2019 Fiscal Year Final Research Report
Optimal monetary policy and wealth inequality
| Project/Area Number |
17K03616
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Meiji University |
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Principal Investigator |
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Keywords | 金融政策 / フリードマンルール / 内生的経済成長モデル |
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| Outline of Final Research Achievements |
In this study, we studied optimal monetary policy in a heterogeneous agent general equilibrium model. In most of the representative agent monetary models, it is well-known that the optimal nominal interest rate is zero. Here I assumed that individuals are heterogeneous in their initial wealth. I showed that in my model, the optimal monetary policy deviates from the zero-interest rate rule. This indicates that monetary policy has a re-distributive effect in my model with wealth inequality and the monetary redistribution is welfare improving.
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| Free Research Field |
マクロ経済学
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| Academic Significance and Societal Importance of the Research Achievements |
当該研究は、望ましい経済政策は格差の程度にどのように影響を受けるのかについて説明したものであり、また、その結果も、貨幣供給量を増やすスタンスの金融政策が格差社会においては望ましくなるというわかりやすいものである。最近では社会における様々な格差に注目が集まっており、特に資産の格差についても注目が高まってきているといえる。この点で当該研究の社会的意義は少なくないものと考える。
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