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New Keynesian Theory and Its Application to the Japanese Economy

Research Project

Project/Area Number 07630006
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeSingle-year Grants
Section一般
Research Field 経済理論
Research InstitutionThe Institute of Economic Research, Hitotsubashi University

Principal Investigator

MIYAGAWA Tsutomu  The Institute of Economic Research, Hitotsubashi University, Associate Professor, 経済研究所, 助教授 (30272777)

Co-Investigator(Kenkyū-buntansha) FUKUDA Shin-ichi  Faculty of Economics, University of Tokyo, Associate Professor, 経済学部, 助教授 (00221531)
FUKAO Kyoji  The Institute of Economic Research, Hitotsubashi University, Associate Professor, 経済研究所, 助教授 (30173305)
ASAKO Kazumi  The Institute of Economic Research, Hitotsubashi University, Professor, 経済研究所, 教授 (60134194)
Project Period (FY) 1995 – 1996
Project Status Completed (Fiscal Year 1996)
Budget Amount *help
¥2,200,000 (Direct Cost: ¥2,200,000)
Fiscal Year 1996: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1995: ¥1,700,000 (Direct Cost: ¥1,700,000)
Keywordsnew Keynesian economics / sticky price / transmission mechanism / interest future / globalization / foreign direct investment / country risk / invoice currency / モラル・ハザード / アドバース・セレクション / ゲーム論 / 金融システム
Research Abstract

The purpose of this research is to understand recent macroeconomic movements of the Japanese economy based on new Keynesian economics. Departing from the assumption of sticky prices, new Keynesian economics proposes an analytical framework with price volatilities. This framework is useful for studying the Japanese economy in the 1990s where stock prices and land prices fell sharply and exchange rate fluctuated.
Miyagawa focused on investment behavior which was a key factor of Keynesian economics. Writing a survey of investment theory and its empirical analyzes, he studied comovements of investment between industries.
Sharp drop in stock and land prices damaged a financial system and effects of monetary policy and balance sheet shock in a banking sector have changed. Miyagawa examined transmission mechanism of monetary policy and negative shock in a banking sector. Asako studied effects of monetary policy on prices of interest futures.
Globalization is an important feature of the Japanese economy in the 1990. Fukao focused on which factors are crucial for selecting a country when Japanese firms carried out foreign direct investment. His empirical analysis showed that labor cost and country risk are crucial factors for foreign direct investment. Fukuda examined why the Japanese yen did not play a role of invoice currency in spite of the globalization of Japanese firms.

Report

(3 results)
  • 1996 Annual Research Report   Final Research Report Summary
  • 1995 Annual Research Report
  • Research Products

    (24 results)

All Other

All Publications (24 results)

  • [Publications] 宮川努: "設備投資理論の進展と実証分析の多様化" 浅子・大瀧編「現代マクロ経済動学」東京大学出版会近刊. (1997)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 宮川努: "設備投資変動と産業連鎖" 経済研究. 47巻4号. 301-312 (1996)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 宮川努: "金融環境の変化と設備投資変動" 大蔵省財政金融研究所「フィナンシャル・レビュー」近刊. (1997)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 浅子和美: "金融政策の変更と金利先物市場" 館龍一郎編「金融先物論文集」東京金融先物取引所. 67-80 (1996)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 深尾京司(程勲): "直接投資先国の決定要因について" 大蔵省財政金融研究所「フィナンシャル・レビュー」. February. 1-31 (1996)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 福田慎一: "The Structural Determinants of Invoice Currencies in Japan" Ito and Kruger ed. Financial Deregulation and Integration in East Asia. 147-163 (1996)

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Miyagawa Tsutomu: "An Evolution of Investment Theory and Empirical Analyzes" K.Asako and M.Otaki ed., Modern Macro Dynamics, The University of Tokyo Press, Tokyo. (forthcoming). (1997)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Miyagawa Tsutomu: "Industry Complementarities and Investment Behavior" Keizai Kenkyu. Vol.47, No.4. (1996)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Miyagawa Tsutomu: "Financial Fragility and Investment Behavior in Japan" Financial Review. (forthcoming). (1997)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Asako Kazumi: "Monetary Policy and Interest Future Market" R.Tachi ed.Papers on Financial Futures, The Tokyo International Financial Futures Exchange. (1996)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Fukao Kyoji (with Hoon Chung): "On the Determinants of Location of the Japanese Foreign Direct Investment" Financial Review. Vol.38. (1996)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] Fukuda Shin-ichi: "The Structural Determinants of Invoice Currencies in Japan, " T.Ito and A.Kruger eds., Financial Deregulation and Integration in East Asia. The University of Chicago Press, Chicago, (1996)

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      1996 Final Research Report Summary
  • [Publications] 宮川務: "設備投資理論の進展と実証分析の多様化" 浅子・大瀧編「現代マクロ経済動学」東京大学出版会. (近刊). (1997)

    • Related Report
      1996 Annual Research Report
  • [Publications] 宮川務: "設備投資変動と産業連鎖" 経済研究. 47巻4号. 301-312 (1996)

    • Related Report
      1996 Annual Research Report
  • [Publications] 宮川務: "金融環境の変化と設備投資変動" 大蔵省財政金融研究所「フィナンシャル・レビュー」. (近刊). (1997)

    • Related Report
      1996 Annual Research Report
  • [Publications] 浅子和美: "金融政策の変更と金利先物市場" 館瀧一郎編「金融先物論文集」東京金融先物取引所. 67-80 (1996)

    • Related Report
      1996 Annual Research Report
  • [Publications] 深尾京司(程勲): "直接投資先国の決定要因について" 大蔵省財政金融研究所「フィナンシャル・レビュー」. February. 1-31 (1996)

    • Related Report
      1996 Annual Research Report
  • [Publications] 福田慎一: "The Structural Determinants of Invoice Currencies in Japan" Ito and Kruger ed. Financial Deregulation and Integration in East Asia. 147-163 (1996)

    • Related Report
      1996 Annual Research Report
  • [Publications] 浅子 和美: "金融市場の変貌とマクロ経済の安定性" 堀内昭義編「金融の情報通信革命」. 近刊. (1996)

    • Related Report
      1995 Annual Research Report
  • [Publications] 浅子和美(國則守生、松村敏弘共著): "地球温暖化と国際協調-合意形成の条件" 宇沢・國則編「制度資本の経済学」東京大学出版会. 231-261 (1995)

    • Related Report
      1995 Annual Research Report
  • [Publications] 深尾 京司: "海外生産と輸出の代替性について-実証研究のサーベイと今後の課題" 通産レビュー. 5. 185-199 (1995)

    • Related Report
      1995 Annual Research Report
  • [Publications] 深尾 京司: "日本企業の海外生産活動と国内労働" 日本労働研究雑誌. 2-12 (1995)

    • Related Report
      1995 Annual Research Report
  • [Publications] 深尾京司(程勲共著): "直接投資先国の決定要因について:わが国製造業に関する実証分析" ファイナンシャル・レビュー. 38. 1-31 (1995)

    • Related Report
      1995 Annual Research Report
  • [Publications] 宮川 努: "設備投資分析-理論・実証の蓄積と今後の課題-" 一橋大学経済研究所 Discussion Paper Series A No.317. (1995)

    • Related Report
      1995 Annual Research Report

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Published: 1995-04-01   Modified: 2016-04-21  

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