2017 Fiscal Year Final Research Report
Collateral Constraint and Japan's Economy
| Project/Area Number |
16H06587
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic policy
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| Research Institution | Hokkaido University |
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Principal Investigator |
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| Project Period (FY) |
2016-08-26 – 2018-03-31
|
| Keywords | マクロ経済 / 資産価格 |
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| Outline of Final Research Achievements |
This study evaluates the effect of asset-price fluctuations on business cycles. For this purpose, I construct some collateral constraint models in which the available funds for borrowers are limited within a value of collateral assets. The empirical exercises show that the shock that drives land prices is not the primary source of business cycles although it plays an important role in several specific economic episodes. In addition, we also estimate the causal effect of asset purchasing program.
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| Free Research Field |
マクロ経済学
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