| 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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| 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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