2016 Fiscal Year Final Research Report
Optimal Policy Analysis under Incomplete Financial Market
| Project/Area Number |
26780153
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Economic policy
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| Research Institution | Keio University |
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Principal Investigator |
TERANISHI Yuki 慶應義塾大学, 商学部(三田), 准教授 (50710456)
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Keywords | Incomplete market / search and matching / optimal policy |
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| Outline of Final Research Achievements |
Research outcomes are in three papers, “Optimal Macroprudential Policy”, “Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search” , and “Financial Frictions and Policy Cooperation: A Case with Monopolistic Banking and Staggered Loan Contracts.” These papers show that optimal policy requires procyclicality between real economic activity and financial activity under a theoretical model with an incomplete financial market by a search and matching mechanism.
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| Free Research Field |
Monetary Economics, Macroeconomics
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