2009 Fiscal Year Final Research Report
On the Possibility of Monetary Policy Rules during the Withdrawal Period from Deflation.
| Project/Area Number |
19530250
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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 | Daito Bunka University |
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Principal Investigator |
OKAMURA Kumiko Daito Bunka University, 経済学部, 教授 (20281016)
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| Co-Investigator(Kenkyū-buntansha) |
MATSUKAWA Shigeru 大阪府立大学, 経済学部, 教授 (50107108)
TAKI Atsuhiro 広島大学, 経済学研究科, 教授 (40216809)
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| Project Period (FY) |
2007 – 2009
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| Keywords | 金融政策ルール / インフレ・ターゲット / テーラールール / 自然利子率 |
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| Research Abstract |
In this research, it constructed the model where the monetary authority is conducting the minimization of quadratic objective function with the variance of output-inflation-rate trade off is formulated. The main result from this theoretical analysis is that, with the response from the public, there are two discretionary equilibriums ; one is to result in less inflationary under more aggressive discretion and another is more inflationary under less discretion. Furthermore, dynamic-simulation model, under development, will reflect this theoretical result, and resulting parameter estimates are expected.
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