| Budget Amount *help |
¥4,940,000 (Direct Cost: ¥3,800,000、Indirect Cost: ¥1,140,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2011: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
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| Outline of Final Research Achievements |
This research project has investigated how financial market imperfection under agents’ adaptive learning could affect the stability of the economy and the efficacy of monetary policy. This project obtains three results. First, when agents’ learning is heterogeneous, the economy is easy to be stable. Second, in the New Keynesian macroeconomic model, heterogeneous learning relaxes conditions imposed on monetary policy to ensure the economic stability. Third, when financial market imperfection exists, the economy is easy to be unstable so that the stability conditions for monetary policy are more restrictive.
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