2007 Fiscal Year Final Research Report Summary
On Determinants of Asset Distributions in Japan: Theory and Evidence
| Project/Area Number |
18530212
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Sophia University |
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Principal Investigator |
TAKEDA Yosuke Sophia University, Department of Economics, Professor (20266068)
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| Co-Investigator(Kenkyū-buntansha) |
UEDA Atsuko Waseda University, School of Political Science and Economics, Professor (00264581)
DEJIMA Takahisa Sophia University, Department of Economics, Associate Professor (70286756)
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| Project Period (FY) |
2006 – 2007
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| Keywords | Economic Fluctuation / Inflation / Infrastructure / Flow of Funds / Education / Tobin Effect / Market Communication |
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| Research Abstract |
The research project addressed effects of economic fluctuations and inflation on determination of assets' distributions. We empirically analyzed the Japanese data, relying upon some theoretical models.
Concerning effects of economic fluctuations, we have three publications:“Industrial Spillover of Productivities through R&D and Intermediate Materials: A Case of Road"; “Business Cycle and How of Funds"; “On Determinants of Educational Expenditures by the Japanese Households: Using the Japanese Panel Survey of Consumers."The first paper identifies effects of R&D and intermediate materials on productivities'spillover among industries. The second paper estimates the VAR models where each financial item held by each economic agent (households, corporations or government) is included with some aggregates of economic fluctuations and monetary policy's instruments. The third one gives us some evidence upon how educational expenditures for children's human capital depend upon parents' educational backgrounds, incomes earned or assets held.
We also have another two papers upon effects of inflation. A paper entitled as “A Note on the Robustness of the Tobin Effect in Incomplete Market" constructs a model of the Tobin effect where moderate level of inflation can cause an increase in social welfare. The other paper empirically analyzes announcement effects of public or private signals upon asset prices, taking as examples announcements of the Consumer Price Index, the Index for Industrial Production, or monetary policy meetings of the Bank of Japan (“Market Communication: A Case of the Bank of Japan after the New Law").
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