Imperfect Information, Limited Rationality and the Effects of Economic Policies: An Investigation by the Polyphenic Approach
| Project/Area Number |
25380308
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Nagasaki University |
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Principal Investigator |
KUDO Takeshi 長崎大学, 経済学部, 准教授 (70404316)
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| Project Period (FY) |
2013-04-01 – 2018-03-31
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| Project Status |
Completed (Fiscal Year 2017)
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| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2016: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Keywords | 最適金融政策 / コア・インフレーション / 不完全資本移動 / 金融政策 / 物価指数 / 超低金利政策 / 国際資本移動 / 金融政策ルール / 金融政策の波及効果 / 財政の時系列分析 / 限定合理性 / 経済実験 |
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| Outline of Final Research Achievements |
We employ a simple macroeconomic model and simulation to investigate the effect of monetary policy in response to the negative demand shock which cuts the equilibrium real interest rate in the imperfect international capital market. As the result of this analysis, we clarify that there is a trade-off between the price stability and the optimal allocation of international capital, and that slightly tighter monetary policy can be optimal under some economic conditions.
We also investigate alternative core-inflation indicators. As the result of our analysis, we clarify that the sticky-price index which is built on the basis of a new Keynesian model is superior to the general price index and the trimmed average price indices in the forecast of future inflation.
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Report
(6 results)
Research Products
(3 results)
