| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2017: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Outline of Final Research Achievements |
I would like to introduce the results of two papers, which are main studies of this project. First, we examine the effects of public investment on stock returns using Japanese cross-industry data. The empirical results show that public investment shocks have strong and stimulating effects on stock returns when the nominal interest rate is at the zero-lower bound (ZLB) . The results imply that the government should increase public investment under the zero-interest bound to prop up the stock market. Second, we examine the effects of the interactions between “unconventional” monetary policy and fiscal stimulus on regional employment in Japan. We run VARs for 9 regions in Japan over the sample period from 1986 Q1 to 2016 Q4. Our empirical findings show that the interactions between aforementioned policies increased employment and decreased unemployment in Tokyo metropolitan areas.
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