Research, Inc, number 29806, Feb.

2021

1. Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2021, "Bubbles, Crashes, and Ups and Downs in Economic Growth: Theory and Evidence," Discussion Papers, Centre for Macroeconomics (CFM), number 2119, Sep.
2. Tomohiro Hirano & Joseph E. Stiglitz, 2021, "Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions," Discussion Papers, Centre for Macroeconomics (CFM), number 2201, Dec.
   
   • Tomohiro HIRANO & Joseph E. Stiglitz, 2021, "Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions," CIGS Working Paper Series, The Canon Institute for Global Studies, number 21-009E, Dec.
   • Tomohiro Hirano & Joseph E. Stiglitz, 2022, "Land Speculation and Wobbly Dynamics with Endogenous Phase Transitions," NBER Working Papers, National Bureau of Economic Research, Inc, number 29745, Feb.

2020

1. Pablo Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2020, "Recurrent Bubbles and Economic Growth," Discussion Papers, Centre for Macroeconomics (CFM), number 2012, Apr.
   
   • Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2019, "Recurrent Bubbles and Economic Growth," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-457, Mar.
   • Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2020, "Recurrent Bubbles and Economic Growth," CIGS Working Paper Series, The Canon Institute for Global Studies, number 20-005E, May.
2. Gregory Gutin & Tomohiro Hirano & Sung-Ha Hwang & Philip R. Neary & Alexis Akira Toda, 2020, "The Effect of Social Distancing on the Reach of an Epidemic in Social Networks," Discussion Papers, Centre for Macroeconomics (CFM), number 2013, May.
   
   • Gregory Gutin & Tomohiro Hirano & Sung-Ha Hwang & Philip R. Neary & Alexis Akira Toda, 2021, "The effect of social distancing on the reach of an epidemic in social networks," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, volume 16, issue 3, pages 629-647, July, DOI: 10.1007/s11403-021-00322-9.
   • Gutin, Gregory & Hirano, Tomohiro & Hwang, Sung-Ha & Neary, Philip R & Toda, Alexis Akira, 2021, "The effect of social distancing on the reach of an epidemic in social networks," University of California at San Diego, Economics Working Paper Series, Department of Economics, UC San Diego, number qt7xv4h5qr, Jul.

2018

1. Pablo A. Guerron-Quintana & Tomohiro Hirano & Ryo Jinnai, 2018, "Recurrent Bubbles, Economic Fluctuations, and Growth," Bank of Japan Working Paper Series, Bank of Japan, number 18-E-5, Mar.

2012

1. Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2012, "Asset Bubbles and Bailouts," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-268, Jan.
   
   • Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015, "Asset bubbles and bailouts," Journal of Monetary Economics, Elsevier, volume 76, issue S, pages 71-89, DOI: 10.1016/j.jmoneco.2015.09.008.
   • Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2014, "Asset Bubbles and Bailouts," CIGS Working Paper Series, The Canon Institute for Global Studies, number 14-001E, Jan.
   • Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2015, "Asset Bubbles and Bailouts," CIGS Working Paper Series, The Canon Institute for Global Studies, number 15-004E, Oct.
   • Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015, "Asset Bubbles and Bailouts," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 19, May.
   • Tomohiro Hirano & Noriyuki Yanagawa, 2012, "Asset Bubbles and Bailout," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo, number CIRJE-F-838, Jan.

2010

1. Tomohiro Hirano & Noriyuki Yanagawa, 2010, "Asset Bubbles, Endogenous Growth, and Financial Frictions," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-223, Jul, revised Sep 2010.
   
   • Tomohiro Hirano & Noriyuki Yanagawa, 2017, "Asset Bubbles, Endogenous Growth, and Financial Frictions," The Review of Economic Studies, Review of Economic Studies Ltd, volume 84, issue 1, pages 406-443.
   • Hirano, Tomohiro & Yanagawa, Noriyuki, 2016, "Asset Bubbles, Endogenous Growth, and Financial Frictions," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 36, Feb.
   • Hirano, Tomohiro & Yanagawa, Noriyuki, 2016, "Asset Bubbles, Endogenous Growth, and Financial Frictions," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 63, Oct.
   • Tomohiro Hirano & Noriyuki Yanagawa, 2010, "Asset Bubbles, Endogenous Growth, and Financial Frictions," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo, number CIRJE-F-752, Jul.

2009

1. Hirano, Tomohiro, 2009, "Financial Development and Amplification," MPRA Paper, University Library of Munich, Germany, number 16907, Aug.

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Journal articles

2017

1. Tomohiro Hirano & Noriyuki Yanagawa, 2017, "Asset Bubbles, Endogenous Growth, and Financial Frictions," The Review of Economic Studies, Review of Economic Studies Ltd, volume 84, issue 1, pages 406-443.
   
   • Tomohiro Hirano & Noriyuki Yanagawa, 2010, "Asset Bubbles, Endogenous Growth, and Financial Frictions," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-223, Jul, revised Sep 2010.
   • Hirano, Tomohiro & Yanagawa, Noriyuki, 2016, "Asset Bubbles, Endogenous Growth, and Financial Frictions," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 36, Feb.
   • Hirano, Tomohiro & Yanagawa, Noriyuki, 2016, "Asset Bubbles, Endogenous Growth, and Financial Frictions," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 63, Oct.
   • Tomohiro Hirano & Noriyuki Yanagawa, 2010, "Asset Bubbles, Endogenous Growth, and Financial Frictions," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo, number CIRJE-F-752, Jul.

2015

1. Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015, "Asset bubbles and bailouts," Journal of Monetary Economics, Elsevier, volume 76, issue S, pages 71-89, DOI: 10.1016/j.jmoneco.2015.09.008.
   
   • Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2012, "Asset Bubbles and Bailouts," CARF F-Series, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo, number CARF-F-268, Jan.
   • Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2014, "Asset Bubbles and Bailouts," CIGS Working Paper Series, The Canon Institute for Global Studies, number 14-001E, Jan.
   • Tomohiro Hirano & Masaru Inaba & Noriyuki Yanagawa, 2015, "Asset Bubbles and Bailouts," CIGS Working Paper Series, The Canon Institute for Global Studies, number 15-004E, Oct.
   • Hirano, Tomohiro & Inaba, Masaru & Yanagawa, Noriyuki, 2015, "Asset Bubbles and Bailouts," HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University, number 19, May.
   • Tomohiro Hirano & Noriyuki Yanagawa, 2012, "Asset Bubbles and Bailout," CIRJE F-Series, CIRJE, Faculty of Economics, University of Tokyo, number CIRJE-F-838, Jan.

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