神戸大学金融研究会 Monetary Economics Seminar of Kobe University

日時
(Date&Time)
2011年3月18日(金)午後2時00分から (Friday, March 18, 2011, 2:00pm~)
会場
(Place)
神戸大学経済経営研究所 会議室(研究所新館2階)
RIEB Meeting Room (Annex 2nd floor)
対象
(Intended Audience)
基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考
(Note)
論文のコピーは開催日当日に会場にご用意いたします。
Copies of the paper will be available on that day of the seminar at meeting place.

セミナー参加を希望される方はお手数ですがご氏名、ご所属、ご連絡先(メ-ルアドレス)を開催日の1週間前までに共同研究推進室へご連絡下さい。
If you would like to attend our workshop, please email us at Office of Promoting Research Collaboration your name, affiliation and email address by a week before the workshop.

2:00pm~

報告者
(Speaker)
井田 大輔 氏 (Daisuke IDA)
所属
(Affiliation)
関西社会経済研究所/神戸大学 (Kansai Institute for Social and Economic Research / Kobe University)
論題
(Topic)
「近年のデフレーションの考察」
報告者
(Speaker)
工藤 教孝 氏 (Noritaka KUDOH)
所属
(Affiliation)
北海道大学 (Hokkaido University)
論題
(Topic)
"Beauty Contests and Asset Prices under Asymmetric Information"
概要
(Abstract)
In this paper, we study a dynamic Gaussian financial market model in which the traders form higher-order expectations about the fundamental value of a single risky asset. Rational uninformed traders are introduced into an otherwise standard differential information economy to investigate the impact of asymmetric information. In a two-period economy, there is a unique linear equilibrium; beauty contests under asymmetric information do not introduce excess volatility driven by self-fulfilling multiple equilibria. Under certain conditions, there is a nonmonotonic relationship between price volatility and the proportion of uninformed traders.