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Re-examination of Macroeconomic Policies: The Case of Heterogeneous Agents

Research Project

Project/Area Number 19H01493
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07040:Economic policy-related
Research InstitutionKyoto University (2020-2023)
Doshisha University (2019)

Principal Investigator

Mino Kazuo  京都大学, 経済研究所, 特任教授 (00116675)

Co-Investigator(Kenkyū-buntansha) 荒渡 良  同志社大学, 経済学部, 准教授 (20547335)
堀 健夫  東京工業大学, 工学院, 准教授 (80547513)
Project Period (FY) 2019-04-01 – 2023-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥16,250,000 (Direct Cost: ¥12,500,000、Indirect Cost: ¥3,750,000)
Fiscal Year 2022: ¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2021: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000)
Fiscal Year 2020: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2019: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Keywords企業の異質性 / 家計の異質性 / 課税政策 / 公共支出 / 利子率コントロール / 経済成長 / インフレーション / 公共投資の成長効果 / 貿易と資本移動 / 金融ショックの波及経路 / 所得と資産の分配 / 課税政策の分配効果 / 経済主体の異質性 / 財政政策 / 金融政策 / ヘクシャー・オリーン型2モデル / メリッツ型2国モデル / 連続時間の世代重複モデル / 家計と企業の異質性 / 人口高齢化 / 資産と所得の分配 / 貿易パターン / 資本移動 / 所得分配 / 政府規模 / 政府債務 / 借り入れ制約 / 金融ショックと実物ショック / 景気循環 / 政府の規模 / 財政政策の長期効果
Outline of Research at the Start

マクロ経済政策の効果を理論・数量的に分析するときには、これまで家計と企業の同質性を前提とすることが多かった。しかし現実のデータは、家計の所得や資産、企業の規模や技術水準には大きな偏りがあることを示している。本研究の目的は、家計と企業の異質性の存在を前提として、マクロ経済政策の効果を再検討することである。
日本経済は30年近くにわたり低成長から抜け出せないでいるが、真に有効な「成長戦略」を探るためにも、本研究が意図するより現実的な設定のもとにおけるマクロ経済政策の理論構築が必須である。本研究の最終的な目標は、マクロ経済政策の再検討を通して日本経済の活性化の道筋をより明確にすることである。

Outline of Final Research Achievements

We explore the effects of fiscal and monetary policy in the presence of heterogeneous firms and households.The main issues we investigate are (1) the relationship between public debt and economic growth in the presence of firm heterogeneity and financial constraints, (2) the effects of public investment on economic growth with heterogeneous firms, (3) international allocation of capital and wealth in the presence of firm heterogeneity and financial frictions, and (4) distributional effect of tax policies in an overlapping generations economy.
In inspecting each issue, we conduct numerical analyses to complement our theoretical discussions.

Academic Significance and Societal Importance of the Research Achievements

財政・金融政策は、マクロ経済変数だけではなく、家計間の所得分配や企業間の格差などのミクロ変数にも影響を与える。また政策によって生じたミクロ政策の変動がマクロ経済の動向に影響する。本研究では、このようなマクロとミクロの相互作用を考慮をしたうえで、財政・金融政策の効果を再検討した。
経済が良好なパフォーマンスを保つためには、政府が適切な財政・金融政策を実行することが必須である。本研究は、異質な家計と企業の存在を前提として政策効果を精密に分析し、より有効な政策が何かを探った。我々の研究は、少子高齢化が進み様々な政策課題を抱えているている日本経済にとっても重要性が高い。

Report

(5 results)
  • 2023 Final Research Report ( PDF )
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • 2020 Annual Research Report
  • 2019 Annual Research Report
  • Research Products

    (31 results)

All 2023 2022 2021 2020 2019 Other

All Int'l Joint Research (1 results) Journal Article (22 results) (of which Int'l Joint Research: 4 results,  Peer Reviewed: 21 results,  Open Access: 2 results) Presentation (7 results) (of which Int'l Joint Research: 3 results,  Invited: 1 results) Book (1 results)

  • [Int'l Joint Research] Academia Sinica (Taiwan)(その他の国・地域)

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Tax Evasion and Optimal Corporate Income Tax Rates in a Growing Economy2023

