A Role of Optimal Fiscal Policy and Its Rule under Optimal Monetary Policy in Euro Zone

• Project/Area Number: 22730257
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Public finance/Monetary economics
• Research Institution: Chiba Keizai University
• Principal Investigator: OKANO Eiji 千葉経済大学, 経済学部, 准教授 (20406713)
• Project Period (FY): 2010 – 2012
• Project Status: Completed (Fiscal Year 2012)
• Budget Amount: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000); Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2011: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2010: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 国際金融論 / 金融政策 / 最適金融政策 / 共通通貨圏 / 最適財政政策 / SGP / ベイズ推定 / DSGE / Bayesian Estimation / Optimal Monetary Policy / 共通通圏 / 動学的確率的一般均衡 / 政策協調 / ポリシーミックス

Research Abstract

This research agenda verifies effects of fiscal policy minimizing welfare costs and implementation rules of that fiscal policy theoretically by developing the model regarding current situation in European Monetary Zone following Dynamic Stochastic General Equilibrium. We found that the higher the share of non-tradable goods the higher the importance of the role of fiscal policy from the view point of minimizing welfare costs, although cooperative fiscal policy is redundant from that view point.

Research Products

• [Journal Article] Optimal Monetary Policy in an Estimated Local Currency Pricing Model (2012)
  • Author(s): OKANO, Eiji
  • Journal Title: Advances in Econometrics Volume: 28 Pages: 39-79
  • DOI: 10.1108/s0731-9053(2012)0000028005
  • Peer Reviewed
• [Journal Article] Sovereign Risk in the Euro Zone and Monetary Policy (2012)
  • Author(s): OKANO, Eiji
  • Journal Title: Global Journal of Economics Volume: 1 Issue: 02 Pages: 1250011-1250011
  • DOI: 10.1142/s2251361212500115
  • Peer Reviewed
• [Journal Article] How Important is the Fiscal Policy Cooperation in a Currency Union? (2010)
  • Author(s): OKANO, Eiji
  • Journal Title: EUSI Working Paper Series Volume: No. E-2010-02
  • URL: http://eusi.jp/content_jp/wp-content/uploads/2010/06/workingpaper_e-2010-02.pdf
• [Journal Article] Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing (2010)
  • Author(s): OKANO, Eiji
  • Journal Title: EUSI Working Paper Series Volume: No. E-2010-03
  • URL: http://eusi.jp/content_jp/wp-content/uploads/2010/12/workingpaper_e-2010-03.pdf
• [Presentation] Optimal Monetary Policy in an Estimated Local Currency Pricing Model (2012)
  • Author(s): OKANO, Eiji
  • Organizer: 2012 Midwest Macroeconomics Meetings
  • Place of Presentation: University of Notre Dame
• [Presentation] Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing (2011)
  • Author(s): OKANO, Eiji
  • Organizer: The European Conference on Banking and the Economy
  • Place of Presentation: Winchester Guildhall Winchester, イギリス
  • Year and Date: 2011-09-29
• [Presentation] The Role of the Optimal Monetary and Fiscal Policy Mix in a Currency Union (2011)
  • Author(s): 岡野衛士
  • Organizer: The European Conference on Banking and the Economy
  • Place of Presentation: Winchester Guildhall, Winchester,英国
  • Year and Date: 2011-09-29
• [Presentation] Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing (2011)
  • Author(s): OKANO, Eiji
  • Organizer: 日本金融学会2011年春季大会
  • Place of Presentation: 明治大学, 東京都
  • Year and Date: 2011-05-29
• [Presentation] Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing (2011)
  • Author(s): OKANO, Eiji
  • Organizer: 2011 Midwest Macroeconomics Meetings
  • Place of Presentation: Vanderbilt University, Nashville, TN, 米国
  • Year and Date: 2011-05-22
• [Presentation] Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricin,g (2011)
  • Author(s): OKANO, Eiji
  • Organizer: The 3rd International Conference of Macroeconomics and Policy
  • Place of Presentation: 政策研究大学院大学, 東京都
  • Year and Date: 2011-03-05
• [Presentation] How Important is the Fiscal Policy Cooperation in a Currency Union? (2011)
  • Author(s): 岡野衛士
  • Organizer: 3^<rd> International Conference of Macroeconomics and Policy
  • Place of Presentation: 政策研究大学院大学、東京都
  • Year and Date: 2011-03-05
• [Presentation] How Important is the Fiscal Policy Cooperation in a Currency Union? (2010)
  • Author(s): OKANO, Eiji
  • Organizer: 39th Australian Conference of Economists
  • Place of Presentation: Dockside, Sydney, オーストラリア
  • Year and Date: 2010-09-29
• [Presentation] How Important is the Fiscal Policy Cooperation in a Currency Union? (2010)
  • Author(s): 岡野衛士
  • Organizer: 39^<th> Australian Conference of Economists
  • Place of Presentation: Dockside, Sydney, Australia
  • Year and Date: 2010-09-29
• [Presentation] How Important is the Fiscal Policy Cooperation in a Currency Union? (2010)
  • Author(s): 岡野衛士
  • Organizer: 42^<nd> Annual Conference of the Money, Macro and Finance Research Group
  • Place of Presentation: Cyprus University of Technology, Limassol, Cyprus
  • Year and Date: 2010-09-09
• [Presentation] How Important is the Fiscal Policy Cooperation in a Currency Union? (2010)
  • Author(s): OKANO, Eiji
  • Organizer: Money, Macro and Finance Research Group 42nd Annual Conference (MMF2010)
  • Place of Presentation: Cyprus University of Technology, Limassol, キプロス
  • Year and Date: 2010-09-03
• [Remarks]
  • URL: http://www.cku.ac.jp/okano/
• [Remarks]
  • URL: http://www.cku.ac.jp/okano/