| Budget Amount *help |
¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
Fiscal Year 2014: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2013: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2012: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Outline of Final Research Achievements |
I consider causes and an optimal policy under the ``liquidity trap", in which a nominal interest rate reaches a zero lower bound. I find that a probability of falling into the trap rises with a financial friction. I also find that central banks should stabilize output more strongly in an endogenous growth model.
Moreover, I find that the macroeconomic model with an foreign exchange market microstructure is needed for studies on the liquidity trap.
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