| Project/Area Number |
20730139
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic theory
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| Research Institution | Kansai University |
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Principal Investigator |
NAKAGAWA Ryuichi Kansai University, 経済学部, 教授 (60309614)
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| Project Period (FY) |
2008 – 2010
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| Project Status |
Completed (Fiscal Year 2010)
|
| Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2010: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2008: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | マクロ経済学 / 金融政策 / 金融市場の効率性 / 生命保険 / 銀行 / 横並び行動 / 適応的学習 / 均衡の一意性 / 銀行の横並び行動 / 総需要の利子弾力性 / インフレ・ターゲッティング |
|---|
| Research Abstract |
In this research project, I have investigated optimal monetary policy in inefficient financial markets. I obtain three results. First, the effect of monetary policy on the economy is reduced when financial markets become inefficient. Second, Japanese banks followed herd behavior in domestic loan markets, and the bank herding reduced the efficiency of the Japanese financial market. Third, the nominal interest rate rules controlled by the Bank of Japan had a limited effect on the Japanese economy.
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