2015 Fiscal Year Annual Research Report
| Project/Area Number |
15H01939
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| Research Institution | Kyoto University |
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Principal Investigator |
中嶋 智之 京都大学, 経済研究所, 教授 (50362405)
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| Co-Investigator(Kenkyū-buntansha) |
青木 浩介 東京大学, 経済学研究科(研究院), 准教授 (30263362)
藤原 一平 慶應義塾大学, 経済学部, 教授 (50736874)
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Keywords | マクロ経済学 / 国際金融 / 経済政策 / 金融危機 |
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| Outline of Annual Research Achievements |
Main results of our projects this year are summarized as follows. First, we have investigated the sustainability of international monetary policy cooperation, and found that a smaller country or a country with more volatile shocks has an incentive to deviate from the cooperation regime. The sustainable cooperation regime is analyzed, where the constrained efficient outcome is obtained by solving the Pareto problem with relevant enforcement constraints. Second, we have considered social benefits of information transmission of the central bank in the New Keynesian framework, and found that it is beneficial for the central bank not to communicate its information to the private sector. Third, we analyzed the effects of monetary and macro-prudential policy in emerging market economies.
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| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
We have published 1 paper in peer-reviewed journals and 4 discussion papers; collaborated internationally with researchers in the U.S., Australia, U.Sk, and Italy; co-hosted a conference on international finance in Hong Kong in March 2016; and invited several researchers with international reputation from abroad to hold workshops in Tokyo and Kyoto.
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| Strategy for Future Research Activity |
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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