Construction of International and Economic Growth Theory in a Monetary Economy
| Project/Area Number |
26380232
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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 | The University of Tokyo |
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Principal Investigator |
Otaki Masayuki 東京大学, 社会科学研究所, 教授 (60183761)
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| Project Period (FY) |
2014-04-01 – 2017-03-31
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| Project Status |
Completed (Fiscal Year 2016)
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| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2016: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2015: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
Fiscal Year 2014: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Keywords | 貨幣理論 / 最適通貨圏 / 固定レート制と財政節度 / ケインズ的経済成長理論 / ケインズ理論 / 「信頼」による貨幣理論 / 最適通貨圏のミクロ理論 / EUの実際と最適通貨圏 / デフレーション・ディスインフレーション / ラムジーの確率論 / 国債管理政策 / 財政規律 / デフレーション･ディスインフレーション / ケインズ経済学と価格理論 / フィリップス曲線のミクロ的基礎 / 非自発的失業の存在証明 / 基軸通貨理論のミクロ的基礎 / 最適通貨圏理論のミクロ的基礎 / 経済成長と金融政策 |
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| Outline of Final Research Achievements |
Excluding the exogenous price rigidity assumption, models on the international monetary economy and monetary economic growth are developed. Theoretical parts were published by Springer entitled Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy (2015). These developed theories were applied to analyze the current Japanese economy. The analyses are summarized by a book entitled The Origing of the Prolonged Economic Stagnation in Contemporary Japan (2015), Rougledge.
I consider that there are three substantial contributions to in my research. First, I succeeded in providing a microeconomic foundation for the optimal currency area theory. Second, I exhibited that a monetary economy under monopolistic competition cannot achieve economic growth without incessant government help because of the demand constraint. Finally, I found that a radical quantitative easing monetary policy requires a higher rate of return for money and advances disinflation.
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Report
(4 results)
Research Products
(27 results)
