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	2021/10/10
発表テーマ	Ambiguity, sector specific disasters, and asset prices during COVID-19 pandemic
会議名	2021年度日本経済学会秋季大会
学会区分	全国学会
発表形式	口頭（一般）
単独共同区分	単独
開催地名	大阪大学
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.