Heterogeneous goods and monetary and fiscal policies

• Project/Area Number: 18K01520
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07010:Economic theory-related
• Research Institution: Waseda University
• Principal Investigator: Katayama Munechika 早稲田大学, 政治経済学術院, 准教授 (20718134)
• Project Period (FY): 2018-04-01 – 2021-03-31
• Project Status: Completed (Fiscal Year 2020)
• Budget Amount: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000); Fiscal Year 2020: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2018: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: 異質性 / 不確実性ショック / 認識の乖離 / 不確実性 / COVID-19 / 流動性 / 労働者の異質性 / 流動性制約 / 財の異質性 / 金融政策

Outline of Final Research Achievements

The main results obtained through this research project are the following. (1) We show that sectoral immobility is crucial for generating responses to the uncertainty shock that is consistent with empirical evidence when we allow for heterogeneity in durability and price rigidity. (2) With distinct types of workers, we find that different degrees of wage stickiness can have an impact on the effectiveness of the monetary policy. (3) We analyze the impact of the COVID-19 pandemic on the economy and find that the degree of misperception about infection has an important effect on the tradeoff between containment policy and supporting economic activity.

Academic Significance and Societal Importance of the Research Achievements

本研究課題では、これまでのマクロ経済分析では捨象されることが多かった、財の性質（耐久性や価格粘着性など）や労働者の特性が異なる場合について焦点を当てて分析を行なった。このような場合では、従来の研究で金融政策が予期せぬ結果をもたらすことが知られており、現実経済をより正確に記述するためにどのような要素が必要か解き明かすことは極めて学術的意義がある。また、予期せぬ新型コロナの感染拡大に対して、感染状況に関する認識の乖離が与える影響を分析したことは極めて社会的意義があると考える。

Research Products

• [Int'l Joint Research] Vanderbilt University(米国)
• [Int'l Joint Research] Boston College/University of Pennsylvania(米国)
• [Int'l Joint Research] Boston College(米国)
• [Int'l Joint Research] Vanderbilt University/Boston College/University of Pennsylvania(米国)
• [Int'l Joint Research] Yonsei University(韓国)
• [Journal Article] COVID-19 Misperception and Macroeconomy (2020)
  • Author(s): Masashige Hamano, Munechika Katayama, and So Kubota
  • Journal Title: WINPEC Working Paper Series Volume: E2016 Pages: 1-26
• [Journal Article] Sticky-Wage Models and Knowledge Capital (2019)
  • Author(s): Kevin X. D. Huang, Munechika Katayama, Mototsugu Shintani, Takayuki Tsuruga
  • Journal Title: Osaka University, The Institute of Social and Economic Research Discussion Paper Volume: 1046 Pages: 1-22
  • NAID: 40022347257
  • Open Access / Int'l Joint Research
• [Journal Article] Uncertainty shocks and the relative price of investment goods (2018)
  • Author(s): Katayama Munechika、Kim Kwang Hwan
  • Journal Title: Review of Economic Dynamics Volume: 30 Pages: 163-178
  • DOI: 10.1016/j.red.2018.05.003
  • Peer Reviewed / Int'l Joint Research
• [Presentation] On Financial Risk, Growth, and Long-Run Risk (2018)
  • Author(s): Munechika Katayama
  • Organizer: Latin American Meeting of the Econometric Society
  • Int'l Joint Research