| Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2015: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2013: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Outline of Final Research Achievements |
Based on the Fiscal Theory of the Price Level (FTPL), which states that the price level is determined through interactions between fiscal and monetary policy, this research analyzed the issue of why the price level in Japan does not appear to increase in spite of the BOJ's unprecedented quantity-easing monetary policy. For the analysis, this research set up a dynamic model of overlapping generations, departing from the traditional framework of the FTPL, and focused on the political conflicts between generations through the issuance of public debt. It then revealed that aging can be a source of the sluggish movements of the price level and that the inflationary impact of the quantity-easing monetary policy is eliminated by the fiscal policy that tends to postpone repaying debts to the future.
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