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2003 Fiscal Year Final Research Report Summary

A New Framework for Macroeconomic Policy Analysis

Research Project

Project/Area Number 14530009
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field 経済理論
Research InstitutionKyoto University

Principal Investigator

SHIBATA Akihisa  Kyoto University, Economic Research, Professor, 経済研究所, 教授 (00216003)

Co-Investigator(Kenkyū-buntansha) FUTAGAMI Kouichi  Osaka University, Graduate School of Economics, Professor, 大学院・経済学研究科, 教授 (30199400)
TERUYAMA Hiroshi  Kyoto University, Economic Research, Professor, 経済研究所, 教授 (30227532)
MORI Tomoya  Kyoto University, Economic Research, Associate Professor, 経済研究所, 助教授 (70283679)
HORI Keiichi  Ritsumeikan University, Faculty of Economics, Associate Professor, 経済学部, 助教授 (50273561)
SAWADA Yasuyuki  University of Tokyo, Graduate School of Economics, Associate Professor, 大学院・経済学研究科, 助教授 (40322078)
Project Period (FY) 2002 – 2003
Keywordscapital market imperfection / investment / main bank system / financial crisis / flow analysis of labor market / agglomeration / economic growth / fiscal policy
Research Abstract

The main results of this project are as follows:
(1)Introducing financial market imperfection into the dynamic general equilibrium model, we develop a model of current account dynamics. Deriving analytical solution to the model, we test parameter restrictions under the perfect capital market for the Japanese economy The restrictions are rejected at a very high significance level and we conclude that the capital market imperfection plays an important role in Japan. (2)The importance of the main bank system is tested by using Japanese data on the manufacturing sector. The results indicate that the main bank system has a negative effect on the efficiency of the Japanese banking sector. (3)We extend the first-generation models of financial crises and show that the model can explain systematic devaluations of soft currencies that are independent of the fundamentals of an economy. (4)Using the Japanese flow data on the labor market, we show that the recent inflows and outflow to unemployment are both increasing and that the possibility of unemployment is also rising. (5)The determinants of long-run growth are analyzed. It is shown that there is an optimal patent length to maximize the welfare level and that the debt poly of the government affects the long-run growth rate. (6)Constructing a two-country two goods dynamic model, we analyze the international spillover effects of fiscal policy. We derive an exact formula expressing the welfare effect, and by use of it we show that the welfare effect of a country's fiscal expansion depends on the foreign asset position and on the composition of the government spending.

  • Research Products

    (42 results)

All Other

All Publications (42 results)

  • [Publications] Akihisa Shibata: "Strategic Interactions in a Growth Model with Infrastructure Capital"Metroeconomica. Vol.53・No.4. 434-460 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Tomoya Mori, Koji Nishikino: "Economies of Transport Density and Industrial Agglomeration"Regional Science and Urban Economics. Vol.32. 167-200 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Yasuyuki Sawada, P.A.Yotopoulos: "On the Missing Link between Currency Substitution and Crises"Zagreb International Review of Economics and Business. Vol.5. 83-102 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Koichi Futagami, Tatsuro Iwaisako: "Patent Policy in an Endogenous Growth Model"Journal of Economics. Vol.78・No.3. 239-258 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Koichi Futaganii, Akihisa Shibata: "Budget Deficits and Economic Growth"Public Finance. Vol.53. 331-354 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Koichi Futagami, Shingo Ishiguro: "Signal-extracting Education in an Overlapping Generations Model"Economic Theory. Vol.24. 129-146 (2004)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Koichi Futagami, Yasushi Ohkusa: "The Quality Ladder and Product Variety : Larger Economies may not Grow Faster"Japanese Economic Review. 54巻・3号. 336-351 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Koichi Futagami, Junko Doi: "Commodity Taxation and Economic Growth"Japanese Economic Review. 55巻・1号. 46-55 (2004)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 澤田康幸: "インフラストラクチャー整備が貧困削減に与える効果の定量的評価-スリランカにおける灌漑事業のケース"開発金融研究所報. 14号. 117-136 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Akiomi Kitagawa, Akihisa Shibata: "Endogenous Growth Cycles in an Overlapping Generations Model with Investment Gestation Lags"Economic Theory. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Takuma Kunieda, Akihisa Shibata: "Credit Constraints and the Current Account : A Test for the Japanese Economy"Journal of International Money and Finance. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Tomoya Mori, Alessandro Turrini: "Skills, Agglomeration, and Segmentation"European Economic Review. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Yoshiyasu Ono, Akihisa Shibata: "Fiscal Spending, Relative Price Dynamics, and Welfare in a World Economy"Review of International Economics. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Akira Momota, Koichi Futagami: "Demographic Structure, International Lending and Borrowing in Growing Interdependent Economies"Journal of the Japanese and International Economies. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Keiichi Hori: "An Empirical Investigation of Cost Efficiency in Japanese Banking : A Non-parametric Approach"金融経済研究. (近刊).

