| Budget Amount *help |
¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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| Outline of Final Research Achievements |
We analyze inflation expectations of Japanese firms and consumers by using micro-level datasets of firms' prospects for their sales prices and consumers' inflation expectations. We then estimate the relationships between the realiｚed inflation and the firms' prospects by sector. Although further improvement is still required, our estimation results indicate that the forward-looking factors (i.e.inflation prospects) have played significant roles in the inflation trend, particularly in the processing manufacturing sectors once our economy fell into deflation. Regarding consumers' expectations, we set up an experimental framework to investigate they are consistent with rational expectations. The results clearly indicate rationality in consumers' expectations, implying the importance of the timely information provision by monetary authorities. To sum up, we consider this research contributes to the literature of the mechanism of inflation expectation formation of major economic agents.
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