| Budget Amount *help |
¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000)
Fiscal Year 2016: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2015: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
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| Outline of Final Research Achievements |
This research explores the long-run effects of fiscal and monetary policies in the presence of firm heterogeneity. As to the fiscal policy, we analyze the models in which productivity of firms are heterogeneous and there are financial frictions. In this setting, fiscal policies such as taxation and government spending affect the cutoff level of efficiency that divides active and inactive firms. Since such an effect is absent in the standard models with homogeneous firms, the effects of fiscal actions on long-run growth would be different from these established in the models with homogeneous firms.
As to the long-run impacts of monetary policy, we use models with endogenous growth in which firms' ability of developing new goods are heterogeneous. In this case, the monetary policy affects the cutoff level of the R&D ability. Again. we find that the policy effects are substantially different from these obtained in the forgoing studies that assume homogeneous firms.
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