| Budget Amount *help |
¥16,380,000 (Direct Cost: ¥12,600,000、Indirect Cost: ¥3,780,000)
Fiscal Year 2016: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2015: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2014: ¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000)
Fiscal Year 2013: ¥2,470,000 (Direct Cost: ¥1,900,000、Indirect Cost: ¥570,000)
Fiscal Year 2012: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
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| Outline of Final Research Achievements |
The project revisits empirically dynamic stochastic general equilibrium (DSGE) models based on Bayesian statistics. In particular, this project reveals that consumption habits improve the fit of a conventional new Keynesian DSGE model only to high frequencies of macroeconomic data but not to business cycle frequencies. Moreover, the project identifies a serious difficulty of a canonical open-economy DSGE model in explaining near random walk nominal exchange rates with other economic fundamentals jointly. Finally, the project provides a better estimate of an important role of transportation costs in regional price dispersion using a unique micro data set of wholesale prices of agricultural products distributed around wholesale markets in Japan.
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