| Budget Amount *help |
¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Outline of Final Research Achievements |
This research project has investigated the macroeconomic stability and monetary policy in the situation where agents form their expectations by "adaptive learning." In particular, this project focuses on the existence of heterogeneity in agents' learning.
This project has found that in the absence of imperfect information, sunspot equilibria are always unstable under adaptive learning. In the presence of imperfect information, on the other hand, sunspot equilibria can be stable. In this situation, aggressive monetary policy can prevent the possibility of sunspot equilibria. The project has also found the relationship between financial market imperfections and the stability of sunspot equilibria.
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