| Project/Area Number |
23530215
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | The University of Tokyo |
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Principal Investigator |
OTAKI MASAYUKI 東京大学, 社会科学研究所, 教授 (60183761)
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| Project Period (FY) |
2011 – 2013
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| Project Status |
Completed (Fiscal Year 2013)
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| Budget Amount *help |
¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2011: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Keywords | ケインズ経済学 / 貨幣経済のミクロ理論 / 財政・金融政策の経済厚生 / 財政乗数 / 伸縮的価格 / 非自発的失業 / confidence on money / Keynesian economics / involuntary unemployment / inflation theory / downward Phillips curve / 新古典派ミクロ動学理論としてのケインズ経済学 / 価格の硬直性を排除したケインズ経済学 / 非自発的失業のミクロ経済学的基礎 / 完全情報下のフィリップス曲線のミクロ経済学的基礎 |
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| Research Abstract |
The reserch has achieved substantial contributions to monetary theory. The basic concept of the developed theory is that money can circulate (the equilibrium price is bounded) because its rationally expected future value is stable (i.e., people are confident on the value of money). This assertion is formulated by a first order difference equation of the equilibrium price sequence, which is independent of the nominal money supply. This equation implies that money is intrisically non-neutral. Based on this equation, we have established a microeconomic foundation of Keynesian economics, which is compatible with neoclassical microeconomics in the sense that the theory excludes entirely ad-hoc money in the utility assumption and menu costs. The Fruits of the research are disseminated via three books (in Japanese) and twenty papers in refereed academic Journals in English.
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