2003 Fiscal Year Final Research Report Summary
Empirical Reasearch of Macroeconomic Policy by the Fiscal snd Monetary Authorities.
| Project/Area Number |
13630033
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic statistics
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| Research Institution | DOSHISHA UNIVERSITY (2002-2003)
Kobe University (2001) |
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Principal Investigator |
KITASAKA Shin-ichi DOSHISHA UNIVERSITY, FACULTY OF ECONOMICS, PROFESSOR, 経済学部, 教授 (40234249)
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| Project Period (FY) |
2001 – 2003
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| Keywords | fiscal policy / monetary policy |
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| Research Abstract |
In this research project, we discussed about the following themes and got some findings. 1.We surveyed the monetary policy in Japan and discussed the inflation targeting policy. 2.Some forward-looking monetary policy reaction functions for the Japanese economy were estimated by GMM and markov switching models. It was found that the Bank of Japan did not react to temporary change of a stock price, but it reacted to fundamental change. 3.Asymmetric effects of monetary policy in Japan were tested by LST-VAR (Logistic Smooth Transition-Vector Autoregressive) Model. It was found that positive money supply shocks do not have an effect on output, while negative money supply shocks do have an effect on output. 4.We surveyed the fiscal policy in Japan and pointed out the necessity of some automatic stabilization policies. 5.Some fiscal policy reaction functions were estimated by markov switching models. We found that the Japanese fiscal policy in the period 1980-1993 could be classified as "Non-Ricardian", while it is "Ricardian" since 1993. 6.The underling parameters in a dynamic game between the fiscal and monetary authorities over the determination of public debt were estimated using the Japanese time series data. It was found that the goal of stabilizing public debt has been pursued by the fiscal authority but not by the monetary authority
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Research Products
(2 results)