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 小佐野広, 堀敬一: "メインバンク、企業間の資金調達関係と株式持合い"証券アナリストジャーナル. 40巻. (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 照山博司: "労働移動と雇用機会"経済分析. 168号. 38-82 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 太田聰一, 照山博司: "フローデータから見た日本の失業-1980〜2000"日本労働研究雑誌. 516号. 24-41 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 澤田康幸: "グローバリゼーションと貧困"国際経済. 54号. 50-75 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 照山博司, 玄田有史, 中田喜文編: "リストラと転職のメカニズム-労働移動の経済学"東洋経済新報社. 247 (2002)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] 澤田康幸: "国際経済学"新世社. 333 (2003)

    • Description
      「研究成果報告書概要(和文)」より
  • [Publications] Shibata A.: "Strategic Interactions in a Growth Model With Infrastructure Capital"Metroeconimca. 53,No.4. 434-460 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Mori, T., K.Nishikimi: "Economies of Transport Density and Industrial Agglomeration"Regional Science and Urban Economics. 32. 167-200 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Sawada, Y., P.A.Yotopoulos: "On the Missing Link between Currency Substitution and Crises"Zagreb International Review of Economics and Business. 5. 83-102 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Futagami, K., Iwaisako, T.: "Patent Policy in an Endogenous Growth Model"Journal of Economics. 78,No.3. 239-258 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Futagami, K., A.Shibata: "Budget Deficits and Economic Growth"Public Finance. 53. 331-354 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Futagami, K., S.Ishiguro: "Signal-extracting Education in an Overlapping Generations Model"Economic Theory. 24. 129-146 (2004)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Teruyama, H., Y.Genda, Y.nakada eds: "Restructuring and labor turnover in Japan (in Japanese)"Toyo Keizai Shinpohsha. 247. (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Futagami, K., Y.Ohkusa: "The Quality Ladder and Product Variety: Larger Economies may not Grow Faster"Japanese Economic Review. 54,No.3. 336-351 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Futagami, K., J.Doi: "Commodity Taxation and Economics Growth"Japanese Economic Review. 55,No.1. 46-55 (2004)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Sawada, Y.: "Infrastructure and Poverty: The case of Suriranka (In Japanese)"Kaihatsu Kinyu Kenkyusyoho. 14. 117-136 (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Kitagawa, A., A.Shibata: "Endogenous Growth Cycles in an Overlapping Generation Model with Investment Gestation Lags"Economic Theory. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Kunieda, T., A.Shibata: "Credit Constraints and the Crrrent Account: A Test for the Japanese Economy"Journal of International Money and Finance. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Mori, T., A.Turiini: "Skills, Agglomeration, and Segmentation"European Economic Review. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Ono, Y., A.Shibata: "Fiscal Spending, Relative Price Dynamics, and Welfare in a World Economy"Review of International Economics. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Momota, A., K.Futagami: "Demographic Structure, International Lending and Borrowing in Growing"Journal of the Japanese and International Economies. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Hori, K.: "An Empirical Investigation of Cost Efficiency in Japanese Banking: A Non-parametric Approach"Kinyu Keizai Kenkyu. (forthcoming).

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Osano, H., K.Hori: "Main Banks, Interfirm Financial Relationships and Cross-Share Holdings (In Japanese)"Shoken Anarisuto Janaru. 40. (2002)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Teruyama, H.: "Labor Mobility and Employment Opportunities (In Japanese)"Keizai Bunseki. 168. 38-82 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Ohta, S., H.Teruyama: "Japanese Unemployment from Flow Data Analysis: 1980-2000 (In Japanese)"Nihon Rodo Kenkyu Zasshi. 516. 24-41 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Sawada Y.: "Globalization and Poverty (In Japanese)"Kokusai Keizai. 54. 50-75 (2003)

    • Description
      「研究成果報告書概要(欧文)」より
  • [Publications] Sawada, Y.: "International Economics (In Japanese)"Shinsei-sha. 333 (2003)

    • Description
      「研究成果報告書概要(欧文)」より

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Published: 2005-04-19  

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