| Co-Investigator(Kenkyū-buntansha) |
青木 周平 信州大学, 学術研究院社会科学系, 准教授 (00584070)
赤池 伸一 文部科学省科学技術・学術政策研究所, その他部局等, 上席フェロー (50611612)
渡辺 努 東京大学, 大学院経済学研究科(経済学部), 教授 (90313444)
平野 智裕 東京大学, 大学院経済学研究科(経済学部), 講師 (60609064)
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| Budget Amount *help |
¥16,900,000 (Direct Cost: ¥13,000,000、Indirect Cost: ¥3,900,000)
Fiscal Year 2022: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2021: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2020: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2019: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2018: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
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| Outline of Final Research Achievements |
This research project was concerned with the origins of macroeconomic fluctuations. The project proposed a theoretical framework in which microeconomic agents' interactions in equilibrium generate aggregate fluctuations, and verified it using both micro- and macro-economic datasets, with special focus on power law distributions. The project produced an article published in Theoretical Economics of the Econometric Society, in which we argue that an empirical power law distribution of asset price fluctuations can be generated by informed traders' equilibrium inference on other traders' private information. The project also analyzed the supply-chain disruptions caused by the Great East Japan Earthquake of 2011 and demonstrated that the shock propagated to an unexpectedly wide range of firms through supply chain. This research was published in Quarterly Journal of Economics and mentioned by The Economist magazine.
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