Enhanced uncertainty, financial intermediation and macroeconomics

不确定性的增加是一个国家经济不稳定的重要来源。在这个项目中，我做了一些理论研究，研究不确定性如何影响GDP等宏观经济变量。例如，在一篇论文中，我讨论了不确定性增强如何通过减少金融中介影响经济。我也做过一些实证研究。它们阐明了不确定性的外部来源（如所谓的“雷曼危机”和汇率波动）如何影响日本经济。

An increase in uncertainty is an important source of instability to a nation economy. In this project, I have worked on some theoretical studies to investigate how uncertainty affects macroeconomic variables such as GDP. For example, in one paper, I discuss how an enhanced uncertainty affects the economy through reduced financial intermediation. I have also worked on some empirical studies. They clarify how external sources of uncertainty, such as the so-called "Lehman crisis" and fluctuations in the exchange rate, affect the Japanese economy.