Monetary and Fiscal Policy in Euro Zone with Default Risk: Developing Endogenous Default Model
Project/Area Number |
25380400
|
Research Category |
Grant-in-Aid for Scientific Research (C)
|
Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Money/ Finance
|
Research Institution | Nagoya City University (2014-2015) Chiba Keizai University (2013) |
Principal Investigator |
Okano Eiji 名古屋市立大学, 経済学研究科(研究院), 教授 (20406713)
|
Project Period (FY) |
2013-04-01 – 2016-03-31
|
Project Status |
Completed (Fiscal Year 2015)
|
Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
|
Keywords | ソブリンリスク / DSGE / 効用関数の2次近似 / ベイズ推定 / 最適金融政策 / 最適財政政策 / 共通通貨圏 / 債務不履行 / ポリシーミックス |
Outline of Final Research Achievements |
Monetary policy suppressing inflation magnifies volatilities on inflation and GDP gap through an increase in welfare costs while monetary policy pegging interest rate on risky assets to it on safety assets stabilizes default immediately and coincides with a decrease in welfare costs through suppressing volatilities on inflation and GDP gap. In a small open economy, fiscal policy slushing public debt temporally when shocks diminishing tax revenue occur increases welfare costs.
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Report
(4 results)
Research Products
(13 results)