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Indeterminacy of Equilibrium and the Roles of Fiscal and Monetary Policies

Research Project

Project/Area Number 16530117
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field Economic theory
Research InstitutionOsaka University

Principal Investigator

MINO Kazuo  Osaka University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (00116675)

Co-Investigator(Kenkyū-buntansha) ITAYA Jun-ichi  Hokkaido University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (20168305)
Project Period (FY) 2004 – 2005
Project Status Completed (Fiscal Year 2005)
Budget Amount *help
¥2,400,000 (Direct Cost: ¥2,400,000)
Fiscal Year 2005: ¥1,100,000 (Direct Cost: ¥1,100,000)
Fiscal Year 2004: ¥1,300,000 (Direct Cost: ¥1,300,000)
KeywordsIndeterminacy of Equilibrium / Sunspots / endogenous growth / taxation policy / money supply policy / interest-rate rule / b externalities / increasing returns / 安定性 / マクロ動学モデル / 金融政策 / 財政政策 / ルールと裁量 / 期待形成 / 強調の失敗
Research Abstract

This research focuses on the role of fiscal and monetary policies in the economies with multiple equilibria. We have first investigated the effects of policy changes in the presence of equilibrium indeterminacy. In particular, we examine whether or not counter intuitive policy effects emerge when there are multiple converging equilibria It is shown that the results depend heavily upon the specifications of production technology and preference structure. We have revealed this fact in alternative monetary growth models as well as in models with distortionary income taxation. In dealing with monetary growth models, we consider both the constant money growth rule and the interest rate control rule. In the models with fiscal policies, we have examined various effects of capital-income tax, wage-income tax as well as consumption tax.
The second purpose of our research is to consider the relationship between policy impacts and indeterminacy of equilibrium in the models that are more general than the standard analytical frameworks used in the literature. In so doing, we have studied (1) a growth model with environmental (negative) externalities, (2) an overlapping generation model with endogenous occupational choice, (3) a model of endogenous technical change with knowledge diffusion, and (4) a growth model with R&D investment and taxation. By examining these specific models, we have found various policy implications in the presence of equilibrium indeterminacy.

Report

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

    (19 results)

All 2006 2005 2004 Other

All Journal Article (19 results)

  • [Journal Article] Technology, preference structure, and the growth effect of money supply2006

    • Author(s)
      Jun-ichi Itaya, Kazuo Mino
    • Journal Title

      Macroeconomic Dynamics (forthcoming)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Do distortionary taxes always harm growth?2006

    • Author(s)
      Juni-ichi Itaya, Tetsugen Haruyama
    • Journal Title

      Journal of Economics (forthcoming)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Technological Spillovers and Patterns of Growth with Sector-Specific R&D2005

    • Author(s)
      土居潤子, 三野和雄
    • Journal Title

      Journal of Macroeconomics Vol. 27

      Pages: 557-578

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Occupational Choice and Dynamic Indeterminacy2005

    • Author(s)
      三野和雄, 下村耕嗣, Ping Wang
    • Journal Title

      Review of Economic Dynamics Vol. 8

      Pages: 138-155

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Technological spillovers and patterns of growth with sector-specific R&D2005

    • Author(s)
      Junko Doi, Kazuo Mino
    • Journal Title

      Journal of Macroeconomics Vol.27

      Pages: 557-558

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Occupational choice and dynamic Indeterminacy2005

    • Author(s)
      Kazuo Mino, Koji Shimomura, Ping Wang
    • Journal Title

      Review of Economic Dynamics Vol.8

      Pages: 138-155

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Technological Spillovers and Patterns of Growth with Sector-Specific R&D2005

    • Author(s)
      三野和雄, 土居潤子
    • Journal Title

      Journal of Macroeconomics 27巻4号

      Pages: 557-778

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Occupational Choice and Multiplicity of Equilibrium2005

    • Author(s)
      三野和雄, 下村耕嗣, Ping Wang
    • Journal Title

      Review of Economic Dynamics 8巻1号

      Pages: 138-153

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Occupational Choice and Dynamic Indeterminacy2005

    • Author(s)
      三野和雄, 下村和雄, Ping Wang
    • Journal Title

      Review of Economic Dynamics Vol.8, No.1

      Pages: 138-153

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Schooling, Working Experiences, and Human Capital Formation2005

    • Author(s)
      三野和雄, Yunfang Hu
    • Journal Title

      Economics Bulletin Vol.15, No.3

      Pages: 1-8

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Interest-rate Rule and Multiple Equilibria with Endogenous growth2004

    • Author(s)
      板谷淳一, 三野和雄
    • Journal Title

      Economics Bulletin Vol. 5

      Pages: 1-8

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Interest-rate rule and multiple equilibria with endogenous growth2004

    • Author(s)
      Jun-ichi Itaya, Kazuo Mino
    • Journal Title

      Economics Bulletin Vol.5

      Pages: 1-8

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2005 Final Research Report Summary
  • [Journal Article] Interest Rule and Multiple Equilibria with Endogenous Growth2004

    • Author(s)
      板谷淳一, 三野和雄
    • Journal Title

      Economics Bulletin Vol.5, No.6

      Pages: 1-8

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Weitzman's Rule with Market Distortions2004

    • Author(s)
      三野和雄
    • Journal Title

      Japan and the World Economy Vol.16, No.2

      Pages: 309-329

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Fiscal Reconstruction and Local Government Financing2004

    • Author(s)
      板谷淳一, 井堀利宏
    • Journal Title

      International Tax and Public Finance Vol.70, No.2

      Pages: 1-20

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Technology, Preference Structure, and Growth Effect of Money Supply"

    • Author(s)
      板谷淳一, 三野和雄
    • Journal Title

      Macroeconomic Dynamiocs (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] Do Distortiornay Taxes Always Harm Growth?

    • Author(s)
      板谷淳一, 春山鉄源
    • Journal Title

      Journal of Economics (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] Technology, Preference Structure, and Growth Effect of Money Supply

    • Author(s)
      板谷淳一, 三野和雄
    • Journal Title

      Macroeconomic Dynamics 近刊

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Voracity vs. Scale Effects in a Growing Economy without Secure Property Rights

    • Author(s)
      三野和雄
    • Journal Title

      Economics Letters 近刊

    • Related Report
      2005 Annual Research Report

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Published: 2004-04-01   Modified: 2016-04-21  

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