| Project/Area Number |
25590050
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| Research Category |
Grant-in-Aid for Challenging Exploratory Research
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic theory
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| Research Institution | Research Institute of Economy, Trade and Industry |
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Principal Investigator |
NAKATA HIROYUKI 独立行政法人経済産業研究所, 研究グループ, 上席研究員(非常勤) (20645866)
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| Project Period (FY) |
2013-04-01 – 2015-03-31
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| Project Status |
Completed (Fiscal Year 2014)
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| Budget Amount *help |
¥3,120,000 (Direct Cost: ¥2,400,000、Indirect Cost: ¥720,000)
Fiscal Year 2014: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | 期待 / 空売り規制 / コーディネーション / 社会厚生 / 国際研究者交流 / 多様なbelief / Boom-bustサイクル |
|---|
| Outline of Final Research Achievements |
We constructed a dynamical model that extends the standard general equilibrium model with incomplete markets that allows for diverse expectations by incorporating production so as to understand the two feedback mechanisms - from financial side to the real side, and from the real side to the financial side of the economy. In particular, we consider a model that has a socially optimal level of investment, implying that the existence of a coordination problem regarding investment. When the expectations are more volatile over time, prices become more volatile, but the average GDP level shows no monotonic relationship, when there is no short-sale constraint. In contrast, when short-sale constraints are imposed, looser constraints imply a higher average GDP level, but has no monotonic relationship with price fluctuations. However, the social welfare level will be lower when the short-sale constraints are looser.
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