    • Author(s)
      Takeo Hori, Noritaka Maebayashi, Keiichi Morimoto
    • Journal Title

      Macroeconomic Dynamics

      Volume: 27 Pages: 743-769

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Asset Bubbles, Entrepreneurial Risks, and Economic Growth2023

    • Author(s)
      Takeo Hori, Ryonghun Im
    • Journal Title

      Journal of Economic Theory

      Volume: 210 Pages: 553-569

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Government Expenditure and Economic Growth: A heterogeneous-Agents Approach2023

    • Author(s)
      Ryo Arawatari, Takeo Hori, Kauo Mino
    • Journal Title

      Journal of Macroeconomics

      Volume: 75 Pages: 1-13

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Pension Reforms, Population Aging, and Retirement Decision of the Elderly in a Neoclassical Growth Model2023

    • Author(s)
      Kazuo Mino, Makoto Hirono
    • Journal Title

      Macroeconomic Dynamics

      Volume: 27 Pages: 275-269

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Long-run Consequences of Population Decline in an Economy with Exhaustible Resources2023

    • Author(s)
      Kazuo Mino, Hieoaki Sasaki
    • Journal Title

      Econoic Modelling

      Volume: 121 Pages: 1-10

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] On the Stationary Distribution of Income and Wealth in a Growing Economy with Endogenous Labor Supply2023

    • Author(s)
      Kazuo Mino
    • Journal Title

      Economics Bulletin

      Volume: 43 Pages: 108-115

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Pension Reforms, Population Aging, and Retirement Decision of the Elderly in a Neoclassical Growth Model2023

    • Author(s)
      Hirono Makoto, Mino Kazuo
    • Journal Title

      Macroeconomic Dynamics

      Volume: 27 Issue: 2 Pages: 275-296

    • DOI

      10.1017/s1365100521000390

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Long-run Consequences of Population Decline in an Economy with Exhaustible ResourcesEconoic Modelling2023

    • Author(s)
      Kazuo Mino and Hiroaki Sasaki
    • Journal Title

      Economic Modelling

      Volume: 121 Pages: 1-10

    • DOI

      10.1016/j.econmod.2023.106212

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Government expenditure and economic growth: A heterogeneous-agents approach2023

    • Author(s)
      Arawatari Ryo, Hori Takeo, Mino Kazuo
    • Journal Title

      Journal of Macroeconomics

      Volume: 75 Pages: 103486-103486

    • DOI

      10.1016/j.jmacro.2022.103486

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] International Coordination of Debt Rules with Time-inconsistent Voters2022

    • Author(s)
      Ryo Arawatari and Tetsuo Ono
    • Journal Title

      Journal of Public Economic Theory

      Volume: 25 Pages: 29-60

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Economic Growth and Structural Change: the Case of India2022

    • Author(s)
      Kazuo Mino
    • Journal Title

      The Cultural Bais of Economic Growth in India, edited by Kazuo Mino and Tadashi Yagi、Springer 所収

      Volume: - Pages: 29-63

    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Journal Article] Tax Evasion and Optimal Corporate Income Tax Rates in a Growing Economy2021

    • Author(s)
      Takeo Hori, Noritaka Maebayashi, and Keiichi Morimoto
    • Journal Title

      Macroeconomic Dynamics

      Volume: 27 Issue: 3 Pages: 743-769

    • DOI

      10.1017/s1365100521000638

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Endogenous information acquisition and the partial announcement policy2021

    • Author(s)
      Arato Hiroki、Hori Takeo、Nakamura Tomoya
    • Journal Title

      Information Economics and Policy

      Volume: 55 Pages: 1-13

    • DOI

      10.1016/j.infoecopol.2020.100898

    • NAID

      40022346041

    • Related Report
      2021 Annual Research Report 2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Ambitious Emissions Goal as a Strategic Preemption2021

    • Author(s)
      Hiroaki Yamagami, Ryo Arawatari, Takeo Hori
    • Journal Title

      Strategic Behavior and the Environment Policy

      Volume: 9 Pages: 145-174

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Time-Inconsistent Discounting and the Friedman Rule: Roles of Non-Unitary Discounting2021

    • Author(s)
      Takeo Hori, Koichi Futagami, Shoko Morimoto
    • Journal Title

