Macroeconomic Dynamics of Long-run Deflationary Recession

2014 Fiscal Year Final Research Report

• Project/Area Number: 24730175
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Economic theory
• Research Institution: Waseda University
• Principal Investigator: INOUE Tomohiro 早稲田大学, 政治経済学術院, 助教 (90547093)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: ニューケインジアンモデル / 内生的経済成長 / 内生的貨幣供給 / 長期デフレ不況 / ゼロ金利 / 信用創造 / ラーニング・バイ・ドゥーイング / ヴァラエティ・エクスパンディング

Outline of Final Research Achievements

I combined the optimum growth model with the new Keynesian model into a model. Moreover, I developed two models extending the model. (1)Endogenous technological change: I introduced endogenous technological change into the model and showed that a low rate of monetary growth can bring a low rate of economic growth in the long run. (2)Endogenous money supply: I introduced endogenous money supply into the model and showed that there are two economic states “positive-interest-rate economy” and “zero-interest-rate economy”. In the steady state of the zero-interest-rate economy, deflation and negative output gap emerge.

Free Research Field

マクロ経済学