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Monetary Policy and the Optimal Size of the Banking Sector in General Equilibrium

Research Project

Project/Area Number 15530118
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic theory
Research InstitutionThe University of Tokyo

Principal Investigator

BRAUN Richard Anton  The University of Tokyo, Faculty of Economics, Associate Professor, 大学院・経済学研究科, 助教授 (90329334)

Project Period (FY) 2003 – 2005
Project Status Completed (Fiscal Year 2005)
Budget Amount *help
¥3,300,000 (Direct Cost: ¥3,300,000)
Fiscal Year 2005: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 2004: ¥1,200,000 (Direct Cost: ¥1,200,000)
Fiscal Year 2003: ¥1,100,000 (Direct Cost: ¥1,100,000)
KeywordsMoney / Banking / Saving / Demographics / 預金供給 / 銀行 / 家計 / 名目金利 / マネーサプライ / 銀行部門 / 動学一般均衡
Research Abstract

My research on banking, money and the macroeconomy has focused on three topics. The first topic considers determinants of the supply of deposits. It is well known that household's are the principal suppliers of deposits. This research investigates how demographies, mortality risk and technology shocks affect household demand of alternative asset classes and thus the supply of deposits. In Braun, Ikeda and Joines (2006, work in progress) we develop a computational OLG model that incorporates the above elements. Households are active for 80 years and make labor supply decisions. We evaluate the performance of the model using data from 1960 on and model time variation in fertility rates, taxes, technology, mortality risk and government debt. This paper provides detailed age specific information on savings rates but is silent on the asset allocation decision. In other research with Keiichi Kubota and Kenji Wada (2004) I consider the asset allocation decision of households. This research us … More es data going back to the turn of the century to investigate the interaction of demographics and excess returns of different asset classes. Taken together these two research projects provide information on the overall size and demographic distribution of the supply of bank deposits.
A second topic considers how increases in monetary supply affects the economy in a low nominal interest rate environment. In Braun and Waki (2006) we formulate a sticky price model and produce a specification that can account for the real and nominal facts from Japan during the 1990s. We find that the ability of monetary policy to stabilize the economy breaks down when the nominal interest rate is zero and that the welfare costs of a binding zero nominal interest rate are large. In Braun and Shioji (2006a, 2006b) I investigate the effects of Japanese monetary policy on the yield curve and perform an international comparison of the credit channel of monetary policy in Japan, the U.S. and Korea.
The third topic ties these strands together and investigates the interaction of monetary policy and the health of the banking sector. In (Braun and Gillman (2006) we investigate the implications of a decline in inflation on bank health and household welfare. We also evaluate the implications of alternative government policies according to their implications for household welfare and banking sector profitability. Less

Report

(4 results)
  • 2005 Annual Research Report   Final Research Report Summary
  • 2004 Annual Research Report
  • 2003 Annual Research Report
  • Research Products

    (13 results)

All 2006 2004

All Journal Article (13 results)

  • [Journal Article] Monetary Policy During Japan's Lost Decade2006

    • Author(s)
      Richard Anton Braun, Yuichiro Waki
    • Journal Title

      Japanese Economic Review 57巻2号(印刷中)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy and Economic Activity in Japan, Korea, and the United States2006

    • Author(s)
      Richard Anton Braun, Etsuro Shioji
    • Journal Title

      Seoul Journal o Economics 19巻1号

      Pages: 111-146

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy and the Term Structure of Interest Rates in Japan2006

    • Author(s)
      Richard Anton Braun, Etsuro Shioji
    • Journal Title

      Journal of Money, Credit and Banking 38巻1号

      Pages: 141-162

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy During Japan's Lost Decade2006

    • Author(s)
      Richard Anton Braun, Yuichiro Waki
    • Journal Title

      Japanese Economic Review 57(2)(in print)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy and Economic Activity in Japan, Korea, and the United States2006

    • Author(s)
      Richard Anton Braun, Etsuro Shioji
    • Journal Title

      Seoul Journal o Economics 19(1)

      Pages: 111-146

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy and the Term Structure of Interest Rates in Japan2006

    • Author(s)
      Richard Anton Braun, Etsuro Shioji
    • Journal Title

      Journal of Money, Credit and Banking 38(1)

      Pages: 141-162

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Monetary Policy and the Term Structure of Interest Rates in Japan2006

    • Author(s)
      R.A.Braun et al.
    • Journal Title

      Journal of Money, Credit and Banking 38・1

      Pages: 141-162

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Monetary Policy During Japan's Lost Decade2006

    • Author(s)
      R.A.Braun et al.
    • Journal Title

      Japanese Economic Review 57・2

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 日本における技術的ショックと総労働時間-新しいVARアプローチによる分析-2004

    • Author(s)
      リチャード・アントン・ブラウン, 塩路悦郎
    • Journal Title

      経済研究 55巻4号

      Pages: 289-298

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Technology Shocks and Aggregate Work Hours--Evidence from Japan2004

    • Author(s)
      Richard Anton Braun, Etsuro Shioji
    • Journal Title

      The Economic Review 55(4)

      Pages: 289-298

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Saving and interest rates in Japan : Why they have fallen and why they will remain low2004

    • Author(s)
      Braun, R.Anton, Daisuke Ikeda, Douglas Joines
    • Journal Title

      CIRJE Discussion Paper F-328

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Demographics and Asset Returns in Japan2004

    • Author(s)
      Braun, R.Anton, Kenji Wada, Keiichi Kubota
    • Journal Title

      2004年度日本ファイナンス学会第12階大会予稿集

      Pages: 519-535

    • Related Report
      2004 Annual Research Report
  • [Journal Article] 日本における技術的ショックと総労働時間-新しいVARアプローチによる分析-2004

    • Author(s)
      Braun, R.Anton, Etsuro Shioji
    • Journal Title

      経済研究 Vol.55,No.4

      Pages: 289-298

    • Related Report
      2004 Annual Research Report

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Published: 2003-04-01   Modified: 2016-04-21  

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