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Heterogeneity and Effectiveness of Fiscal and Monetary Policies

Research Project

Project/Area Number 20H01505
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 InstitutionSenshu University (2022-2023)
Kansai University (2020-2021)

Principal Investigator

Inaba Masaru  専修大学, 経済学部, 教授 (50611315)

Co-Investigator(Kenkyū-buntansha) 奴田原 健悟  専修大学, 経済学部, 教授 (30553672)
大津 敬介  慶應義塾大学, 商学部(三田), 教授 (50514527)
高橋 修平  京都大学, 経済研究所, 准教授 (60645406)
Project Period (FY) 2020-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥17,030,000 (Direct Cost: ¥13,100,000、Indirect Cost: ¥3,930,000)
Fiscal Year 2023: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2022: ¥3,640,000 (Direct Cost: ¥2,800,000、Indirect Cost: ¥840,000)
Fiscal Year 2021: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2020: ¥5,200,000 (Direct Cost: ¥4,000,000、Indirect Cost: ¥1,200,000)
Keywords異質性 / 税制 / ラッファー曲線 / 個人固有のリスク / 労働ウェッジ / 構造ショック / 格差 / 景気循環会計 / 構造ショックの推定 / 格差と税制 / 景気変動要因 / 財政金融政策 / 税制と格差 / バブル / 格差と金融政策 / リスクシェアリング / 構造ショックの推計 / 景気循環
Outline of Research at the Start

2020年度においては、分析に必要なデータ構築・更新と並行して、既存モデルによる予備的検証を中心に行う。同時にモデルの開発・改良を進め、2021・2022年度において、推計・シミュレーションにより各経済政策の有効性を検証する。また、国内外の研究会・学会・コンファレンス開催により研究成果を公表し、最新の研究動向の把握と意見交換を行う。2023年度には学会・研究会等による意見交換を踏まえ、異質性の存在する経済における経済変動要因分析および政策効果についてこれまでの研究成果を統括し、査読付き専門学術雑誌への公表を目指す。

Outline of Final Research Achievements

In this study, we considered the effectiveness of economic policies such as tax, fiscal, and monetary policies with dynamic general equilibrium models that take into account various heterogeneities in the economy. First, we show that in models with household heterogeneity, the effects of tax reform and monetary policy, the shape of the Laffer curve, and the decomposition results for the business cycle differ from those of a representative agent model. Second, we show that the main factors that cause labor wedge fluctuations differ from those in existing studies by estimating a DSGE model using a new method that allows for the possibility of the absence of structural shocks. Finally, we develop a framework to factorize co-movement across prefectures and empirically show that there are imperfections in financial markets that prevent risk sharing in consumption.

Academic Significance and Societal Importance of the Research Achievements

本研究のように、異質性に注目し、経済政策の有効性を多角的に検証した分析は、学術的独自性が高く、本研究による学術的・政策的な意義があるといえる。本研究で得られた結果により、様々な異質性の存在によって、代表的個人モデルによる分析から得られる結果とは、マクロ経済変動の要因や経済政策の効果が異なる可能性が高いことが示唆された。つまり、異質性を明示的に考慮することが、経済政策の運営のために重要であるといえる。

Report

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

    (21 results)

All 2023 2022 2021 2020

All Journal Article (8 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 3 results) Presentation (13 results) (of which Int'l Joint Research: 8 results)

  • [Journal Article] Sources of Inequality and Business Cycles: Evidence from the US and Japan2023

    • Author(s)
      Masaru Inaba, Kengo Nutahara, and Daichi Shirai
    • Journal Title

      CIGS Woking Paper

      Volume: No. 23-006E Pages: 1-49

    • Related Report
      2023 Annual Research Report
  • [Journal Article] What drives fluctuations of labor wedge and business cycles? Evidence from Japan2022

    • Author(s)
      Masaru Inaba, Kengo Nutahara, and Daichi Shirai
    • Journal Title

      Journal of Macroeconomics

      Volume: 72 Pages: 103402-103402

    • DOI

      10.1016/j.jmacro.2022.103402

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] A benefit of monetary policy response to inequality2022

    • Author(s)
      Kengo Nutahara
    • Journal Title

      CIGS Working Paper

      Volume: 22-006E Pages: 1-42

    • Related Report
      2022 Annual Research Report
  • [Journal Article] Understanding International Differences in the Skill Premium: The Role of Capital Taxes and Transfers2022

