| Project/Area Number |
06451106
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済政策(含経済事情)
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| Research Institution | Osaka University |
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Principal Investigator |
IKEDA Shinsuke (1996) Osaka University, The Institute of Social and Economic Research, Associate Professor, 社会経済研究所, 助教授 (70184421)
小野 善康 (1994-1995) 大阪大学, 社会経済研究所, 教授 (70130763)
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| Co-Investigator(Kenkyū-buntansha) |
ONO Yoshiyasu Tokyo Institute of Technology, Department of Social Engineering, Professor, 大学院・社会理工学研究科, 教授 (70130763)
吉田 あつし 大阪府立大学, 経済学部, 助教授 (60240272)
池田 新介 大阪大学, 社会経済研究所, 助教授 (70184421)
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| Project Period (FY) |
1994 – 1996
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| Project Status |
Completed (Fiscal Year 1996)
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| Budget Amount *help |
¥3,600,000 (Direct Cost: ¥3,600,000)
Fiscal Year 1996: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1995: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1994: ¥2,100,000 (Direct Cost: ¥2,100,000)
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| Keywords | liquidity preference / stagnation / time preference / fiscal policies / trade policies / external debt / non-stationary equilibrium / exchange rates / ノンパラメトリック法 / PSID / 不況 / バブル / スピル・オーバー効果 / 一般化モメント法 |
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| Research Abstract |
1.Implications of Ono's stagnation theory (Ono) : (1) In the presence of nonsatibale wealth preference, persistent asset inflation (or bubble) can occur even if consumers are perfectly rational. (Ono, Iwanami). As an alternative of the conventional aggregate demand-aggregate supply analysis, we develop a new analytical tool. It is used to establish a dynamic foundation to the Phillips curve. (two articles in Economic Review). (3) Ono's stagnation model of a closed economy is extended to a two-country model. It is found that a county with a large foreign asset tends to face persistent unemployment.
2.Empirical evidence of nonsatiable liquidity preference (Ono and Yoshida) : Using the PSID data on US consumers and non-parametric methods, we find that the nonsatiable liquidity preference hypothesis is positively supported.
3.The dynamics of cumulative external debt (Ikeda and Ono) : Using models in which external debts accumulation is generated by international difference in time preference
… More
, we have examined welfare effects of economic policies to improve the external imbalance, such as saving-restriction policies (e.g., capital taxs), trade policies (import quota, VER), fiscal policies. Among others we obtain the following results : (1) These policies to improve the external imbalance are often harmful in welfare. (2) Export promotion for debtor country and import promotion for creditor country can be the optimal trade policies for respective countries. (Ono and Ikeda [1996], Kluwer) (3) The effects of fiscal policies is crucially affected by the tax system (a lump-sum tax or a consumption tax) that finances fiscal spending. (Ono and Ikeda [1996], J.E.)
4.A microeconomic aspect of international spill-over effects of economic policies (Ono) : The welfare effects of opening trade, entry restrictions, and R&D subsidies are examined in the context of oligopoly. (Lahiri and Ono [1995 ; IER,Kluwer, and J.E.R]) It is shown that the welfare implication crucially depends on whether oligopolists are symmetric or asymmetric. For example, in an asymmetric oligopoly helping more efficient firms strategically tends to benefit a country. Less
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