Long-term Monetary Policy and Deflationary Recession
| Project/Area Number |
15K03365
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Komazawa University |
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Principal Investigator |
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| Project Period (FY) |
2015-10-21 – 2023-03-31
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| Project Status |
Completed (Fiscal Year 2022)
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| Budget Amount *help |
¥3,250,000 (Direct Cost: ¥2,500,000、Indirect Cost: ¥750,000)
Fiscal Year 2019: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2015: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
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| Keywords | 内生的成長 / ニューケインジアン / 内生的貨幣供給 / ゼロ金利制約 / 内生貨幣供給 |
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| Outline of Final Research Achievements |
A new theoretical model was constructed by combining three models: the New Keynesian model, the endogenous growth model, and the monetary growth model. It shows that the higher the monetary growth rate, the higher the economic growth rate. A paper summarizing the above was submitted to an international academic journal and accepted.
In addition, I constructed a new Keynesian model that introduces endogenous money supply, and demonstrated that under zero interest rates, not only interest rate policy but also quantitative easing policy would lose their effectiveness, and instead fiscal spending by the government could become monetary policy. I have discussed the above in books.
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| Academic Significance and Societal Importance of the Research Achievements |
「失われた３０年」と呼ばれる長期に渡る日本経済の停滞については、需要要因を重視する立場と供給要因を重視する立場があり、互いに全く折り合っていない。それは、既存の経済学において前者は短期理論、後者は長期理論に論じられており完全に分断されているからである。本研究で示された理論は、需要要因と供給要因をつなぐ言わば「ミッシングリンク」（失われた環）の役割を果たしている。すなわち、平成に起こった需要不足によるデフレ不況がR&Dの不足をもたらし、技術進歩率を低下させ経済成長率を低下させたことを理論的に説明し得ている。日本経済再興のための議論に不可欠な理論と言えるだろう。
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Report
(9 results)
Research Products
(5 results)