      Oxford Economic Papers

      Volume: 73 Issue: 3 Pages: 1200-1217

    • DOI

      10.1093/oep/gpaa045

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Public debt rule breaking by time-inconsistent voters2021

    • Author(s)
      Ryo Arawatari and Tetsuo Ono
    • Journal Title

      European Journal of Political Economy

      Volume: - Pages: 1-20

    • DOI

      10.1016/j.ejpoleco.2021.102010

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Age Gap in Voter Turnout and Size of Government Debt2021

    • Author(s)
      Ryo Arawatari, Tetsuo Ono
    • Journal Title

      International Tax and Public Finance,

      Volume: 27 Pages: 435-460

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Income Taxation Rules and Stability of a Small Open Economy2020

    • Author(s)
      Been-Lon Chen, Yunfang Hu, Kazuo Mino
    • Journal Title

      Journal of Macroeconomics

      Volume: 65 Pages: 1-12

    • DOI

      10.1016/j.jmacro.2020.103236

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model2020

    • Author(s)
      Takeo Hori
    • Journal Title

      Scandinavian Journal of Economics

      Volume: 122 Issue: 4 Pages: 1343-1373

    • DOI

      10.1111/sjoe.12387

    • Related Report
      2020 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth2020

    • Author(s)
      Takeo Hori
    • Journal Title

      lAccepted at Scandinavian Journal of Economics (2020年掲載予定)

      Volume: ー

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Age Gap in Voter Turnout and Size of Government Debt2020

    • Author(s)
      Ryo Arawatari and Tetsuo Ono
    • Journal Title

      International Tax and Public Finance

      Volume: 27 Pages: 435-460

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Debt policy rule, utility-generating government spending, and indeterminacy of the transition path in an AK model”2019

    • Author(s)
      Takeo Hori and Noritaka Maebayshi
    • Journal Title

      Macroeconomic Dynamics

      Volume: 20 Pages: 2360-2377

    • Related Report
      2019 Annual Research Report
    • Peer Reviewed
  • [Presentation] Does Marriage Distort Labor Allocation?2023

    • Author(s)
      Ryo Arawatari, Takeo Hori, Daichi Shirai
    • Organizer
      第17回若手経済学者のためのマクロ経済学コンファレンス
    • Related Report
      2022 Annual Research Report
  • [Presentation] Non-homothetic Utility Function and the Wealth Inequality in a Global Economy2023

    • Author(s)
      Yunfang Hu, Kazuo Mino, Yasuhiro Nakamoto
    • Organizer
      国際経済学会全国大会
    • Related Report
      2022 Annual Research Report
  • [Presentation] PopulationAging and Income Inequality in a Semi-Endogenous Growth Model2023

    • Author(s)
      Kazuo Mino, Hiroki Sasaki
    • Organizer
      二神孝一教授追悼コンファレンス
    • Related Report
      2022 Annual Research Report
  • [Presentation] Does marriage distort labor allocation?2023

    • Author(s)
      Ryo Arawatari, Takeo Hori, Daichi Shirai
    • Organizer
      第17回若手経済学者のためのマクロ経済学コンファレンス
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] A heterogeneous-firm model of trade and growth with country-specific credit constraints2023

    • Author(s)
      Yunfamg Hu, Kazuo MIno, and Ryoji Ohdoi
    • Organizer
      International Conference on International Trade and Macroeconomic Dynamics
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Public Debt and Economic Growth with Fincial Frictions2019

    • Author(s)
      Kazuo Mino
    • Organizer
      International Conference on Trade, Financial Integration, and Macroeconomic Dynamics (Kobe University)
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Public Debt and Economic Growth with Fincial Frictions2019

    • Author(s)
      Kazuo Mino
    • Organizer
      International Conference on Income Distribution and Economic Growth (Kyoto University)
    • Related Report
      2019 Annual Research Report
    • Int'l Joint Research
  • [Book] The Cultural Basis of Economic Growth in India2022

    • Author(s)
      Kazuo Mino and Tadashi Yagi 編著
    • Total Pages
      173
    • Publisher
      Springer
    • ISBN
      9789811593048
    • Related Report
      2021 Annual Research Report

URL: 

Published: 2019-04-18   Modified: 2025-01-30  

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