Search Results for author: Alexis Akira Toda

Found 24 papers, 1 papers with code

On Equilibrium Determinacy in Overlapping Generations Models with Money

no code implementations20 Mar 2024 Tomohiro Hirano, Alexis Akira Toda

In contrast, the monetary steady state is locally determinate under fairly weak conditions.

Recent Advances on Uniqueness of Competitive Equilibrium

no code implementations1 Feb 2024 Alexis Akira Toda, Kieran James Walsh

This article reviews the recent advances in the uniqueness and multiplicity of competitive equilibria in models arising in mathematical economics, finance, macroeconomics, and trade.

Optimal taxation and the Domar-Musgrave effect

no code implementations10 Nov 2023 Brendan K. Beare, Alexis Akira Toda

We find that consumption immediately drops before rising rapidly to the new stationary equilibrium, which is higher on average than initial consumption for workers but lower for entrepreneurs.

Bubble Economics

no code implementations7 Nov 2023 Tomohiro Hirano, Alexis Akira Toda

This article provides a self-contained overview of the theory of rational asset price bubbles.

Robust Asset-Liability Management

no code implementations1 Oct 2023 Tjeerd de Vries, Alexis Akira Toda

How should financial institutions hedge their balance sheets against interest rate risk when they have long-term assets and liabilities?

Management

Linearity of Aggregate Production Functions

no code implementations27 Sep 2023 Christopher P. Chambers, Alexis Akira Toda

We prove that when individual firms employ constant-returns-to-scale production functions, the aggregate production function defined by the maximum achievable total output given total inputs is always linear on some part of the domain.

Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation

no code implementations1 Jul 2023 Tomohiro Hirano, Alexis Akira Toda

We study the long-run behavior of land prices when land plays the dual role of factor of production and store of value.

'Ergodicity Economics' is Pseudoscience

no code implementations5 Jun 2023 Alexis Akira Toda

In a series of papers, Ole Peters and his collaborators claim that the 'conceptual basis of mainstream economic theory' is 'flawed' and that the approach they call 'ergodicity economics' gives 'reason to hope for a future economic science that is more parsimonious, conceptually clearer and less subjective' (Peters, 2019).

Bubble Necessity Theorem

no code implementations14 May 2023 Tomohiro Hirano, Alexis Akira Toda

Asset price bubbles are situations where asset prices exceed the fundamental values defined by the present value of dividends.

counterfactual

A Theory of Rational Housing Bubbles with Phase Transitions

no code implementations20 Mar 2023 Tomohiro Hirano, Alexis Akira Toda

We analyze equilibrium housing prices in an overlapping generations model with perfect housing and rental markets.

Unique Equilibria in Models of Rational Asset Price Bubbles

no code implementations10 Mar 2023 Tomohiro Hirano, Alexis Akira Toda

Existing models of rational pure bubble models feature multiple (and often a continuum of) equilibria, which makes model predictions and policy analysis non-robust.

Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles

no code implementations23 Nov 2022 Tomohiro Hirano, Ryo Jinnai, Alexis Akira Toda

We present a general equilibrium macro-finance model with a positive feedback loop between capital investment and land price.

Time Series Analysis Vocal Bursts Valence Prediction

Incentivizing Hidden Types in Secretary Problem

no code implementations11 Aug 2022 Longjian Li, Alexis Akira Toda

We study a game between $N$ job applicants who incur a cost $c$ (relative to the job value) to reveal their type during interviews and an administrator who seeks to maximize the probability of hiring the best.

Capital and Labor Income Pareto Exponents in the United States, 1916-2019

no code implementations9 Jun 2022 Ji Hyung Lee, Yuya Sasaki, Alexis Akira Toda, Yulong Wang

Accurately estimating income Pareto exponents is challenging due to limitations in data availability and the applicability of statistical methods.

Tuning Parameter-Free Nonparametric Density Estimation from Tabulated Summary Data

no code implementations12 Apr 2022 Ji Hyung Lee, Yuya Sasaki, Alexis Akira Toda, Yulong Wang

Administrative data are often easier to access as tabulated summaries than in the original format due to confidentiality concerns.

Density Estimation

Robust Comparative Statics for the Elasticity of Intertemporal Substitution

no code implementations25 Jan 2022 Joel P. Flynn, Lawrence D. W. Schmidt, Alexis Akira Toda

Under homotheticity, the REMV always equals one, so the propensity of the agent to save or dis-save is always signed by the relationship of the EIS with unity.

Unity

Fixed-k Tail Regression: New Evidence on Tax and Wealth Inequality from Forbes 400

no code implementations20 May 2021 Ji Hyung Lee, Yuya Sasaki, Alexis Akira Toda, Yulong Wang

We develop a novel fixed-k tail regression method that accommodates the unique feature in the Forbes 400 data that observations are truncated from below at the 400th largest order statistic.

regression Time Series Analysis

Optimal Epidemic Control in Equilibrium with Imperfect Testing and Enforcement

1 code implementation9 Apr 2021 Thomas Phelan, Alexis Akira Toda

We analyze equilibrium behavior and optimal policy within a Susceptible-Infected-Recovered epidemic model augmented with potentially undiagnosed agents who infer their health status and a social planner with imperfect enforcement of social distancing.

Perov's Contraction Principle and Dynamic Programming with Stochastic Discounting

no code implementations25 Mar 2021 Alexis Akira Toda

This paper shows the usefulness of Perov's contraction principle, which generalizes Banach's contraction principle to a vector-valued metric, for studying dynamic programming problems in which the discount factor can be stochastic.

Necessity of Hyperbolic Absolute Risk Aversion for the Concavity of Consumption Functions

no code implementations28 Sep 2020 Alexis Akira Toda

Carroll and Kimball (1996) have shown that, in the class of utility functions that are strictly increasing, strictly concave, and have nonnegative third derivatives, hyperbolic absolute risk aversion (HARA) is sufficient for the concavity of consumption functions in general consumption-saving problems.

Capital and Labor Income Pareto Exponents across Time and Space

no code implementations3 Jun 2020 Tjeerd de Vries, Alexis Akira Toda

We estimate capital and labor income Pareto exponents across 475 country-year observations that span 52 countries over half a century (1967-2018).

Asymptotic Linearity of Consumption Functions and Computational Efficiency

no code implementations21 Feb 2020 Qingyin Ma, Alexis Akira Toda

We prove that the consumption functions in optimal savings problems are asymptotically linear if the marginal utility is regularly varying.

Computational Efficiency

Determination of Pareto exponents in economic models driven by Markov multiplicative processes

no code implementations5 Dec 2017 Brendan K. Beare, Alexis Akira Toda

This article contains new tools for studying the shape of the stationary distribution of sizes in a dynamic economic system in which units experience random multiplicative shocks and are occasionally reset.

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