| Budget Amount *help |
¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2016: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000)
Fiscal Year 2015: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Fiscal Year 2014: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2013: ¥780,000 (Direct Cost: ¥600,000、Indirect Cost: ¥180,000)
|
|---|
| Outline of Final Research Achievements |
This research analyzes an economy in which agents are spatially separated and hold several contracts with different agents. If IOUs are the medium of exchange, agents cannot share risks to their consumption because of relative price shocks. In contrast, if common currency is used as a medium of exchange, then agents can share consumption risks as the relative wealth distribution among workers is immune to relative price shocks. Thus, the use of common currency improves welfare despite the availability of credit. Because of this risk-sharing effect, common currency is generally used not only as a unit of account but also as a medium of exchange.
|
