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On Determinants of Asset Distributions in Japan: Theory and Evidence

日本资产分配的决定因素：理论与证据

基本信息

批准号：
18530212
负责人：
TAKEDA Yosuke
金额：
$ 2.45万
依托单位：
Sophia University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2006
资助国家：
日本
起止时间：
2006 至 2007
项目状态：
已结题

项目摘要

The research project addressed effects of economic fluctuations and inflation on determination of assets' distributions. We empirically analyzed the Japanese data, relying upon some theoretical models.Concerning effects of economic fluctuations, we have three publications:“Industrial Spillover of Productivities through R&D and Intermediate Materials: A Case of Road"; “Business Cycle and How of Funds"; “On Determinants of Educational Expenditures by the Japanese Households: Using the Japanese Panel Survey of Consumers."The first paper identifies effects of R&D and intermediate materials on productivities'spillover among industries. The second paper estimates the VAR models where each financial item held by each economic agent (households, corporations or government) is included with some aggregates of economic fluctuations and monetary policy's instruments. The third one gives us some evidence upon how educational expenditures for children's human capital depend upon parents' educational backgrounds, incomes earned or assets held.We also have another two papers upon effects of inflation. A paper entitled as “A Note on the Robustness of the Tobin Effect in Incomplete Market" constructs a model of the Tobin effect where moderate level of inflation can cause an increase in social welfare. The other paper empirically analyzes announcement effects of public or private signals upon asset prices, taking as examples announcements of the Consumer Price Index, the Index for Industrial Production, or monetary policy meetings of the Bank of Japan (“Market Communication: A Case of the Bank of Japan after the New Law").

该研究项目探讨了经济波动和通货膨胀对确定资产分配的影响。我们依靠一些理论模型对日本的数据进行了实证分析。针对经济波动的影响，我们有三份出版物：《通过研发和中间材料对生产率的产业溢出：一个道路的案例》；《经济周期和资金的方式》；《关于日本家庭教育支出的决定因素：使用日本消费者小组调查》。第一篇论文确定了研发和中间材料对生产率在行业间溢出的影响。第二篇文章估计了VAR模型，其中每个经济主体(家庭、公司或政府)持有的每个金融项目都包括一些经济波动和货币政策工具的总和。第三篇论文提供了一些证据，证明了子女人力资本的教育支出如何取决于父母的教育背景、收入或持有的资产。我们还有另外两篇关于通货膨胀影响的论文。一篇题为《关于不完全市场中托宾效应的稳健性的注解》构建了一个托宾效应模型，在该模型中，适度的通货膨胀会导致社会福利的增加。另一篇文章以消费者物价指数、工业生产指数或日本银行货币政策会议(《市场沟通：新法律出台后的日本银行为例》)为例，实证分析了公共或私人信号对资产价格的宣布效应。