| Budget Amount *help |
¥2,210,000 (Direct Cost: ¥1,700,000、Indirect Cost: ¥510,000)
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)
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| Outline of Final Research Achievements |
This study evaluates the effect of asset-price fluctuations on business cycles. For this purpose, I construct some collateral constraint models in which the available funds for borrowers are limited within a value of collateral assets. The empirical exercises show that the shock that drives land prices is not the primary source of business cycles although it plays an important role in several specific economic episodes. In addition, we also estimate the causal effect of asset purchasing program.
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