2014 Fiscal Year Final Research Report
Financial Market Imperfection and Monetary Policy under Adaptive Learning
| Project/Area Number |
23530234
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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 | Kansai 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 | 適応的学習 / 期待の異質性 / 学習安定性 / 銀行の横並び行動 / テイラー原理 / 国際情報交換 |
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| Outline of Final Research Achievements |
This research project has investigated how financial market imperfection under agents’ adaptive learning could affect the stability of the economy and the efficacy of monetary policy. This project obtains three results. First, when agents’ learning is heterogeneous, the economy is easy to be stable. Second, in the New Keynesian macroeconomic model, heterogeneous learning relaxes conditions imposed on monetary policy to ensure the economic stability. Third, when financial market imperfection exists, the economy is easy to be unstable so that the stability conditions for monetary policy are more restrictive.
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| Free Research Field |
マクロ経済学
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