| Co-Investigator(Kenkyū-buntansha) |
UEDA Kazuo 東京大学, 大学院・経済学研究科, 教授 (90151787)
ARIGA Kenn 京都大学, 経済研究所, 教授 (60159506)
ICHIMURA Hidehiko 東京大学, 大学院・経済学研究科, 教授 (50401196)
ABE Naohito 一橋大学, 経済研究所, 教授 (30323893)
NAKAJIMA Tomoyuki 京都大学, 経済研究所, 准教授 (50362405)
SHIOJI Etsuro 一橋大学, 大学院・経済学研究科, 教授 (50301180)
IWAISAKO Tokuo 一橋大学, 経済研究所, 非常勤研究員 (90292523)
HONDA Toshiki 一橋大学, 大学院・国際企業戦略研究科, 准教授 (70303063)
KAMBAYASHI Ryo 一橋大学, 経済研究所, 准教授 (40326004)
OHASHI Hiroshi 東京大学, 大学院・経済学研究科, 准教授 (00361577)
FUKUDA Shinichi 東京大学, 大学院・経済学研究科, 教授 (00221531)
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| Budget Amount *help |
¥413,660,000 (Direct Cost: ¥318,200,000、Indirect Cost: ¥95,460,000)
Fiscal Year 2010: ¥79,040,000 (Direct Cost: ¥60,800,000、Indirect Cost: ¥18,240,000)
Fiscal Year 2009: ¥81,120,000 (Direct Cost: ¥62,400,000、Indirect Cost: ¥18,720,000)
Fiscal Year 2008: ¥72,670,000 (Direct Cost: ¥55,900,000、Indirect Cost: ¥16,770,000)
Fiscal Year 2007: ¥87,880,000 (Direct Cost: ¥67,600,000、Indirect Cost: ¥20,280,000)
Fiscal Year 2006: ¥92,950,000 (Direct Cost: ¥71,500,000、Indirect Cost: ¥21,450,000)
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| Research Abstract |
Low inflation has been a fact of economic life in many countries over the last two decades. This tendency is particularly clear for the Japanese economy : the inflation rate has been staying below zero since the latter half of the 1990s. The purpose of this project is to study the causes and implications of such a change in the inflation process. The key idea is that a decline in the inflation rate at the macro level should be closely related to changes in firms' microeconomics behaviors. Our main finding is that Japanese firms change their prices more frequently than U. S. and European firms, and that the frequency of price adjustments tends to increase over the last ten years. This finding indicates that, in Japan, prices are less sticky at the micro level, contradicting the high price stickiness at the macro level that has been found by previous studies regarding the slope of the Phillips curve in Japan. We have provided empirical evidence suggesting that the inconsistency between micro and macro price stickiness stems from strategic complementarities in price setting of Japanese firms.
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