CCSS Workshop
Program
CCSS Workshop
Hosted by Center for Computational Social Science of Kobe University, Jointly Supported by RIEB Seminar
| Date | Thursday, June 18, 2026, 17:00 - 18:30 |
|---|---|
| Venue | Meeting Room at RIEB, Kobe University (Annex, 2nd Floor) |
| Inteded Audience | Faculty, Graduate Students, and People with Equivalent Knowledge |
| Language | English |
| Registration | Please complete the registration before June 14. Registration Form (Due: June 14) |
17:00～18:00
- Topic
- General-Purpose Technologies and Stock Market Bubbles
- Presenter
- Alexis Akira TODA (Department of Economics, Emory University)
- Abstract
- We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge spillover from innovations to the two sectors is initially high and uneven (unbalanced growth), but eventually weakens and equalizes (balanced growth). A rational stock bubble (prices exceed fundamentals) necessarily emerges, even though it is expected to burst with regime switching. Despite the inevitable collapse, stock bubbles and technological innovation reinforce each other and lead to permanently higher output and wages because technologies developed during the bubble era prevail.
18:00～18:30 Discussion
- Panelists
- Alexis Akira TODA (Department of Economics, Emory University)
Takashi KAMIHIGASHI (CCSS, Kobe University)