Understanding the Gains from Wage Rigidity in a Currency Union with Default Risk: Focusing on the Relationship between Terms of Trade and Fiscal Balance
| Project/Area Number |
19K01755
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Nagoya City University |
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Principal Investigator |
OKANO Eiji 名古屋市立大学, 大学院経済学研究科, 教授 (20406713)
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| Project Period (FY) |
2019-04-01 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥4,160,000 (Direct Cost: ¥3,200,000、Indirect Cost: ¥960,000)
Fiscal Year 2021: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2020: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2019: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Keywords | 賃金硬直性 / 経済厚生 / 共通通貨圏 / 名目賃金の硬直性 / 厚生損失 / 金融政策 / 動学的確率的一般均衡 / Wage Rigidity / Default Risk / 経済厚生損失 / ニューケインジアン / 名目賃金硬直性 / Sovereign Risk / Optimal MonetaryPolicy / Welfare Gains / Currency Union |
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| Outline of Research at the Start |
本研究ではGM (2016)と異なりデフォルトリスクを伴う共通通貨圏では名目賃金の硬直性は経済厚生損失削減に寄与しないこと、つまり、名目賃金の硬直性が低いほど経済厚生損失は削減されることを変動相場制との対比において明らかにする。そのため、Uribe (2006, JME)のデフォルトメカニズムが導入された動学的確率的一般均衡(Dynamic Stochastic General Equilibrium、DSGE)に基づく小国開放経済モデルを導出し、経済厚生損失が様々な賃金硬直性の下でどのような影響を受けるか検討する。
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| Outline of Final Research Achievements |
This study analyzes how wage rigidity affects social welfare, by exploiting dynamic general equilibrium and focusing on the relationship between changes in the terms of trade and fiscal balance. Even in previous works, similar to this study, how wage rigidity affects social welfare, by exploiting the framework adopted by this study. Although previous works focus on changes in the terms of trade, however, those do focus on fiscal balance. Because of this, how fiscal balance affects the relationship between wage rigidity and social welfare is not considered. To consider this and analyze, unlike those previous works, the model in this study includes government budget constraint with endogenous fiscal feed back rule like Bohn rule explicitly. This study has succeeded to show that wage flexibility enhances social welfare in many cases, although previous works showed that wage flexibility does not necessary enhance social welfare in a currency union.
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| Academic Significance and Societal Importance of the Research Achievements |
先行研究では共通通貨圏において賃金伸縮性は必ずしも経済厚生を高めることではないと主唱されている。本研究では政府を明示的にモデルに取り込むことで、先行研究とは異なり賃金伸縮性は経済厚生を高めることを示した。金融政策は財政政策と共に考えることでより現実的な政策的含意が得られるとするならば、現実的な政策的含意が得られたという点で本研究の成果は大いに意義があると言える。
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Report
(5 results)
Research Products
(14 results)
