| Budget Amount *help |
¥3,380,000 (Direct Cost: ¥2,600,000、Indirect Cost: ¥780,000)
Fiscal Year 2014: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2012: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
This research extends a standard new Keynesian dynamic stochastic general equilibrium model by introducing endogenous technological growth and analyzes macroeconomic dynamics both in short and medium run. To quantitatively analyze the model's implication, this research undertakes a Bayesian estimation of the model.
The analysis mainly shows two things. First, it shows that when a positive news shock (an optimistic view about a future economy) arises, R&D investment increases and this in turn increases technology production. This implies that the observed close relationship between total factor productivity(i.e., technology) and GDP can be explained by the demand shock, i.e., a news shock, but not by an exogenous change in technology. Next, it shows that the effects of endogenous technological changes on fluctuations in macroeconomic variables are large. This is because exogenous shocks ,e.g., an interest rate shock, affect an endogenously determined technology.
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