• Search Research Projects
  • Search Researchers
  • How to Use
  1. Back to previous page

Analysis of long-term stagnation using endogenous growth models with firm heterogeneity

Research Project

Project/Area Number 17K03635
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Economic theory
Research InstitutionWaseda University

Principal Investigator

Oikawa Koki  早稲田大学, 社会科学総合学術院, 教授 (90468728)

Project Period (FY) 2017-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2022)
Budget Amount *help
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2020: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Keywords経済成長 / 異質的企業 / 研究開発 / インフレーション / 企業退出 / Economic growth / Reallocation / Monetary policy / R&D / Firm exit / イノベーション / 金融政策 / 資源再配分 / 最適インフレ率 / 内生的成長 / 長期停滞 / 内生成長
Outline of Final Research Achievements

In response to the long-term stagnation of the Japanese economy, we analyzed (1) the effects of monetary policy on the reallocation of resources among firms and (2) the weakness of industry metabolism, as represented by low entry and exit rates, both theoretically and empirically, to obtain implications for economic growth policy. In the first theme, we showed that inflation has a growth-promoting effect by inducing a reallocation of resources to firms with high R&D efficiency. In the second theme, we showed that poor-performing firms stay in the market and weaken economic growth by delaying their exit. However, the negative effects were quantitatively small, suggesting that inefficiencies caused by bailouts of small firms are limited.

Academic Significance and Societal Importance of the Research Achievements

本研究の一つめの成果は、インフレ下では研究開発プロジェクトのセレクションが進み、より質の高い研究開発、よりインパクトのあるイノベーションが行われる傾向が強まり、経済成長を促進するメカニズムを明らかにしたことにある。これは、金融政策を通じてある程度のインフレを達成することの重要性を深めることになる。二つめの成果は、企業の退出行動の歪みがもつ経済成長抑制効果であるが、この歪みをもたらす典型的な例である中小企業救済策は経済成長に大きな影響を与えるほどではなかった。経済学論文としてのインパクトは薄くなったが、政策の是非を議論する際の情報整理の一つとしての意義は小さくないと考える。

Report

(7 results)
  • 2022 Annual Research Report   Final Research Report ( PDF )
  • 2021 Research-status Report
  • 2020 Research-status Report
  • 2019 Research-status Report
  • 2018 Research-status Report
  • 2017 Research-status Report
  • Research Products

    (15 results)

All 2023 2022 2021 2020 2019 2018 2017

All Journal Article (4 results) (of which Peer Reviewed: 4 results,  Open Access: 3 results) Presentation (11 results) (of which Int'l Joint Research: 11 results)

  • [Journal Article] REALLOCATION EFFECTS OF MONETARY POLICY2022

    • Author(s)
      Miyakawa Daisuke、Oikawa Koki、Ueda Kozo
    • Journal Title

      International Economic Review

      Volume: - Issue: 2 Pages: 947-975

    • DOI

      10.1111/iere.12558

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Firm Exit during the COVID-19 Pandemic: Evidence from Japan2021

    • Author(s)
      Miyakawa Daisuke、Oikawa Koki、Ueda Kozo
    • Journal Title

      Journal of the Japanese and International Economies

      Volume: 59 Pages: 1-35

    • DOI

      10.1016/j.jjie.2020.101118

    • NAID

      210000187324

    • Related Report
      2021 Research-status Report
    • Peer Reviewed / Open Access
  • [Journal Article] Short- and long-run tradeoff of monetary easing2019

    • Author(s)
      Koki Oikawa and Kozo Ueda
    • Journal Title

      Journal of Japanese and International Economy

      Volume: 印刷中 Pages: 189-200

    • DOI

      10.1016/j.jjie.2018.12.005

    • NAID

      210000180309

    • Related Report
      2019 Research-status Report 2018 Research-status Report
    • Peer Reviewed
  • [Journal Article] The optimal inflation rate under Schumpeterian growth2018

    • Author(s)
      Koki Oikawa and Kozo Ueda
    • Journal Title

      Journal of Monetary Economics

      Volume: 100 Pages: 114-125

    • DOI

      10.1016/j.jmoneco.2018.07.012

    • Related Report
      2018 Research-status Report
    • Peer Reviewed / Open Access
  • [Presentation] Misallocation under the Shadow of Death2023

    • Author(s)
      Koki Oikawa
    • Organizer
      American Economic Association
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Misallocation under the Shadow of Death2022

    • Author(s)
      Koki Oikawa
    • Organizer
      Society of Economic Dynamics
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Misallocation under the Shadow of Death2022

    • Author(s)
      Koki Oikawa
    • Organizer
      Asian Meeting of the Econometric Society in East and South-East Asia
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Decomposition of Innovation Ability2020

    • Author(s)
      Koki Oikawa
    • Organizer
      Irvine-Japan Conference on Public Policy
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Value v.s. Profit Limit Price2019

    • Author(s)
      Koki Oikawa
    • Organizer
      Midwest Macro Fall Meeting
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Reallocation Effect of Monetary Policy2019

    • Author(s)
      Koki Oikawa
    • Organizer
      University of Connecticut Economics Seminar
    • Related Report
      2019 Research-status Report
    • Int'l Joint Research
  • [Presentation] Reallocation Effects of Monetary Policy2018

    • Author(s)
      Koki Oikawa
    • Organizer
      Econometric Society European Meeting
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Innovation and Industry Dynamics2018

    • Author(s)
      Koki Oikawa
    • Organizer
      Computation in Economics and Finance
    • Related Report
      2018 Research-status Report
    • Int'l Joint Research
  • [Presentation] Reallocation Effect of Monetary Policy2018

    • Author(s)
      及川浩希
    • Organizer
      CIGS Conference on Macroeconomic Theory and Policy
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Reallocation Effect of Monetary Policy2018

    • Author(s)
      及川浩希
    • Organizer
      Econometric Society European Meeting
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research
  • [Presentation] Reallocation Effect of Monetary Policy2017

    • Author(s)
      及川浩希
    • Organizer
      Conference on 'Finance and Economic Growth in the Aftermath of the Crisis'
    • Related Report
      2017 Research-status Report
    • Int'l Joint Research

URL: 

Published: 2017-04-28   Modified: 2024-01-30  

Information User Guide FAQ News Terms of Use Attribution of KAKENHI

Powered by NII kakenhi