International policy cooperation after the financial crisis

2017 Fiscal Year Final Research Report

• Project/Area Number: 15H01939
• Research Category: Grant-in-Aid for Scientific Research (A)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: The University of Tokyo (2017); Kyoto University (2015-2016)
• Principal Investigator: NAKAJIMA Tomoyuki 東京大学, 大学院経済学研究科(経済学部), 教授 (50362405)
• 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)
• Co-Investigator(Renkei-kenkyūsha): SUNAKAWA Takeki 神戸大学, 大学院経済学研究科, 准教授 (10747223)
• Research Collaborator: KIYOTAKI Nobuhiro ; BENIGNO Gianluca ; OKIMOTO Tatsuyoshi ; WAKI Yuichiro ; BRAUN R. Anton ; GOTTARDI Piero
• Project Period (FY): 2015-04-01 – 2018-03-31
• Keywords: マクロ経済学 / 国際金融 / 経済政策 / 金融危機

Outline of Final Research Achievements

(1) In a small open economy with external financial shocks, it is found that there is a complementarity between monetary and cyclical macroprudential policies: a cyclical tax on foreign currency borrowing by banks combined with a relatively strict inflation targeting enhances welfare. (2) Using two-country models, the welfare gains of international monetary policy cooperation when there are financial frictions in the form of staggered loan contracts supplied by monopolistic banks. The same question is also investigated in the model with local currency pricing. (3) Using heterogeneous-agent macroeconomic models with incomplete markets and borrowing constraints, the welfare-maximizing taxation and debt policy has been analyzed. Also, the sovereign bond price dynamics is analyzed in a model with heterogeneous beliefs about the likelihood of a sovereign debt crisis.

Free Research Field

マクロ経済学