| Project/Area Number |
24730264
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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 |
Public finance/Monetary economics
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| Research Institution | Tohoku University |
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Principal Investigator |
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| Co-Investigator(Renkei-kenkyūsha) |
IIBOSHI Hirokuni 首都大学東京, 社会科学研究科, 教授 (90381441)
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| Research Collaborator |
MATSUMAE Tatsuyoshi
NAMBA Ryoichi
KATO Ryo
CHRISTENSEN Ian
CORRIGAN Paul
MENDICINO Caterina
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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 |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2012: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | 動学的一般均衡モデル / ゼロ金利制約 / 失われた10年 / 金融ショック / エージェンシーコスト / 金融摩擦 |
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| Outline of Final Research Achievements |
There are two parts in this research agenda. First, we have endogenised the balance sheet conditions of corporate sector and financial sector to the traditinal Dynamic Stochatic General Equilibrium model and have estimated the model based on Japanese macro-data. Our aim is to explain the financial crisis and prolonged recession which occurred in Japan during 1990s. According to our estimation result, the total factor productivity shock was less important in accounting for the prolonged recession, but it turned out that labor supply shock is relatively more important in accounting for the recession. Next, we have analyzed the characteristics of the optimal monetary policy reaction function when interest rates are bounded at zero. The feature of the model is that it allows the policy lag in interest rate channel. According to our analysis, it turned out that it is crucial to consider not only the present condition, but also the past economic conditions to conduct the policy.
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