    • Author(s)
      Shuhei Takahashi and Ken Yamada
    • Journal Title

      Journal of Economic Dynamics and Control

      Volume: 143 Pages: 1-18

    • DOI

      10.1016/j.jedc.2022.104511

    • Related Report
      2022 Annual Research Report
    • Peer Reviewed
  • [Journal Article] Uninsured Idiosyncratic Risk and the Government Asset Laffer Curve2022

    • Author(s)
      Tomoyuki Nakajima and Shuhei Takahashi
    • Journal Title

      Journal of Macroeconomics

      Volume: 71 Pages: 1-9

    • DOI

      10.1016/j.jmacro.2021.103391

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Journal Article] Can the Laffer curve for consumption tax be hump-shaped?2021

    • Author(s)
      Kazuki Hiraga and Kengo Nutahara
    • Journal Title

      SSRN Working Paper

      Volume: 3995917 Pages: 1-64

    • Related Report
      2021 Annual Research Report
  • [Journal Article] What drives fluctuations of labor wedge and business cycles? Evidence from Japan2020

    • Author(s)
      Masaru Inaba, Kengo Nutahara and Daichi Shirai
    • Journal Title

      CIGS Working Paper

      Volume: 20-006E Pages: 1-31

    • Related Report
      2020 Annual Research Report
  • [Journal Article] What drives fluctuations of labor wedge and business cycles? Evidence from Japan2020

    • Author(s)
      Masaru Inaba, Kengo Nutahara and Daichi Shirai
    • Journal Title

      RISS Discussion Paper

      Volume: 89 Pages: 1-31

    • Related Report
      2020 Annual Research Report
  • [Presentation] Sources of Inequality and Business Cycles: Evidence from the US and Japan2023

    • Author(s)
      Kengo Nutahara
    • Organizer
      29th International Conference Computing in Economics and Finance (Society for Computational Economics)
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Sources of Inequality and Business Cycles: Evidence from the US and Japan2023

    • Author(s)
      Kengo Nutahara
    • Organizer
      Econometric Society Australasian Meeting 2023
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Sources of Inequality and Business Cycles: Evidence from the US and Japan2023

    • Author(s)
      奴田原健悟
    • Organizer
      アカデミックセミナー(日本政策投資銀行設備投資研究所)
    • Related Report
      2023 Annual Research Report
  • [Presentation] Sources of Inequality and Business Cycles: Evidence from the US and Japan2023

    • Author(s)
      奴田原健悟
    • Organizer
      「マクロ経済動学の理論・数量分析」ワークショップ
    • Related Report
      2023 Annual Research Report
  • [Presentation] Intra-National Convergence and Risk Sharing: Regional Business Cycle and Growth Features of Japan2023

    • Author(s)
      Keisuke Otsu
    • Organizer
      GRIPS Macro Workshop on Contemporary Issues
    • Related Report
      2023 Annual Research Report
  • [Presentation] Intra-National Convergence and Risk Sharing: Regional Business Cycle and Growth Features of Japan2023

    • Author(s)
      大津敬介
    • Organizer
      近畿大学経済研究会
    • Related Report
      2023 Annual Research Report
  • [Presentation] Intra-national convergence and risk sharing regional business cycle and growth features of Japan2023

    • Author(s)
      Keisuke Otsu
    • Organizer
      日本銀行セミナー
    • Related Report
      2022 Annual Research Report
  • [Presentation] What drives fluctuations of labor wedge and business cycles? Evidence from Japan2022

    • Author(s)
      Masaru Inaba
    • Organizer
      Computing in Economics and Finance 2022
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] What drives fluctuations of labor wedge and business cycles? Evidence from Japan2022

    • Author(s)
      Masaru Inaba
    • Organizer
      Singapore Economic Review Conference 2022
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] A benefit of monetary policy response to inequality2022

    • Author(s)
      Kengo Nutahara
    • Organizer
      Computing in Economics and Finance 2022
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] A benefit of monetary policy response to inequality2022

    • Author(s)
      Kengo Nutahara
    • Organizer
      Singapore Economic Review Conference 2022
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] A benefit of monetary policy response to inequality2022

    • Author(s)
      Kengo Nutahara
    • Organizer
      53th Annual Conference of the Money, Macro and Finance Society
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Uninsured Idiosyncratic Risk and the Government Asset Laffer Curve2021

    • Author(s)
      Shuhei Takahashi
    • Organizer
      Annual SAET Conference
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research

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Published: 2020-04-28   Modified: 2025-01-30  

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