Macroeconomic Dynamics of Long-run Deflationary Recession
| Project/Area Number |
24730175
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic theory
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| Research Institution | Waseda University |
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Principal Investigator |
INOUE Tomohiro 早稲田大学, 政治経済学術院, 助教 (90547093)
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2013: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | ニューケインジアンモデル / 内生的経済成長 / 内生的貨幣供給 / 長期デフレ不況 / ゼロ金利 / 信用創造 / ラーニング・バイ・ドゥーイング / ヴァラエティ・エクスパンディング / ニューケインジアン / DGE / 名目賃金粘着性 / ラーニング・バイ・ドゥーイングモデル / 貨幣成長 / 産出ギャップ / 経済成長 / DGEモデル / 流動性の罠 |
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| Outline of Final Research Achievements |
I combined the optimum growth model with the new Keynesian model into a model. Moreover, I developed two models extending the model. (1)Endogenous technological change: I introduced endogenous technological change into the model and showed that a low rate of monetary growth can bring a low rate of economic growth in the long run. (2)Endogenous money supply: I introduced endogenous money supply into the model and showed that there are two economic states “positive-interest-rate economy” and “zero-interest-rate economy”. In the steady state of the zero-interest-rate economy, deflation and negative output gap emerge.
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Report
(4 results)
Research Products
(8 results)
