Connecting Business Cycle Research and Endogenous Growth Research; Theory and Application

• Project/Area Number: 16K17080
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic theory
• Research Institution: Hitotsubashi University
• Principal Investigator: Jinnai Ryo 一橋大学, 経済研究所, 准教授 (50765617)
• Research Collaborator: Guerron-Quintana Pablo
• Project Period (FY): 2016-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000); Fiscal Year 2018: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
• Keywords: 経済成長 / 景気循環 / 世界同時大不況 / 金融 / 大不況 / 流動性 / バブル / マクロ経済学

Outline of Final Research Achievements

I have developed an economic model that can account for both business cycle fluctuations as well as the growth trend. I have applied the model to the data with particular interests in causes of the Great Recession as well as the subsequent slowdown in growth trend. I have also written a survey paper in Japanese, providing a summary of the recent development in macroeconomic research aiming for unifying the real business cycle models and the endogenous growth models. I have given numerous talks in seminars and conferences to publicize the research outcomes.

Academic Significance and Societal Importance of the Research Achievements

研究成果はマクロ経済学研究において考慮すべき重要な要因は何かという問に対し一定の答えを出した。つまり、金融市場や研究開発、人的投資といった要因を真剣に検討することが、現実の経済を理解する上で重要であることを示した。得られた結果は、経済政策の効果や、その経済厚生への含意を考える際にも重要である。今後、人口減少が加速する我が国において経済成長を高めるためにはどのような政策をとれば良いか、そのためのコストはどのくらいか、また、政策によって生じるリスクはあるか、などを考える上でも、重要な示唆を与える。

Research Products

• [Int'l Joint Research] Boston College/University of Pennsylvania(米国)
• [Int'l Joint Research] ボストンカレッジ/ペンシルベニア大学(米国)
• [Int'l Joint Research]
• [Journal Article] Financial Frictions, Trends, and the Great Recession (2019)
  • Author(s): Pablo Guerron-Quintana and Ryo Jinnai
  • Journal Title: Quantitative Economics Volume: 印刷中
  • Peer Reviewed / Open Access / Int'l Joint Research
• [Journal Article] 景気循環理論と内生的成長理論との統合；研究動向と日本経済への適用可能性 (2017)
  • Author(s): 陣内 了
  • Journal Title: 経済研究 Volume: 68 Pages: 289-302
  • NAID: 120006733392
  • Peer Reviewed / Open Access
• [Presentation] On Liquidity Shocks and Asset Prices (2019)
  • Author(s): Ryo Jinnai
  • Organizer: 日本銀行調査統計局セミナー
  • Invited
• [Presentation] Recurrent Bubbles and Economic Growth (2019)
  • Author(s): Ryo Jinnai
  • Organizer: 東北大学 現代経済学研究会
  • Invited
• [Presentation] Recurrent Bubbles and Economic Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: CIGS conference
  • Int'l Joint Research
• [Presentation] Recurrent Bubbles and Economic Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: China International Conference in Macroeconomics
  • Int'l Joint Research / Invited
• [Presentation] Recurrent Bubbles and Economic Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: Expectations in Dynamic Macroeconomic Models
  • Int'l Joint Research
• [Presentation] Recurrent Bubbles and Economic Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: RIEBセミナー
  • Invited
• [Presentation] Recurrent Bubbles and Economic Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: LACEA-LAMES Annual Meeting
  • Int'l Joint Research
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: 日本経済研究センター 研究会
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: 若手経済学者のためのマクロ経済学コンファレンス
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: Pan Pacific Conference in Economic Research
  • Int'l Joint Research / Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2018)
  • Author(s): Ryo Jinnai
  • Organizer: RIETI international workshop; long-term growth and secular stagnation
  • Int'l Joint Research / Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: Macro-Finance Workshop
  • Int'l Joint Research / Invited
• [Presentation] 景気循環理論と内生的成長理論との統合； 研究動向と日本経済への適用可能性 (2017)
  • Author(s): 陣内 了
  • Organizer: 経済研究所 定例研究会
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: Econometric Society China Meeting
  • Int'l Joint Research
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: 早稲田大学 現政研セミナー
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: 東京大学先端研セミナー
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: Frontiers in Macroeconomics and Macroeconometrics
  • Int'l Joint Research / Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: 東京大学金融教育研究センター・日本銀行調査統計局 第７回共催コンファレンス
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: 東京大学ミクロ経済学セミナー
  • Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: Hitotsubashi-RIETI International Workshop on Real Estate and the Macro Economy
  • Int'l Joint Research / Invited
• [Presentation] Recurrent Bubbles, Economic Fluctuations, and Growth (2017)
  • Author(s): Ryo Jinnai
  • Organizer: 岡山大学経済学部現代経済セミナー
  • Invited
• [Presentation] Financial Frictions, Trends, and the Great Recession (2016)
  • Author(s): 陣内 了
  • Organizer: Growth-Macro conference
  • Place of Presentation: アインシュタイン ザンクト ガレン（スイス・ザンクトガレン市）
  • Year and Date: 2016-10-21
  • Int'l Joint Research / Invited
• [Presentation] Financial Frictions, Trends, and the Great Recession (2016)
  • Author(s): 陣内 了
  • Organizer: Asian Meeting of Econometric Society
  • Place of Presentation: 同志社大学（京都府・京都市）
  • Year and Date: 2016-08-11
  • Int'l Joint Research
• [Presentation] Financial Frictions, Trends, and the Great Recession (2016)
  • Author(s): 陣内 了
  • Organizer: The 2nd Hitotsubashi Summer Institute
  • Place of Presentation: 一橋大学（東京都・国立市）
  • Year and Date: 2016-08-05
  • Int'l Joint Research / Invited
• [Presentation] Bubbles, Crashes, and Super-Hysteresis (2016)
  • Author(s): 陣内 了
  • Organizer: Summer Workshop in Economic Theory
  • Place of Presentation: 小樽商科大学（北海道・小樽市）
  • Int'l Joint Research / Invited
• [Presentation] Financial Frictions, Trends, and the Great Recession (2016)
  • Author(s): 陣内 了
  • Organizer: DSGE workshop
  • Place of Presentation: 専修大学（東京都・千代田区）
  • Invited
• [Presentation] Financial Frictions, Trends, and the Great Recession (2016)
  • Author(s): 陣内 了
  • Organizer: 慶應大学 マクロ経済学ワークショップ
  • Place of Presentation: 慶應大学（東京都・港区）
  • Invited
• [Remarks] Ryo Jinnai's Page
  • URL: http://www.ier.hit-u.ac.jp/~rjinnai/