Open-Economy Macroeoonomic Dynamics with Stagnation and the Spill-Over Effect of Economic Policy
| Project/Area Number |
09630004
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Tokyo Institute of Technology |
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Principal Investigator |
ONO Yoshiyasu Tokyo Institute of Technology, Graduate school of Decision Science and Technology, Professor (70130763)
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| Project Period (FY) |
1997 – 1998
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| Project Status |
Completed (Fiscal Year 1998)
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| Budget Amount *help |
¥3,100,000 (Direct Cost: ¥3,100,000)
Fiscal Year 1998: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1997: ¥2,100,000 (Direct Cost: ¥2,100,000)
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| Keywords | a two-country monetary economy / dynamic optimization / insatiable liquidity preference / unemployment / international wealth distribution / foreign direct investment |
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| Research Abstract |
1. I formulate a dynamic monetary model with two countries in which persistent stagnation occurs. Each household allocates its asset among the home currency, home bonds, and foreign bonds, and maximizes its lifetime utility. If the household has insatiable liquidity preference, persistent stagnation can occur without any permanent distortion that Old and New Keynesians assume. In this setting a country with larger foreign assets tends to face unemployment whereas a country with smaller assets tends to realize full employment. I also examine the relationship between the unemployment rate and the efficiency of the wholesale industry, the own and spillover effects of macroeconomic policies on effective demand, etc.
2. Using two data sets, prefectural and individual (Nikkei Radar), and applying parametric and nonparametric methods to each of them respectively, Ogawa (Osaka Univ. ), Yoshida (Osaka Prefecture Univ. ), and I empirically investigate the validity of insatiable liquidity preference. We find that insatiable liquidity preference is strongly supported.
3. In a joint research with S. Lahiri (Essex Univ. ) we formulate an international model with foreign direct investment. and examine the effects of local content requirements or a profit tax on the welfare of the home and foreign countries through changes in employment or environment.
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Report
(3 results)
Research Products
(18 results)
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[Book] 国際マクロ経済学1999
Author(s)
小野, 善康
Total Pages
326
Publisher
岩波書店
Description
「研究成果報告書概要(和文)」より
Related Report
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