2016 Fiscal Year Final Research Report
Construction of International and Economic Growth Theory in a Monetary Economy
Project/Area Number |
26380232
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
Economic theory
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Research Institution | The University of Tokyo |
Principal Investigator |
Otaki Masayuki 東京大学, 社会科学研究所, 教授 (60183761)
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Project Period (FY) |
2014-04-01 – 2017-03-31
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Keywords | 貨幣理論 / 最適通貨圏 / 固定レート制と財政節度 / ケインズ的経済成長理論 |
Outline of Final Research Achievements |
Excluding the exogenous price rigidity assumption, models on the international monetary economy and monetary economic growth are developed. Theoretical parts were published by Springer entitled Keynesian Economics and Price Theory: Re-orientation of a Theory of Monetary Economy (2015). These developed theories were applied to analyze the current Japanese economy. The analyses are summarized by a book entitled The Origing of the Prolonged Economic Stagnation in Contemporary Japan (2015), Rougledge. I consider that there are three substantial contributions to in my research. First, I succeeded in providing a microeconomic foundation for the optimal currency area theory. Second, I exhibited that a monetary economy under monopolistic competition cannot achieve economic growth without incessant government help because of the demand constraint. Finally, I found that a radical quantitative easing monetary policy requires a higher rate of return for money and advances disinflation.
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Free Research Field |
理論経済学
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