Why economies fall into liquidity traps?
| Project/Area Number |
24730241
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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 policy
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| Research Institution | Tokyo Metropolitan University (2014-2015)
Shinshu University (2012-2013) |
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Principal Investigator |
Arato Hiroki 首都大学東京, 社会(科)学研究科, 准教授 (90583518)
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| Project Period (FY) |
2012-04-01 – 2016-03-31
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| Project Status |
Completed (Fiscal Year 2015)
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| 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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| Keywords | 流動性の罠 / 金融政策 / 情報の不完全性 / 量的緩和政策 / 外国為替市場 / 不完全情報 / マーケット・マイクロストラクチャー / 情報公開政策 |
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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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Report
(5 results)
Research Products
(9 results)
