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Research Areas & Themes ( 2013 ): Economics

Research on macroeconomic theory

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Project Overview

We will sophisticate the theoretical model that incorporates the banking sector of the Diamond-Rajan model in a standard business cycle model, and compile it into an article co-authored by Kobayashi and Nakajima. The latest models based on endogenous economic growth theory will be used to analyze the relationship between excess liabilities and economic growth. Considering that endogenous economic growth theory is suitable for the analysis of the situation where companies have excess liabilities, we will use this theoretical framework for theoretical studies to elucidate the relationship between bad loan problems and economic growth. These models will be combined with monetary search theory for research aimed at developing a theoretical framework for evaluating the effectiveness of the Friedman rule and other monetary policies.
We will also carry out theoretical studies primarily on fiscal problems based on Acemoglu's political economic theory with attention to the political economic aspects of institutional changes.

Policy research on Japan's fiscal problems

Project Leader
Project Overview Our analysis focuses on important policy issues, including Japan's fiscal problems. Assuming that Japan's fiscal crisis will intensify year after year, we will continue research into countermeasures that break away from traditional academic studies, such as ways to respond to a financial collapse, while engaging in exchanges with government officials involved. As part of research on Japan's finances and economy, we will examine 1) policies that should be considered for the promotion of gerontechnology, or technological innovation for the elderly; and 2) how the capital market should be reformed with emphasis on fiduciary responsibility (by searching for research possibilities through exchange of views with private investors).

Activities for policy proposals on fiscal crisis

Project Leader
Project Overview We will make policy proposals mainly on Japan's fiscal crisis by issuing commentaries and organizing a policy conference with researchers invited from Harvard University and joint conferences with CIGS researchers in various fields.

Analysis of housing prices and consumer goods prices

Project Leader
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Collaborator(s) Hiroshi IYETOMI (Professor, Niigata University)
Project Overview

Housing prices and consumer goods prices will be studied in relation to the following six topics.

1) Research on measurement errors in the consumer price index (CPI). This will especially focus on the theoretical and demonstrative elucidation of the phenomenon in which the CPI becomes less reliable at an inflation rate close to zero, where the dispersion of CPI measurement errors remain unchanged despite the smaller dispersion of the CPI.

2) Research on the impact that the move of real estate agents from paper to online media has on price formation

3) Research on the method of measuring the imputed rent of owner occupied dwellings

4) Research on the price formation mechanism of commercial real estate properties (especially J-REIT price formation)

5) Research to investigate the mechanism of price drops (a "red ocean" situation) on the online market

6) Research to determine whether the volume of stock trading and price volatility change in response to news or independently of news

Economic analysis based on large-scale business data

Project Leader
Project Member(s)  ・   ・ 
Collaborator(s) Hiroshi IYETOMI (Professor, Niigata University)
Project Overview

Through the collection of large-scale business data, we will conduct news analysis, analysis of inter-company networks, and demographic analysis. We will specifically focus on the following topics:

1) Research on the development of a method of measuring globalization based on news data

2) Research on how spatial population distribution (population concentration in urban areas and depopulation in rural areas) changes as the population decreases

3) Research on the source of business fluctuations. In particular, we will perform a demonstrative study of the hypothesis that the spread of a shock through corporate networks induces business fluctuations

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