| Budget Amount *help |
¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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 |
First, we find that information rigidities are determinants of cross-sectional disagreement among not only households but also experts and there is dissonance regarding the long-run forecasts of inflation rates between the central bank and economic entities, despite the adoption of a 2% inflation target in January 2013. Second, we show that information advantage in Federal Reserve disappears after the publication of implicit inflation targets. Third, we present that inflation expectation formation is less relevant for optimal monetary policy and expectation formation matters for Taylor rule or price-level targeting rule. In other words, policy effectiveness significantly changes in Japan by expectation formation.
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