On Fragility of Monetary Economy and Equilibrium Seletion

• Project/Area Number: 23530214
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic theory
• Research Institution: The University of Tokyo
• Principal Investigator: KAMIYA Kazuya 東京大学, 経済学研究科(研究院), 教授 (50201439)
• Project Period (FY): 2011-04-28 – 2015-03-31
• Project Status: Completed (Fiscal Year 2014)
• Budget Amount: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2014: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000); Fiscal Year 2011: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
• Keywords: 貨幣 / 均衡選択 / 脆弱性 / 非決定性 / 実験 / フォーカルポイント / 貨幣経済の脆弱性 / 貨幣均衡の非決定性 / フォーカル・ポイント / マッチングモデル / ワルラス均衡

Outline of Final Research Achievements

It is known that monetary economy　is　indeterminate and Kamiya　and　Shimizu　(2006)　found　a　logic　of　the　indeterminacy.　　In this research, I found a new logic of indeterminacy which is different from Kamiya and Shimizu (2006). Moreover, I found a policy which makes equilibria determiante and induces an efficient one. I also did an experiment which confirms the theoretical results.

Research Products

• [Journal Article] Dynamic Auction Markets with Fiat Money. (2013)
  • Author(s): Kazuya Kamiya, Takashi Shimizu
  • Journal Title: Journal of Money, Credit and Banking Volume: 45(2-3) Issue: 2-3 Pages: 349-378
  • DOI: 10.1111/jmcb.12005
  • Peer Reviewed
• [Journal Article] Stationary Monetary Equilibria with Strictiy Increasing Value Functions and Non-Discrete Money Holdings Distributions : An eterminacy Result (2011)
  • Author(s): Kazuya Kamiya
  • Journal Title: Journal of Economic Theory Volume: Vol.146,Iss.5 Issue: 5 Pages: 2140-2150
  • DOI: 10.1016/j.jet.2011.05.012
  • Peer Reviewed
• [Presentation] Multiperiod Contract Problems with Verifiable and Unverifiable Outputs (2014)
  • Author(s): Kazuya Kamiya
  • Organizer: Asian Meeting of Econometric Society
  • Place of Presentation: 台北 (台湾)
  • Year and Date: 2014-06-21
• [Presentation] Multiperiod Contract Problems with Verifiable and Unverifiable Outputs (2014)
  • Author(s): Kazuya Kamiya
  • Organizer: Asian Meeting, Econometric Society
  • Place of Presentation: Academia Sinica, Taiwan
• [Presentation] Muliti-Period Contract with Verifiable and Unverifiable Outputs (2012)
  • Author(s): 神谷和也
  • Organizer: 数理経済学会
  • Place of Presentation: 法政大学（東京都）