2022 Fiscal Year Final Research Report
Information, Rationality, and Confidence: Implications for Real and Financial Cycles
| Project/Area Number |
20K01546
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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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| Review Section |
Basic Section 07010:Economic theory-related
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| Research Institution | Osaka University |
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Principal Investigator |
YOO DONGHOON 大阪大学, 社会経済研究所, 講師 (20868541)
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| Project Period (FY) |
2020-04-01 – 2023-03-31
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| Keywords | Business cycles / Diagnostic expectations / Imperfect information / Missperception / Consumer confidence / DSGE / Rationality |
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| Outline of Final Research Achievements |
The project expects to contribute to the existing literature by introducing a novel mechanism grounded in behavioral foundations to replicate economic fluctuations. By exploring the distortions arising from agents' preferences, expectation formation, and information, this project aims to provide an explanation for the observed fluctuations in the economy. This project also provides a toolkit that researchers can use for their own research.
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| Free Research Field |
Economics
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| Academic Significance and Societal Importance of the Research Achievements |
It contributes to the existing literature on behavioral macroeconomics and information frictions by integrating non-rational expectations into linear dynamics macroeconomic models and by providing structural interpretation of consumer confidence and understanding the underlying mechanism out of it.
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