| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
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| Outline of Final Research Achievements |
This research analyzes impacts of fluctuations in international capital flows on emerging economies, especially labor market via changes of terms of trade. Our results suggest that in the case of low exchange rate pass-through, a temporal shock in the international financial market causes a persistently high unemployment rate due to gradually adjusted real wages. It implies that authorities in emerging economies must also consider the exchange rate pass-through rate in addition to domestic labor market frictions to stabilize macroeconomic volatility.
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