Macroeconomic analysis with imperfect financial markets

• Project/Area Number: 19730140
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Single-year Grants
• Research Field: Economic theory
• Research Institution: Kyoto University
• Principal Investigator: NAKAJIMA Tomoyuki Kyoto University, 経済研究所, 准教授 (50362405)
• Project Period (FY): 2007 – 2010
• Project Status: Completed (Fiscal Year 2010)
• Budget Amount: ¥3,140,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥540,000); Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2009: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2008: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000); Fiscal Year 2007: ¥800,000 (Direct Cost: ¥800,000)
• Keywords: 景気循環 / 非完備市場 / 資産価格 / 担保制約 / 最適金融政策 / ニュースショック / 価格粘着性

Research Abstract

We have analyzed how various forms of financial market imperfection affect the macro economy. (1) How labor and capital income should be taxed in the presence of uninsurable labor income risks? (2) When there exists involuntary unemployment due to imperfections both in the labor and financial markets, how monetary policy should be conducted to stabilize the economy? (3) Suppose that the amount of working capital of firms are constrained by collateral constraint. What kind of implications does it have for macroeconomic fluctuations?

Research Products

• [Journal Article] Global liquidity trap (2011)
  • Author(s): Ippei Fujiwara, Tomoyuki Nakajima, Nao Sudo, Yuki Teranishi
  • Journal Title: NBER Working Paper No.16867
• [Journal Article] Uninsured countercyclical risk : an aggregation result and application to optimal monetary policy (2011)
  • Author(s): R.Anton Braun, Tomoyuki Nakajima
  • Journal Title: Journal of the European Economic Association Volume: (近刊)
  • Peer Reviewed
• [Journal Article] Collateral constraint and news-driven cycles (2011)
  • Author(s): Keiichiro Kobayashi, Tomoyuki Nakajima, Masaru Inaba
  • Journal Title: Macroeconomic Dynamics Volume: (近刊)
  • Peer Reviewed
• [Journal Article] 共有知識の不完全性とマクロ経済学 (2010)
  • Author(s): 荒戸寛樹、中嶋智之
  • Journal Title: 一橋大学経済研究 61 Pages: 33-46
  • NAID: 120003802831
  • Peer Reviewed
• [Journal Article] Optimal monetary policy with imperfect unemployment insurance (2010)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: Journal of Economic Dynamics and Control 34 Pages: 365-387
  • NAID: 120002514709
  • Peer Reviewed
• [Journal Article] Optimal monetary policy with imperfect unemployment insurance (2010)
  • Author(s): Nakajima, Tomoyuki
  • Journal Title: Journal of Economic Dynamics and Control 34 Pages: 365-387
  • NAID: 120002514709
  • Peer Reviewed
• [Journal Article] 共有知識の不完全性とマクロ経済学 (2010)
  • Author(s): 荒戸寛樹、中嶋智之
  • Journal Title: 経済研究
  • NAID: 120003802831
• [Journal Article] Optimal monetary policy with imperfect unemployment insurance (2009)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: RIETI Discussion Paper Series 09-E-014 Pages: 1-41
  • NAID: 120002514709
• [Journal Article] Pareto optimal procyclical research and development (2009)
  • Author(s): R. Anton Braun and Tomoyuki Nakajima
  • Journal Title: CIRJE Discussion Papers F-617 Pages: 1-27
• [Journal Article] Liquidity trap and optimal monetary policy in open economies (2008)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: Journal of the Japanese and International Economies 22 Pages: 1-33
  • NAID: 210000180240
  • Peer Reviewed
• [Journal Article] Asset price fluctuations in Japan : 1980-2000 (2008)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: Japan and the World Economy 20 Pages: 129-153
  • Peer Reviewed
• [Journal Article] Asset price fluctuations in Japan: 1980-2000 (2008)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: Japan and the World Economy 20 Pages: 129-153
  • Peer Reviewed
• [Journal Article] Collateral constraint and news-driven cycles (2007)
  • Author(s): Tomoyuki Nakajima
  • Journal Title: RIETI Discussion Paper Series 07-E-013 Pages: 1-34
• [Journal Article] Uninsured countercyclical risk : an aggregation result and application to optimal monetary policy
  • Author(s): R.Anton Braun, Tomoyuki Nakajima
  • Journal Title: Journal of the European Economic Association 近刊
  • Peer Reviewed
• [Journal Article] Collateral constraint and news-driven cycles
  • Author(s): Keiichiro Kobayashi, Tomoyuki Nakajima, Masaru Inaba
  • Journal Title: Macroeconomic Dynamics 近刊
  • Peer Reviewed
• [Journal Article] 共有知識の不完全性とマクロ経済学
  • Author(s): 荒戸寛樹、中嶋智之
  • Journal Title: 経済研究 近刊
  • NAID: 120003802831
• [Presentation] Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets (2010)
  • Author(s): Tomoyuki Nakajima
  • Organizer: Econometric Society 10^<th> World Congress
  • Place of Presentation: 上海(中国)
  • Year and Date: 2010-08-18
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2010)
  • Author(s): 中嶋智之
  • Organizer: Econometric Society World Congress
