Inflation Dynamics in Japan: Empirical Analysis with an Emphasis on Heterogeneity among Firms and Individuals

2021 Fiscal Year Final Research Report

• Project/Area Number: 19K23201
• Research Category: Grant-in-Aid for Research Activity Start-up
• Allocation Type: Multi-year Fund
• Review Section: 0107:Economics, business administration, and related fields
• Research Institution: Seikei University
• Principal Investigator: Shoji Toshiaki 成蹊大学, 経済学部, 助教 (10846801)
• Project Period (FY): 2019-08-30 – 2022-03-31
• Keywords: 物価 / ミクロデータ / 異質性

Outline of Final Research Achievements

In this project, we conducted empirical analyses on inflation dynamics in Japan, focusing on the heterogeneity of firms and individuals. Based on these analyses, we wrote three papers, "Menu Costs and Information Rigidity: Evidence from the Consumption Tax Hike in Japan," "Heterogeneity in Prices and Inflation over the Life Cycle," and "Formation of Chinese Venture Capital Syndication Network." We presented the content of these papers at various international and domestic academic societies.

Free Research Field

マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

物価変動（インフレ・デフレ）は消費者・企業の意思決定に対して重大な影響を及ぼすため、これを安定化させることが中央銀行の使命となっている。本研究では様々なミクロデータを活用し、物価変動を作り出す企業の価格設定行動、その影響を受ける消費者の購買行動、そして企業間のネットワーク構造を実証的に分析した。本研究の結果は、今後の金融・財政政策のあり方や、高齢化を始めとする経済社会の構造的変化の影響を考察するうえで重要であり、社会的意義は大きい。