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MATTHIAS SCHLEGL

  (SCHLEGL MATTHIAS)

Profile Information

Affiliation
Associate Professor, Faculty of Economics, Department of Economics, Sophia University
Degree
Ph.D. in Economics(Jul, 2018, LMU University of Munich)
博士（経済学）(ルートヴィヒマクシミリアン大学ミュンヘン)
Master of science in Economics(LMU University of Munich)
修士（経済学）(ルートヴィヒマクシミリアン大学ミュンヘン)
Bachelor of Science in Economics(LMU University of Munich)
学士（経済学）(ルートヴィヒマクシミリアン大学)
Contact information
m-schlegl-4t5sophia.ac.jp
Researcher number
50844982
J-GLOBAL ID
201901015764356856
researchmap Member ID
7000029057

since 2023: Associate Professor, Sophia University, Faculty of Economics, Department of Economics, research on wealth preferences in macroeconomic models

2019-2023: Assistant Professor, Sophia University, Faculty of Economics, Department of Economics, research on wealth preferences in macroeconomic models

2018-2019: Specially Appointed Researcher, Osaka University, Institute of Social and Economic Research, research on stagnation economics and rational bubbles

2017-2018: JSPS International Research Fellow, Osaka University, Institute of Social and Economic Research, research on stagnation economics and rational bubbles

2013-2018: Research Associate, LMU University of Munich, Faculty of Economics, Seminar for Macroeconomics, research on sovereign debt and stagnation economics

My primary fields of research include macroeconomics, international finance, monetary economics and sovereign debt. Recently, I am particularly interested in models of secular stagnation and asset price bubbles, motivated to a large extent by the macroeconomic experience of Japan during the last decades.

Research Interests

 3

Research Areas

 3

Papers

 8
  • Jean Baptiste Michau, Yoshiyasu Ono, Matthias Schlegl
    European Economic Review, 156, Jul, 2023  Peer-reviewed
    In this paper, we show that rational bubbles can exist within a neoclassical economy, provided that households derive utility from holding wealth. Hence, we provide a microfoundation for bubbles that relies on a frictionless economy with an infinitely-lived representative household. While our bubbly equilibria are very similar to those obtained by Tirole (1985) in an overlapping generation economy, the underlying mechanism is fundamentally different. Instead of relying on an exchange across heterogeneous households, the bubble relies on the representative household's willingness to accumulate wealth without the intention of spending it. Turning to public debt, we carefully review the similarities and the differences between rational bubbles and Ponzi schemes. We establish that the Ricardian equivalence must hold in any of our equilibria. Finally, within a monetary economy, we show that the preference for wealth is fundamentally different from money-in-the-utility-function.
  • Ken ichi Hashimoto, Yoshiyasu Ono, Matthias Schlegl
    Journal of Economic Theory, 209, Apr, 2023  Peer-reviewedCorresponding author
    In this paper, we show that underemployment and not necessarily high unemployment becomes the main measure of economic slack in the labor market under secular stagnation. Specifically, involuntary underemployment in the form of a persistent shortfall of working hours occurs in the search and matching model, provided that households derive utility from holding wealth, and quickly dominates the total employment gap under stagnation. Conventional policy measures aimed at reducing unemployment may increase the labor market gap through their effects on underemployment and should be used with caution. In contrast, increases in aggregate demand improve unemployment and working hours, while increases in labor productivity worsen underemployment without improving unemployment (“paradox of toil”). Our analysis provides new insights into empirical puzzles such as Japan's seemingly decent employment record during its lost decades.
  • Matthias Schlegl, Christoph Trebesch und Mark L.J. Wright
    NBER Working Paper No. 25793, May, 2019  
  • Gerhard Illing, Yoshiyasu Ono, Matthias Schlegl
    European Economic Review, 108 78-104, Sep, 2018  Peer-reviewedCorresponding author
    Why do economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We study the interactions between household debt, liquidity and asset prices in a model of persistent demand shortage. We show that financially more deregulated economies are more likely to experience persistent stagnation. Credit booms or asset price booms mask this structural aggregate demand deficiency. However, the resulting debt overhang permanently depresses spending in the long run. Hence, the contractionary long run effects of relaxing lending standards are the opposite of their expansionary short run effects. These findings are in line with the macroeconomic developments in Japan during its lost decades and other advanced economies before and during the Great Recession.
  • Matthias Schlegl
    Doctoral Thesis at LMU University of Munich, Jul, 2018  
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Presentations

 6
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Research Projects

 2
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