|Budget Amount *help
¥3,600,000 (Direct Cost : ¥3,600,000)
Fiscal Year 1996 : ¥500,000 (Direct Cost : ¥500,000)
Fiscal Year 1995 : ¥1,000,000 (Direct Cost : ¥1,000,000)
Fiscal Year 1994 : ¥2,100,000 (Direct Cost : ¥2,100,000)
1.Implications of Ono's stagnation theory (Ono) : (1) In the presence of nonsatibale wealth preference, persistent asset inflation (or bubble) can occur even if consumers are perfectly rational. (Ono, Iwanami). As an alternative of the conventional aggregate demand-aggregate supply analysis, we develop a new analytical tool. It is used to establish a dynamic foundation to the Phillips curve. (two articles in Economic Review). (3) Ono's stagnation model of a closed economy is extended to a two-country model. It is found that a county with a large foreign asset tends to face persistent unemployment.
2.Empirical evidence of nonsatiable liquidity preference (Ono and Yoshida) : Using the PSID data on US consumers and non-parametric methods, we find that the nonsatiable liquidity preference hypothesis is positively supported.
3.The dynamics of cumulative external debt (Ikeda and Ono) : Using models in which external debts accumulation is generated by international difference in time preference
, we have examined welfare effects of economic policies to improve the external imbalance, such as saving-restriction policies (e.g., capital taxs), trade policies (import quota, VER), fiscal policies. Among others we obtain the following results : (1) These policies to improve the external imbalance are often harmful in welfare. (2) Export promotion for debtor country and import promotion for creditor country can be the optimal trade policies for respective countries. (Ono and Ikeda , Kluwer) (3) The effects of fiscal policies is crucially affected by the tax system (a lump-sum tax or a consumption tax) that finances fiscal spending. (Ono and Ikeda , J.E.)
4.A microeconomic aspect of international spill-over effects of economic policies (Ono) : The welfare effects of opening trade, entry restrictions, and R&D subsidies are examined in the context of oligopoly. (Lahiri and Ono [1995 ; IER,Kluwer, and J.E.R]) It is shown that the welfare implication crucially depends on whether oligopolists are symmetric or asymmetric. For example, in an asymmetric oligopoly helping more efficient firms strategically tends to benefit a country.
4.上述のマクロの側面に加え、各国による経済政策の国際的波及効果のミクロ的側面として、不完全競争的な状況における市場開放や企業参入規則、研究開発補助金などの効果についても分析した。その結果、(1)企業が皆同じ効率性を持っていれば不完全競争の場合にも貿易を通しての市場開放は一般に経済厚生を引き上げるが(Lahiri and Ono . I. E. R.)、(2)企業の効率性が違っていれば、強い企業を戦略的に優遇することが、経済全体から見ても望ましい場合もあることがわかった(Lahiri and Ono . kluwer. J. E. R.)。 Less