Analysis of dynamic models of systemic financial crises

2015 Fiscal Year Final Research Report

• Project/Area Number: 23330061
• Research Category: Grant-in-Aid for Scientific Research (B)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: Research Institute of Economy, Trade and Industry (2013-2015); Hitotsubashi University (2011-2012)
• Principal Investigator: Kobayashi Keiichiro 独立行政法人経済産業研究所, 研究グループ, ファカルティフェロー (60371184)
• Research Collaborator: NAKAJIMA Tomoyuki 京都大学, 経済研究所, 教授
• Project Period (FY): 2011-04-01 – 2016-03-31
• Keywords: 不良債権 / 銀行取付 / システミックな金融危機 / 貨幣の流通速度

Outline of Final Research Achievements

I develop a macroeconomic model in which nonperforming loans cause recession and lower economic growth. I also develop a model of bank runs a la Diamond and Rajan, which explain the systemic liquidity crisis. These models are useful to deeply understand the mechanism of financial crises and we can find new policy implications from these models.

Free Research Field

マクロ経済学