A study on system design of the monetary policy

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Th study squad of Theory of the Financial Dynamics (K.Watanabe, T.Asada, R.Kuroki) built a financial dynamic model to include inflation rate, an exchange rate and analyzed the policy effects using comparison dynamics analysis and calibration. The study squad of Historic Proof Analysis of the Financial System(M.Ishikura, Y.Watanabe, Y.Noshita) analyzed the causes and effects of the financial panic that happened in the United States in 2007 and enlarged worldwide by the method of the historic proof analysis and examined possibility of the rebuilding of the international monetary system. The study squad of Theory of the Monetary Policy and the Income Distribution(T.Yagi, Y.Yamada, M.Kasamatsu) examined a wage-profit relation in Sraffa's model and tried to develop Sraffa's model. Moreover, it examined the handling of value-added production of banks in the SNA system and considered how banks had been adopted form a point of view of input-output relation..We received the scientific research funds arts and science books furtherance in 2011, and the results of our research are settled in Monetary Policy and Income distribution(Nihonkeizai hyoronsha, 2011).