| 研究課題/領域番号 |
15H01939
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| 研究機関 | 京都大学 |
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研究代表者 |
中嶋 智之 京都大学, 経済研究所, 教授 (50362405)
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| 研究分担者 |
青木 浩介 東京大学, 大学院経済学研究科(経済学部), 教授 (30263362)
藤原 一平 慶應義塾大学, 経済学部(三田), 教授 (50736874)
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| 研究期間 (年度) |
2015-04-01 – 2018-03-31
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| キーワード | マクロ経済学 / 国際金融 / 経済政策 / 金融危機 |
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| 研究実績の概要 |
Main results of our projects this year are summarized as follows. First, we have investigated benefits of international policy cooperation using a New Keynesian model with financial frictions. Specifically, we consider staggered loan contracts supplied by monopolistic banks, and find that policy cooperation yields long run gains. This work has been published in the Journal of International Economics, a top journal in international economics. Second, we consider how macroeconomic policy should be designed for emerging market economies. In particular, we aim to shed light on the interaction between monetary and macro-prudential policies in such an economy. Our analysis shows that there is a complementarity between monetary and cyclical macro-prudential policies: a cyclical tax on foreign currency borrowing by banks combined with a relatively strict inflation targeting enhances welfare. Indeed, the same inflation targeting alone without macro-prudential policy could reduce welfare. Third, we have studied how an increase in idiosyncratic risk in earnings ability affects aggregate economic activity, and how fiscal policy should react to it. Our particular interest is in the extent to which Japan's lost decades can be accounted for by such factor. Fourth, we have studied a liquidity crisis in a model where firms and banks are connected through a particular form of network. We discuss how such model can account for the recent crisis in the word economy.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
2: おおむね順調に進展している
理由
We have published 2 papers this year, one of which is in a top journal in international economics. In addition, we have been working on several working papers, which are being revised for publication in peer-reviewed journals. Our research has been presented in several international conferences, and two of them are invited lectures. We have also advanced our international collaboration with researchers in the U.S., U.K, and Australia. Finally, we have invited researchers with international reputation from abroad and held workshops in Keio University, Kyoto University, and the University of Tokyo.
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| 今後の研究の推進方策 |
We are planning to continue our on-going research projects, and start some new projects as well. In addition, we continue inviting renowned researchers from abroad to hold workshops and conferences.
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