| Budget Amount *help |
¥17,030,000 (Direct Cost: ¥13,100,000、Indirect Cost: ¥3,930,000)
Fiscal Year 2023: ¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2022: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2021: ¥5,850,000 (Direct Cost: ¥4,500,000、Indirect Cost: ¥1,350,000)
Fiscal Year 2020: ¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2019: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
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| Outline of Final Research Achievements |
This study attempts to elucidate the Japanese economy during the secular stagnation by constructing and estimating macroeconomic models. The specific features of this study are to incorporate the zero lower bound on the nominal interest rate as well as behavioral economics elements that assume that economic agents do not fully understand future economic conditions, while also taking into account quantitative easing policy. Through estimating the model, the effects of monetary policy were simulated and the causes of the secular stagnation were analyzed.
Some of the research outcomes led to working papers and publications, including two articles (including one planned) in the Journal of Money, Credit and Banking, a prestigious journal in the field of macroeconomics.
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