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New Keynesian Theory and Its Application to the Japanese Economy

新凯恩斯主义理论及其在日本经济中的应用

基本信息

批准号：
07630006
负责人：
MIYAGAWA Tsutomu
金额：
$ 1.41万
依托单位：
The Institute of Economic Research, Hitotsubashi University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1995
资助国家：
日本
起止时间：
1995 至 1996
项目状态：
已结题

项目摘要

The purpose of this research is to understand recent macroeconomic movements of the Japanese economy based on new Keynesian economics. Departing from the assumption of sticky prices, new Keynesian economics proposes an analytical framework with price volatilities. This framework is useful for studying the Japanese economy in the 1990s where stock prices and land prices fell sharply and exchange rate fluctuated.Miyagawa focused on investment behavior which was a key factor of Keynesian economics. Writing a survey of investment theory and its empirical analyzes, he studied comovements of investment between industries.Sharp drop in stock and land prices damaged a financial system and effects of monetary policy and balance sheet shock in a banking sector have changed. Miyagawa examined transmission mechanism of monetary policy and negative shock in a banking sector. Asako studied effects of monetary policy on prices of interest futures.Globalization is an important feature of the Japanese economy in the 1990. Fukao focused on which factors are crucial for selecting a country when Japanese firms carried out foreign direct investment. His empirical analysis showed that labor cost and country risk are crucial factors for foreign direct investment. Fukuda examined why the Japanese yen did not play a role of invoice currency in spite of the globalization of Japanese firms.

这项研究的目的是基于新凯恩斯主义经济学来理解日本经济近期的宏观经济走势。新凯恩斯主义经济学从粘性价格假设出发，提出了一个考虑价格波动的分析框架。这一框架对于研究20世纪90年代的日本经济很有帮助，当时日本的股票和土地价格大幅下跌，汇率也在波动。宫川把重点放在了凯恩斯经济学的一个关键因素--投资行为上。他撰写了一篇关于投资理论及其实证分析的综述，研究了行业间的投资组合。股票和土地价格的大幅下跌破坏了金融体系，货币政策和银行业资产负债表冲击的影响发生了变化。宫川考察了货币政策的传导机制和银行业的负面冲击。麻子研究了货币政策对未来利率价格的影响。全球化是20世纪90年代日本经济的一个重要特征。福考关注的是日本企业在进行外国直接投资时选择国家的关键因素。他的实证分析表明，劳动力成本和国家风险是影响外国直接投资的关键因素。福田研究了为什么在日本公司全球化的情况下，日元没有扮演发票货币的角色。