2023 Fiscal Year Final Research Report
Research into Interaction between Monetary and Fiscal Policies
Project/Area Number |
21H00705
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Research Category |
Grant-in-Aid for Scientific Research (B)
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Allocation Type | Single-year Grants |
Section | 一般 |
Review Section |
Basic Section 07040:Economic policy-related
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Research Institution | Hitotsubashi University |
Principal Investigator |
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Co-Investigator(Kenkyū-buntansha) |
砂川 武貴 一橋大学, 大学院経済学研究科, 准教授 (10747223)
笛木 琢治 香川大学, 経済学部, 准教授 (20975403)
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Project Period (FY) |
2021-04-01 – 2024-03-31
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Keywords | 金融政策 / 財政政策 |
Outline of Final Research Achievements |
In this research project, we analyzed the interaction between monetary policy and fiscal policy from various approaches. The results revealed that: (1) The policy stances of monetary and fiscal policies were not always the desirable combination in the past, which made it difficult for Japan's economy to escape from a deflationary trap. (2) Although fiscal policy during this period contributed to raising prices, it was not expansionary enough to offset other deflationary forces. (3) The purchase of government bonds by the central bank, as part of unconventional monetary policy, coupled with households' excess savings, significantly reduced government bonds' yield and helped the government debt's sustainability.
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Free Research Field |
金融政策、インフレ動学
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Academic Significance and Societal Importance of the Research Achievements |
1990年代から続いた慢性的なデフレ期に、金融政策、財政政策はどのような役割を果たしてきたのか。実効的な名目ゼロ金利制約に付する中、日本銀行は非伝統的金融政策を導入することによって金融緩和に努め、財政当局は大幅な財政赤字を続けた。これらの政策は、相互にどのように関係し、全体として、どの程度の効果をもったのか。これらの問題に答えることは、インフレ率が2%を越えるようになった今日においても、これらの政策の巻き戻しをはかるうえで重要な政策含意をもつ。本研究プロジェクトは、こうした問題意識に答える意義をもつ。
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