Dynamic analyses of endogenous time preference, habit formation, and non-expected utility risk aversion in open macroeconomics

Research Project

Project/Area Number	22730249
Research Category	Grant-in-Aid for Young Scientists (B)
Allocation Type	Single-year Grants
Research Field	Public finance/Monetary economics
Research Institution	Otaru University of Commerce
Principal Investigator	HIROSE Ken-Ichi 小樽商科大学, 商学部, 教授 (40345450)
Project Period (FY)	2010-04-01 – 2014-03-31
Project Status	Completed (Fiscal Year 2013)
Budget Amount *help	¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000) 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: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Keywords	国際マクロ経済学
Research Abstract	This research has developed dynamic analyses of open macroeconomics by introducing consumption preferences such as (1)endogenous time preference exhibiting decreasing marginal impatience, (2)habit formation, and (3)risk aversion represented by non-expected utility. Then, this research [A]has investigated determination of major macroeconomic variables (e.g., current accounts), and [B]has tried to solve various puzzles as for international finance (e.g., the forward premium puzzle).

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