モリモト　ケイイチ   MORIMOTO KEIICHI   盛本　圭一    所属   明治大学  政治経済学部    職種   専任准教授
発表年月日	2021/12/13
発表テーマ	Ambiguity in a pandemic recession, asset prices, and lockdown policy
会議名	WINPEC Macroeconomics Workshop
主催者	Waseda Institute of Political Economy
学会区分	研究会・シンポジウム等
発表形式	口頭（招待・特別）
単独共同区分	単独
開催地名	Waseda University
発表者・共同発表者	Keiichi Morimoto, Shiba Suzuki
概要	Using an asset pricing model of a multi-sector production economy with pandemic disasters, we explain the average stock price boom and signifi- cant cross-sectional variation of stock returns in the US and Japan during the COVID-19 pandemic recession. Two features of the pandemic, ambigu- ity and sector-specific shocks, are crucial determinants of the unusual asset price dynamics. Extending the model, we analyze the welfare effects of lockdown policies during pandemics for heterogeneous households and ob- tain the following results. Enforcing a lockdown improves the welfare of the asset-holders and the household working in the sector with positive sector- specific shocks. A Pareto optimal lockdown policy controls the tightness of the lockdown so as to maximize the welfare of the household working in the sector with negative sector-specific shocks.