2016 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, 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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| 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 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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| 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 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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| 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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Research Products
(20 results)
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[Presentation] 私的情報と経済政策2016
Author(s)
Ippei Fujiwara
Organizer
日本経済学会
Place of Presentation
名古屋大学
Year and Date
2016-06-18 – 2016-06-18
Invited
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