2015 Fiscal Year Final Research Report
Monetary and Fiscal Policy in Euro Zone with Default Risk: Developing Endogenous Default Model
| Project/Area Number |
25380400
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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 |
Money/ Finance
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| Research Institution | Nagoya City University (2014-2015)
Chiba Keizai University (2013) |
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Principal Investigator |
Okano Eiji 名古屋市立大学, 経済学研究科(研究院), 教授 (20406713)
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| Project Period (FY) |
2013-04-01 – 2016-03-31
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| Keywords | ソブリンリスク |
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| Outline of Final Research Achievements |
Monetary policy suppressing inflation magnifies volatilities on inflation and GDP gap through an increase in welfare costs while monetary policy pegging interest rate on risky assets to it on safety assets stabilizes default immediately and coincides with a decrease in welfare costs through suppressing volatilities on inflation and GDP gap. In a small open economy, fiscal policy slushing public debt temporally when shocks diminishing tax revenue occur increases welfare costs.
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| Free Research Field |
国際マクロ経済学
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