2011 Fiscal Year Final Research Report
Quantitative Study on Business Cycles in a Model of Endogenous Investment Fluctuations
| Project/Area Number |
21730154
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic theory
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| Research Institution | Hitotsubashi University |
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Principal Investigator |
NIREI Makoto 一橋大学, イノベーション研究センター, 准教授 (60530079)
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| Project Period (FY) |
2009 – 2011
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| Keywords | マクロ経済学 / 景気循環 |
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| Research Abstract |
It is known as business cycles that the national economies develop through booms and recessions in irregular cycles with frequencies of 2. 5-5 years. Standard economic theory can explain the wide range of business cycles phenomena, once it is assumed that the total factor productivity fluctuates in those frequencies. However, economists have not agreed on what mechanism drives the productivity fluctuation. In this research project, I formalize the idea that a firm-level investment induces another firm's investment, and test the theoretical hypotheses by firm-level investment data empirically.
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