Development of a New Keynesian Econometric Model
| Project/Area Number |
23530297
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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 |
Applied economics
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| Research Institution | Kyoto Gakuen University |
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Principal Investigator |
OZAKI Taiyo 京都学園大学, 経済学部, 教授 (00160846)
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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 |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2013: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2012: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2011: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
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| Keywords | ECM / global model / forward looking / game thoretic simulation / new Keynesian model / error correction model / forward looking model / Error Correction / Macroeconometric / Global Model / Translog / Macroeconometrics / Global |
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| Research Abstract |
We discuss the development of a small global macroeconometric model involving 5 nations/areas: US, Japan, EU, China and Korea. The model has the typical features of a new Keynesian macroeconomic model, including the effects of both short-term demand shocks and long-term equilibrium conditions. Several simulation analyses indicate that the multiplier of the fiscal expansion is 1.4~1.6. US, Japan and EU have a larger impact on China and Korea. The reverse is not true even though China has become the second largest economy; indeed, the effects are quite asymmetrical.
We examined the impacts of the exchange rate policy on GDP under the game theoretical framework. Against the commonly accepted story that the coordination can always yield gains, we found that the optimal exchange rate policy differs by game type and the characteristics of the economy, especially how the country depends on the trade.
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Report
(4 results)
Research Products
(20 results)
