Asset Price Fluctuations and Macroeconomic Policy

2023 Fiscal Year Final Research Report

• Project/Area Number: 21K01448
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Review Section: Basic Section 07040:Economic policy-related
• Research Institution: Senshu University
• Principal Investigator: Nutahara Kengo 専修大学, 経済学部, 教授 (30553672)
• Project Period (FY): 2021-04-01 – 2024-03-31
• Keywords: マクロ経済学 / 資産価格 / 金融政策 / 景気循環 / 長期インフレ率 / 格差

Outline of Final Research Achievements

This research project aims to understand the mechanism of asset price fluctuations and to analyze the desirable economic policy. First, I examined the relation between asset price fluctuations and the trend inflation rate, and investigated whether the central bank should consider asset price fluctuations. Second, I developed a model with heterogeneous households (i.e., households with access to asset markets and households without access to asset markets), and investigated the relation between income inequality among households and monetary policy. Third, using a model with heterogeneous households, I estimated the sources of business cycles and inequality in Japan and the US, and investigated the effects of reducing inequality on business cycles.

Free Research Field

マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

1990年代の日本のいわゆる「失われた10 年」や2007年後半からの金融危機（Great Recession）などのような大きな景気後退の前後には，しばしば株価や地価などの資産価格の大きな変動が見られる。本研究では、日本が経験した長期デフレや現在のようなインフレトレンドにおいて金融政策は資産価格変動を考慮すべきかに一定の示唆を与えることができた。加えて、近年注目されている格差の一要因として資産保有に着目し、資産保有による格差を金融政策および政府は考慮すべきかについても一定の示唆を与えることができた。