2014 Fiscal Year Final Research Report
Macroeconomic analysis of risk sharing
| Project/Area Number |
23530218
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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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| Research Field |
Economic theory
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| Research Institution | Kyoto University |
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Principal Investigator |
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| Project Period (FY) |
2011-04-28 – 2015-03-31
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| Keywords | マクロ経済学 / リスクシェアリング / 非完備市場 |
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| Outline of Final Research Achievements |
(1) We have considered optimal taxation in a heterogeneous-agents economy in which individuals are subject to idiosyncratic labor income risks. (2) Using a two-country New Keynesian model we have considered optimal monetary policy when the two countries may fall into a liquidity trap simultaneously. We have also found that there is a relatively simple interest-rate rule which is almost as good as the optimal policy in terms of world welfare. (3) We have considered an AK model in which entrepreneurs face idiosyncratic risks to their investment, and derived a necessary and sufficient condition for the existence of bubbles. (4) We have developed a real business cycle model with banks and analyzed a mechanism of the emergence of a liquidity crisis. (5) Using a model in which investors have heterogeneous beliefs on the likelihood of a fiscal crisis of the government, we have studied the dynamics of government bond prices and the inflation rate.
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| Free Research Field |
マクロ経済学
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