| 研究実績の概要 |
Main results of our project this year are summarized as follows. First, Fujiwara has investigated welfare gains from international cooperation of monetary policy using a non-cooperative policy game under local currency pricing. There, a novel role for international monetary policy cooperation is found, but, yet, quantitatively, the welfare gain is not that large. Second, Aoki has studied effects of monetary and financial policies for emerging market economies using a small-open economy New Keynesian model. Third, Nakajima has studied the optimal size of government debt in an incomplete-markets macroeconomic model whose parameters are calibrated to the Japanese economy. It has been found that, compared to the results for the U.S. economy, the benefit of government debt in the Japanese economy is rather small, and, as a result, its optimal size is much smaller. Fourth, Nakajima has considered how the price of government bond evolves when individuals have heterogeneous beliefs about the possibility of a default of the government. It is intended to account for why there is typically a significant time lag in the response of the government bond price to bad news about the soundness of the government budget. These pieces of work are published in peer-reviewed journals and/or presented in international conferences. In addition, we have organized international conferences, such as the 13th Dynare Conference at the University of Tokyo, and the 3rd International Finance and Macroeconomics Conference held at Keio University.
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