| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2020: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2019: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
The objective of this project is to analyze interaction of forward guidance and macroprudential policy. The main finding of this research project is as follows. I found that the long zero-interest-rate policy possibly increases the excess credit expansion (Hasui, 2020, Bulletin of Matsuyama University). On the other hand, credit stabilization policy expands credit when the economy is in a liquidity trap. This is because the strong credit stabilization policy requires the longer zero-interest-rate policy, and hence the excess credit expansion occurs.
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