| Project/Area Number |
23K01457
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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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| Review Section |
Basic Section 07060:Money and finance-related
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| Research Institution | Waseda University |
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Principal Investigator |
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| Project Period (FY) |
2023-04-01 – 2026-03-31
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| Project Status |
Granted (Fiscal Year 2023)
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| Budget Amount *help |
¥3,510,000 (Direct Cost: ¥2,700,000、Indirect Cost: ¥810,000)
Fiscal Year 2025: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2024: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2023: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | physical investment / monetary shock / transmission mecahnism / interest rate / differential / R&D investment / system GMM / panel data |
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| Outline of Research at the Start |
The present research will analyze the effects of various variables on physical and R&D investment of Japanese firms. The variables will include firm-level variables such as Tobin’s q and also macro and policy variables such as exchange rate and special loans.
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| Outline of Annual Research Achievements |
The transmission mechanism of Japanese monetary shock: what is the trigger: The reserach analyzed the transmission mechanism of monetary shocks in Japan using the factor-agumented VAR. The period of data overed is 2004Q1~2022Q4 and more than 200 macro level variables are included in the empirical analysis. The empirical results shows that the Japan-US interest differential was the trigger of the movements of Japanese macroeconomic variables such as physical investment, industrial production index, and employment. A bigger gap of the differential depreciated the yen after several month, and increases corporate profitability. It results in more investment and lower unemployment rate.
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| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
The draft of the first paper will be soon comleted, and it will be presented at the Korean Economic Review International Confernece, on JUne 18-19, 2024.
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| Strategy for Future Research Activity |
The first paper will be revised after it is presented in the Korea Economic Review Conference and will be submitted to a journal. The empirical analysis of the second paper which will analyze the determinants of physical investment of Japanese corporates with firm level micro data will start as soon as the first paper is submitted.
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