A theoretical analysis of persistent bubbles and secular stagnation
| Project/Area Number |
22530178
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Osaka University |
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Principal Investigator |
ONO Yoshiyasu 大阪大学, 社会経済研究所, 教授 (70130763)
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| Project Period (FY) |
2010-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2011: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2010: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | 長期不況 / 資産選好 / 非自発的失業 / 流動性のわな / 地位選好 / 公正賃金 / 金融資産保有願望 / 総需要不足 / ゼロ金利 / 一時不況 / 失業 / 金融緩和 / 賃金調整 / バブル / 資産保有願望 / 貨幣保有願望 |
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| Outline of Final Research Achievements |
Although many countries, including Japan, the USA and the EU, have been suffering long-run stagnation, conventional macroeconomic models have only been able to explain short-run recessions. By applying the concept of the fair wage to a dynamic setting and theoretically analyzing the behavior of households that care about the social status with respect to asset holdings, I have presented a theory of long-run stagnation in which aggregate demand deficiency and deflation continue. It is found that such a long-run stagnation arises especially when potential productivity is high. Differences in the effects of monetary and fiscal policies between short-run recession and long-run stagnation have also been analyzed.
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Report
(6 results)
Research Products
(36 results)
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[Presentation] 長期不況の理論2014
Author(s)
小野 善康
Organizer
日本経済学会２０１４年度秋季大会、特別報告
Place of Presentation
西南学院大学（福岡県福岡市）
Year and Date
2014-10-11
Related Report
Invited
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