Contact Information
Department of Economics, Royal Holloway, University of London
Egham Hill, Egham, TW20 0EX, United Kingdom
Email: tomohih@gmail.com
Current Positions
2019 September-Present, Associate Professor of Economics, Royal Holloway, University of London
2019 October-Present, Research Associate, Center for Macroeconomics, London School of Economics
Previous Positions
2013-2019, Assistant Professor of Economics, University of Tokyo
2016-2017, Research Fellow, The Mitsubishi Economic Research Institute
2011-2013, Non-Tenure Track Project Assistant Professor, University of Tokyo
2008-2011, Financial Services Agency, The Japanese Government
2000-2003, Chubu Alumi Corporation
Education
Doctor of Economics, University of Tokyo, 2010
Bachelor of Economics, Sophia University, 2000
Publications (Google Scholar)
Tomohiro Hirano, and Noriyuki Yanagawa (revised October 2016). "Asset Bubbles, Endogenous Growth, and Financial Frictions",
The Review of Economic Studies, 84 (1): 406-443, 2017 (Online Link). (First version July 2010 , presented at Econometric Society World Congress 2010)
Tomohiro Hirano, Masaru Inaba, and Noriyuki Yanagawa (revised August 2015). "Asset Bubbles and Bailouts",
Journal of Monetary Economics, Vol.76, S71-S89, 2015 (Online Link).
Guerron-Quintana Pablo, Tomohiro Hirano, and Ryo Jinnai (revised June 2022). "Bubbles, Crashes, and Economic Growth: Theory and Evidence,"
American Economic Journal: Macroeconomics, 15(2): 333–371, 2023 (Online Link).
Tomohiro Hirano, and Alexis Akira Toda (revised April 2024). "Bubble Necessity Theorem,"
Journal of Political Economy, 133(1): 111-145, 2025 (Online Link)
Tomohiro Hirano, and Alexis Akira Toda (revised April 2024) "On Equilibrium Determinacy in Overlapping Generations Models with Money,"
Economics Letters, Vol. 239 111758, 2024 (Online Link)
Tomohiro Hirano, and Alexis Akira Toda (This version, Nov 2024) "Unbalanced Growth and Land Overvaluation,"
Proceedings of the National Academy of Sciences, 122(14) e2423295122 (Online Link)
Publications by invited submission
Tomohiro Hirano and Alexis Akira Toda (revised Dec 2023) "Bubble Economics,"
Journal of Mathematical Economics 50th Anniversary Issue, Vol. 111, 2024 (Link to 50th Anniversary Issue)
Tomohiro Hirano (revised August 2024) "Recurrent Stochastic Fluctuations with Financial Speculation,"
Forthcoming at Festschrift in Honor of Joseph E. Stiglitz, Columbia University Press
Clarification on Rational Asset Pricing Bubbles
Tomohiro Hirano, and Alexis Akira Toda (March 2025). "Toward Bubble Clarity," Econ Journal Watch, 22(1), 1–17.
COVID-19-related Papers
Gregory Gutin, Tomohiro Hirano, Sung-Ha Hwang, Philip R. Neary, and Alexis Akira Toda (2021) "The Effect of Social Distancing on the Reach of an Epidemic in Social Networks," Journal of Economic Interaction and Coordination, 16, 629–647.
Policy Papers I wrote when I worked for the Japanese Government
Tomohiro Hirano (2009) "Financial Innovation and Volatility," FSA Research Review, Government of Japan, Vol 5, 105-127.
Recent Working Papers
Tomohiro Hirano, Keiichi Kishi, and Alexis Akira Toda (This version, August 2025) "Technological Innovation and Bursting Bubbles," (First version January 2025)
Tomohiro Hirano, and Joseph E. Stiglitz (This version, August 2025) "Credit, Land Speculation, and Low-Interest-Rate Policy," (First version April 2024)
Tomohiro Hirano and Joseph E. Stiglitz (March 2025) "Growth and Fluctuations in Economies with Land Speculation,"
Tomohiro Hirano, and Alexis Akira Toda (Oct 2024) "Note on Bubbles Attached to Real Assets,"
Tomohiro Hirano, and Alexis Akira Toda (This version, August 1st, 2024). "Housing Bubbles with Phase Transitions,"
Tomohiro Hirano, and Alexis Akira Toda (This version, June 27th, 2024). "Equilibrium Selection in Pure Bubble Models by Dividend Injection,"
Tomohiro Hirano, Ryo Jinnai, and Alexis Akira Toda (This version, Feb 13th, 2024) "Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles,"
Tomohiro Hirano, and Joseph E. Stiglitz (August 15th, 2022). "Land Speculation, Booms, and Busts with Endogenous Phase Transitions: A Model of Economic Fluctuations with Rational Exuberance" NBER Working Paper No. 29745, VoxEu article
Tomohiro Hirano, and Joseph E. Stiglitz (May 30th, 2022). "Wobbly Economy: Global Dynamics with Phase and State Transitions," NBER Working Paper, No. 29806