| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
Excluding the exogenous price rigidity assumption, models on the international monetary economy and monetary economic growth are developed. Theoretical parts were published by Springer entitled Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy (2015). These developed theories were applied to analyze the current Japanese economy. The analyses are summarized by a book entitled The Origing of the Prolonged Economic Stagnation in Contemporary Japan (2015), Rougledge.
I consider that there are three substantial contributions to in my research. First, I succeeded in providing a microeconomic foundation for the optimal currency area theory. Second, I exhibited that a monetary economy under monopolistic competition cannot achieve economic growth without incessant government help because of the demand constraint. Finally, I found that a radical quantitative easing monetary policy requires a higher rate of return for money and advances disinflation.
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