青木浩介
青木は金融政策の理論的研究において国際的に高い評価を受けており、2014年度に日本経済学会から中原賞を授与されている。
Professor Aoki has also been studying the interaction between credit constraints and aggregate economic activities. Aoki et al. (2004) first document the close correlation between housing prices, housing equity, and home equity withdrawal and consumption (particularly durable consumption). Then, to examine the effects of monetary policy shocks, they develop a model in which households use their houses as collateral for loans. This study shows the usefulness of the financial accelerator approach in understanding both the housing economy and the aggregate economy, and affects the recent analyses on the global financial crisis.