| Project/Area Number |
21730163
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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 | Tohoku University (2010)
Waseda University (2009) |
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Principal Investigator |
OIKAWA Koki 東北大学, 大学院・経済学研究科, 准教授 (90468728)
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| Project Period (FY) |
2009 – 2010
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| Project Status |
Completed (Fiscal Year 2010)
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| Budget Amount *help |
¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2010: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
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| Keywords | 企業レベルの不確実性 / 経済成長 / 景気変動 / ボラティリティ |
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| Research Abstract |
This research project built a theory that explains firm-level uncertainty, which is not aggregate but idiosyncratic, stimulates economic growth through accumulation of knowledge to reduce uncertainty. A surge in firm-level uncertainty surely brings a negative impact on the economy at least in the short run. However, the long-run impact turns out positive. I examined this model empirically using the firm-level data in the United States. Besides, I looked into the mechanism that generates relationship between firm-level uncertainty and macroeconomic fluctuation, based on the observed data in Japan and the United States. Firm-level uncertainty is procyclical in the United States on one hand, and it is countercyclical in Japan on the other. The model I built consistently explains this opposite tendency in cyclicality.
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