Recent Working Papers 

1. Tomohiro Hirano, and Joseph E. Stiglitz (This version, April 2024) "Credit, Land Speculation, and Long-Run Economic Growth," 

2. Tomohiro Hirano, and Alexis Akira Toda (This version, May 4th, 2024). "Housing Bubbles with Phase Transitions," 

3. Tomohiro Hirano, and Alexis Akira Toda (March 2024) "On Equilibrium Determinacy in Overlapping Generations Models with Money," 

4. Tomohiro Hirano, and Alexis Akira Toda (First version July 1st, 2023) "Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation," 

5. Tomohiro Hirano, Ryo Jinnai, and Alexis Akira Toda (Seventh version, Feb 13th, 2024) "Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles," 

This paper is a significant revision of an earlier manuscript circulated under the title “Necessity of Rational Asset Price Bubbles in Two-Sector Growth Economies (first version, November 2022)”

6. 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

7. Tomohiro Hirano, and Joseph E. Stiglitz (May 30th, 2022). "Wobbly Economy: Global Dynamics with Phase and State Transitions," NBER Working Paper, No. 29806

Publications (Google Scholar)

1. 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)

2. 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).

3.  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).

4.  Tomohiro Hirano and Alexis Akira Toda (revised Dec 2023) "Bubble Economics," 

Journal of Mathematical Economics 50th Anniversary Issue (Invited submission), Vol. 111, 2024 (Online Link)

5.  Tomohiro Hirano, and Alexis Akira Toda (revised Dec 2023). "Bubble Necessity Theorem,"  

 Forthcoming at Journal of Political Economy, (Online Link)

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.

Work  in Progress

• Tomohiro Hirano, and Joseph E. Stiglitz May 2024. "Credit, Land Speculation, Booms and Busts with Endogenous Phase Transitions" 

• Tomohiro Hirano, and Alexis Akira Toda (March 10th, 2023). "Unique Equilibria in Models of Rational Asset Price Bubbles," 

• Tomohiro Hirano (First version November 2023). "Recurrent Stochastic Fluctuations with Financial Speculation" Prepared for Festschrift Volume in Honor of Joseph E. Stiglitz

Others

• My interview in memory of Professor Ryutaro Komiya Online Link