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Open-Economy Macroeoonomic Dynamics with Stagnation and the Spill-Over Effect of Economic Policy

开放经济的宏观经济动态与经济政策的溢出效应

基本信息

批准号：
09630004
负责人：
ONO Yoshiyasu
金额：
$ 1.98万
依托单位：
Tokyo Institute of Technology
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
1997
资助国家：
日本
起止时间：
1997 至 1998
项目状态：
已结题

项目摘要

1. I formulate a dynamic monetary model with two countries in which persistent stagnation occurs. Each household allocates its asset among the home currency, home bonds, and foreign bonds, and maximizes its lifetime utility. If the household has insatiable liquidity preference, persistent stagnation can occur without any permanent distortion that Old and New Keynesians assume. In this setting a country with larger foreign assets tends to face unemployment whereas a country with smaller assets tends to realize full employment. I also examine the relationship between the unemployment rate and the efficiency of the wholesale industry, the own and spillover effects of macroeconomic policies on effective demand, etc.2. Using two data sets, prefectural and individual (Nikkei Radar), and applying parametric and nonparametric methods to each of them respectively, Ogawa (Osaka Univ. ), Yoshida (Osaka Prefecture Univ. ), and I empirically investigate the validity of insatiable liquidity preference. We find that insatiable liquidity preference is strongly supported.3. In a joint research with S. Lahiri (Essex Univ. ) we formulate an international model with foreign direct investment. and examine the effects of local content requirements or a profit tax on the welfare of the home and foreign countries through changes in employment or environment.

1.我制定了一个动态的货币模型，其中两个国家的持续停滞发生。每个家庭在本国货币、本国债券和外国债券之间分配其资产，并使其终身效用最大化。如果家庭有永不满足的流动性偏好，那么持续的停滞就可能发生，而不会出现新旧凯恩斯主义者所假设的任何永久性扭曲。在这种情况下，外国资产较多的国家往往面临失业，而资产较少的国家往往实现充分就业。此外，还考察了失业率与批发业效率的关系、宏观经济政策对有效需求的自身效应和溢出效应等。使用两个数据集，县和个人（日经雷达），并分别应用参数和非参数方法，小川（大坂大学），吉田（大坂府立大学），我实证研究的有效性，永不满足的流动性偏好。我们发现，不满足的流动性偏好是强烈的.在与S. Lahiri（埃塞克斯大学）我们制定了一个国际模式与外国直接投资。并研究当地含量要求或利润税通过就业或环境变化对本国和外国福利的影响。