| Project/Area Number |
15H06524
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| Research Category |
Grant-in-Aid for Research Activity Start-up
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic theory
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| Research Institution | Aomori Public College |
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Principal Investigator |
Takao Kizuku 青森公立大学, 経営経済学部, 講師 (10755680)
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| Research Collaborator |
Futagami Koichi 大阪大学, 経済学研究科, 教授 (30199400)
Lai Ching-Chong Institute of Economic Research, Academia Sinica, Distinguished Research Fellow
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| Project Period (FY) |
2015-08-28 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥2,990,000 (Direct Cost: ¥2,300,000、Indirect Cost: ¥690,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
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| Keywords | マクロ経済学 / 財政金融政策 / 市場構造 / 資産価格 / 産業組織論 / 経済成長論 / 経済成長 / 研究開発投資 |
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| Outline of Final Research Achievements |
This research examines macroeconomic effects of fiscal policies and the relationships between asset bubbles and economic growth in the presence of an endogenous market structure. The key feature is that there are two-dimensional investment opportunities: quality improvement of existing goods and the creation of a new product. This leads to variation in the scale of production at the level of individual firm for any given aggregate market size. Therefore, any economic policy potentially has not only direct effects on the intensity of investments by incumbent firms but also secondary effects through endogenous variations in firm sizes.
First, I show that even if a fiscal policy is effective for economic growth and social welfare from a long-term perspective, it leads to macroeconomic instabilities and for some situations it triggers short-run slowdowns in economic growth. Second, I propose a new theoretical channel through which the presence of asset bubbles can promote economic growth.
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