Heterogeneous goods and monetary and fiscal policies

2020 Fiscal Year Final Research Report

• Project/Area Number: 18K01520
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07010:Economic theory-related
• Research Institution: Waseda University
• Principal Investigator: Katayama Munechika 早稲田大学, 政治経済学術院, 准教授 (20718134)
• Project Period (FY): 2018-04-01 – 2021-03-31
• Keywords: 異質性 / 不確実性ショック / 認識の乖離

Outline of Final Research Achievements

The main results obtained through this research project are the following. (1) We show that sectoral immobility is crucial for generating responses to the uncertainty shock that is consistent with empirical evidence when we allow for heterogeneity in durability and price rigidity. (2) With distinct types of workers, we find that different degrees of wage stickiness can have an impact on the effectiveness of the monetary policy. (3) We analyze the impact of the COVID-19 pandemic on the economy and find that the degree of misperception about infection has an important effect on the tradeoff between containment policy and supporting economic activity.

Free Research Field

マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

本研究課題では、これまでのマクロ経済分析では捨象されることが多かった、財の性質（耐久性や価格粘着性など）や労働者の特性が異なる場合について焦点を当てて分析を行なった。このような場合では、従来の研究で金融政策が予期せぬ結果をもたらすことが知られており、現実経済をより正確に記述するためにどのような要素が必要か解き明かすことは極めて学術的意義がある。また、予期せぬ新型コロナの感染拡大に対して、感染状況に関する認識の乖離が与える影響を分析したことは極めて社会的意義があると考える。