| Budget Amount *help |
¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2010: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2008: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Research Abstract |
I conducted three research projects. In the first one, I investigated roles of information imperfection of market participants on a central bank’s monetary policy in exchange rate fluctuations within a framework of dynamic stochastic general equilibrium models (DSGEs). Along this equilibrium, I then observed delayed overshooting of exchange rates in response of monetary policy shocks that many past studies empirically found but theoretically failed to generate.
In the second project, I applied Bayesian estimation and model validation methods to my investigation of a small open economy model with habit formation in consumption. I also developed a Bayesian calibration framework for evaluating a DSGE model within the frequency domain.
In the third project, I empirically scrutinized a role of transport costs in regional price dispersions with the unique data set of wholesale prices of agricultural products in Japan. I identified and estimated a surprisingly large role of transport costs in observed regional price differentials relative to those found in past studies.
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