| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
This study analyzes the impact of the anticipated shocks, where there are no changes in current fundamentals, but agents anticipate that fundamentals will be different in the near future, on the macroeconomic dynamics. To maintain consistency with empirical observations, it is important to correctly account for sectoral comovement. We propose a model and derive a condition for generating the sectoral comovement. In addition, our structural estimation reveals that labor immobility across sectors is the key mechanism. It turns out that the limited intersectoral factor mobility is also useful to account for business cycle fluctuations caused by uncertainty shocks. This new findings are summarized in another paper.
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