  • Place of Presentation: 上海(中国)
  • Year and Date: 2010-08-17
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2010)
  • Author(s): 中嶋智之
  • Organizer: Conference on macroeconomic theory and policy
  • Place of Presentation: Canon Institute for Global Studies (Tokyo)
  • Year and Date: 2010-05-29
• [Presentation] Optimal taxation and constrained inefficiency in an infinite-horizon economy with incomplete markets (2010)
  • Author(s): Tomoyuki Nakajima
  • Organizer: Conference on macroeconomic theory and policy
  • Place of Presentation: Canon Institute for Global Studies
  • Year and Date: 2010-05-29
• [Presentation] Constrained inefficiency and optimal taxation under uninsurable risks (2010)
  • Author(s): 中嶋智之
  • Organizer: マクロ経済学研究会
  • Place of Presentation: 東京大学(東京)
  • Year and Date: 2010-05-13
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2010)
  • Author(s): 中嶋智之
  • Organizer: 第4回若手経済学者のためのマクロ 経済学コンファレンス
  • Place of Presentation: 千里阪急ホテル(大阪)
  • Year and Date: 2010-03-15
• [Presentation] Optimal taxation and constrained inefficiency (2010)
  • Author(s): 中嶋智之
  • Organizer: 第4回若手経済学者のためのマクロ経済学コンファレンス(招待講演)
  • Place of Presentation: 千里阪急ホテル(大阪)
  • Year and Date: 2010-03-15
• [Presentation] Optimal taxation and constrained inefficiency(招待講演) (2010)
  • Author(s): 中嶋智之
  • Organizer: 第4回若手経済学者のためのマクロ経済学コンファレンス
  • Place of Presentation: 大阪千里阪急ホテル
  • Year and Date: 2010-03-15
• [Presentation] Global liquidity trap (2009)
  • Author(s): 中嶋智之 発表表題
  • Organizer: マクロ経済学研究会
  • Place of Presentation: 日本銀行金融研究所(東京)
  • Year and Date: 2009-12-17
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2009)
  • Author(s): 中嶋智之
  • Organizer: International Conference of Economic Growth, Dynamics, and Policies
  • Place of Presentation: National Graduate Institute for Policy Studies (Tokyo)
  • Year and Date: 2009-11-20
• [Presentation] Optimal taxation and constrained inefficiency (2009)
  • Author(s): 中嶋智之
  • Organizer: International Conference on Economic Growth, Dynamics, and Policies
  • Place of Presentation: GRIPS (Tokyo, Japan)
  • Year and Date: 2009-11-20
• [Presentation] Optimal taxation and constrained inefficiency (2009)
  • Author(s): Tomoyuki Nakajima
  • Organizer: International conference on economic growth, dynamics, and policies
  • Place of Presentation: National Graduate Institute for Policy
  • Year and Date: 2009-11-20
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2009)
  • Author(s): 中嶋智之
  • Organizer: Conference on Economic Growth and Macro Policies in honor of Robert E.Lucas, Jr.and Nancy L.Stokey.
  • Place of Presentation: Seoul National University (Seoul, Korea)
  • Year and Date: 2009-09-17
• [Presentation] Optimal taxation and constrained inefficiency (2009)
  • Author(s): 中嶋智之
  • Organizer: Conference on Economic Growth and Macro Policies
  • Place of Presentation: Seoul National University (Seorul, Korea)
  • Year and Date: 2009-09-17
• [Presentation] Optimal taxation and constrained inefficiency (2009)
  • Author(s): Tomoyuki Nakajima
  • Organizer: Conference on economic growth and macro policies
  • Place of Presentation: Seoul National University
  • Year and Date: 2009-09-17
• [Presentation] Optimal taxation and constrained inefficiency in an infinite horizon economy with incomplete markets (2009)
  • Author(s): 中嶋智之
  • Organizer: Summer Workshop on Economic Theory
  • Place of Presentation: 小樽商科大学(札幌)
  • Year and Date: 2009-08-10
• [Presentation] Constrained inefficiency and optimal taxation under uninsurable risks (2009)
  • Author(s): 中嶋智之
  • Organizer: 関西マクロ経済学研究会
  • Place of Presentation: 大阪大学(大阪)
  • Year and Date: 2009-06-12
• [Presentation] Optimal monetary policy when asst markets are incomplete (2009)
  • Author(s): 中嶋智之
  • Organizer: Conference on Macroeconomic Theory
  • Place of Presentation: Singapore Management University (Singapore)
  • Year and Date: 2009-04-17
• [Presentation] Optimal monetary policy when asst markets are incomplete (2008)
  • Author(s): 中嶋智之
  • Organizer: CEPR-RIETI Conference
  • Place of Presentation: 経済産業研究所(東京)
  • Year and Date: 2008-12-19
• [Presentation] Optimal monetary policy when asset markets are incomplete (2008)
  • Author(s): Tomoyuki Nakajima
  • Organizer: CEPR-RIETI Workshop
  • Place of Presentation: 経済産業研究所
  • Year and Date: 2008-12-19
• [Presentation] Collateral constraint and news-driven cycles (2007)
  • Author(s): 中嶋智之
  • Organizer: Society of Economic Dynamics
  • Place of Presentation: Prague (Czech Republic)
  • Year and Date: 2007-06-30
• [Presentation] Collateral constraint and news-driven cycles (2007)
  • Author(s): Tomoyuki Nakajima
  • Organizer: Society of Economic Dynamics
  • Place of Presentation: Prague
  • Year and Date: 2007-06-30
• [Remarks] ホームページ等
  • URL: http://www.kier.kyoto-u.ac.jp/~nakajima/research/research.html
• [Remarks]
  • URL: http://www.kier.kyoto-u.ac.jp/~nakajima/research/research.html