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Policymakers' incentive and the Design of Monetary Policy Committees

Research Project

Project/Area Number 16K17122
Research Category

Grant-in-Aid for Young Scientists (B)

Allocation TypeMulti-year Fund
Research Field Economic policy
Research InstitutionMeiji University (2020)
Meisei University (2016-2019)

Principal Investigator

Morimoto Keiichi  明治大学, 政治経済学部, 専任准教授 (50609815)

Project Period (FY) 2016-04-01 – 2021-03-31
Project Status Completed (Fiscal Year 2020)
Budget Amount *help
¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Keywordsマクロ経済学 / 金融政策 / 委員会 / 政策委員会 / 協力ゲーム / 金融政策委員会 / 組織の経済学
Outline of Final Research Achievements

Focusing on the incentive structure of the actual policymakers, this program reexamines the design of monetary policy committees in a theoretical framework. The model adopted in this program incorporates the incentive caused by transparency and the carrier concern of committee members. The author explores the optimal size of the monetary policy committee and the role of the voting rules, and find the followings. When the coordination motive among the committee members is strong, smaller monetary policy committees improve social welfare. The same result holds under the median-voting rule.

Academic Significance and Societal Importance of the Research Achievements

まず、金融政策委員会の意思決定を織り込んだ金融政策の理論分析は十分おこなわれておらず、マクロ経済学における本件の理論的な新規性は高い。また、委員会における透明性とキャリア形成意識という先端的なミクロ経済理論のトピックを具体例に応用し、その含意を集団的意思決定の設計という文脈で引き出している。
政策決定に関する透明性が重視される現代において、それを前提とした政策制度の設計を論じることは、学術研究が果たすべき重要な社会的貢献であると考えられる。

Report

(6 results)
  • 2020 Annual Research Report   Final Research Report ( PDF )
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (6 results)

All 2021 2019 2018 Other

All Journal Article (3 results) (of which Peer Reviewed: 2 results,  Open Access: 3 results) Presentation (1 results) Remarks (1 results) Funded Workshop (1 results)

  • [Journal Article] Information Use and the Condorcet Jury Theorem2021

    • Author(s)
      Keiichi Morimoto
    • Journal Title

      Mathematics

      Volume: 9(10) Issue: 10 Pages: 1089-1089

    • DOI

      10.3390/math9101098

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 金融政策の政策目的の異質性と政策効果2019

    • Author(s)
      盛本圭一
    • Journal Title

      明星大学経済学研究紀要

      Volume: 51 Pages: 31-39

    • Related Report
      2019 Research-status Report
    • Open Access
  • [Journal Article] Further Results on Preference Uncertainty and Monetary Conservatism2018

    • Author(s)
      Keiichi Morimoto
    • Journal Title

      Economics Bulletin

      Volume: 38(1) Pages: 583-592

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access
  • [Presentation] Impacts of Transparency on Heterogeneous Agents2019

    • Author(s)
      Keiichi Morimoto
    • Organizer
      The 49th MUETEI Workshop
    • Related Report
      2018 Research-status Report
  • [Remarks] 盛本圭一の研究活動

    • URL

      https://sites.google.com/site/morimotokeiichi/research

    • Related Report
      2016 Research-status Report
  • [Funded Workshop] MUETEI Workshop2018

    • Related Report
      2018 Research-status Report

URL: 

Published: 2016-04-21   Modified: 2022-01-27  

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