Zero lower bound of nominal interest rate, credit market imperfections, and macroeconomic policy
| Project/Area Number |
15H05389
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| Research Category |
Grant-in-Aid for Young Scientists (A)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic theory
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| Research Institution | Senshu University |
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Principal Investigator |
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| Project Period (FY) |
2015-04-01 – 2019-03-31
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| Project Status |
Completed (Fiscal Year 2018)
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| Budget Amount *help |
¥8,060,000 (Direct Cost: ¥6,200,000、Indirect Cost: ¥1,860,000)
Fiscal Year 2018: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2017: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
Fiscal Year 2016: ¥2,080,000 (Direct Cost: ¥1,600,000、Indirect Cost: ¥480,000)
Fiscal Year 2015: ¥2,340,000 (Direct Cost: ¥1,800,000、Indirect Cost: ¥540,000)
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| Keywords | ゼロ金利 / 金融市場 / 金融市場の不完全性 / 経済政策 / 資産価格 / マクロ経済学 / 株価 / 財政政策 / 金融政策 / 名目金利のゼロ下限制約 / 経済理論 |
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| Outline of Final Research Achievements |
This main research outputs are as follows. (1) We investigate the effects of economic policy under zero bound of the nominal interest rate. (2) We investigate the effects of fiscal and monetary policy responses to asset prices. We focus on the various type of assets, and the effects of credit market imperfections. We also estimate the fiscal and monetary policy rule of the Japanese economy to investigate whether policy responds to asset price fluctuations. (3) We investigate the Laffer curves for consumption, and labor income taxes.
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| Academic Significance and Societal Importance of the Research Achievements |
従来のマクロ経済分析においては、多くの場合、金融市場は完全であることが仮定されてきた。また、中央銀行の金融政策運営をモデル化する場合も単純なテイラールールを仮定し、名目金利のゼロ下限制約を取り扱わないことが多かった。しかしながら、金融危機とその後の大不況の経験によって、両者の重要性は非常に増している。本研究計画では、これら金融市場（とくに金融市場の不完全性）とゼロ金利を考慮したマクロ経済政策の効果を分析した点に学術的意義および社会的意義がある。
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Report
(5 results)
Research Products
(25 results)
