基盤研究(A)「不完全な金融市場下での経済パフォーマンスと金融財政政策に関する理論・実証分析」（課題番号16H02026）

2016年度−2019年度に渡って科学研究費基盤研究（A)に採択されました。

このプロジェクトでは、 金融市場の不完全性をとりあげ、金融市場の発展度合いの決定要因、制度の果たす役割、金融・財政政策の有効性、ナイト的不確実性の役割を分析対象とし、
（1）金融市場
（2）制度分析
（3）政策分析
（4）不確実性
の四つの視点から理論・実証の両面において研究を進めました。

研究メンバー
柴田章久（研究代表者）
浅野貴央（研究分担者）
岡田啓介（研究分担者）
梶井厚志（研究分担者）
國枝卓真（研究分担者）
��橋修平（研究分担者）
中嶋智之（研究分担者）
平口良司（研究分担者）
祝迫達郎（平成28年度−29年度連携研究者）

研究成果

Kunieda, Takuma, and Akihisa Shibata. "Asset Bubbles, Economic Growth, and a Self-fulfilling Financial Crisis." Journal of Monetary Economics 82 (2016): 70-84 (DOI: 10.1016/j.jmoneco.2016.07.001).

Kunieda, Takuma, and Kazuo Nishimura. "Consumption Externalities and Indeterminacy in a Continuous-time Two-sector Growth Model." International Journal of Dynamical Systems and Differential Equations 6.4 (2016): 358-369.

Kotera, Go, and Keisuke Okada. "How Does Democratization Affect the Composition of Government Expenditure?." Journal of Economic Behavior & Organization 137 (2017): 145-159.

Okada, Keisuke, and Sovannroeun Samreth. "Corruption and Natural Resource Rents: Evidence from Quantile Regression." Applied Economics Letters 24.20 (2017): 1490-1493.

Kajii, Atsushi, and Takahiro Watanabe. "Favorite-longshot Bias in Pari-mutuel Betting: An Evolutionary Explanation." Journal of Economic Behavior & Organization 140 (2017): 56-69.

Nakajima, Tomoyuki, and Shuhei Takahashi. "The optimum quantity of debt for Japan." Journal of the Japanese and International Economies 46 (2017): 17-26.

Braun, R. Anton, and Tomoyuki Nakajima. "Why Prices Don’t Respond Sooner to a Prospective Sovereign Debt Crisis." Review of Economic Dynamics 29, (2018): 235-25.

Kunieda, Takuma, Nishimura,Kazuo and Akihisa Shibata. "Specializations, Financial Constraints, and Income Distribution,” International Review of Economics & Finance 56 (2018): 3-14 (DOI: 10.1016/j.iref.2018.03.012).

Kunieda, Takuma, and Kazuo Nishimura. "Finance and economic growth in a dynamic game." Dynamic Games and Applications, 8.3 (2018): 588-600.

Kunieda, Takuma and Kazuo Nishimura. “A Two-Sector Growth Model with Credit Market Imperfections and Production Externalities,” Advances in Mathematical Economics 22 (2018): 117-137

Okada, Keisuke. "Health and Political Regimes: Evidence from Quantile Regression." Economic Systems 42.2 (2018): 307-319.

Shibata, Akihisa, Mototsugu Shintani and Takayuki Tsuruga, "Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility," Journal of International Money and Finance 92 (2019): 153-176 (DOI:10.1016/j.jimonfin.2018.12.001).

Arai Takuji, Asano, Takao and Katsumasa Nishide. “Optimal Initial Capital Induced by the Optimized Certainty Equivalent.” Insurance: Mathematics and Economics 85 (2019): 115-125 (DOI: 10.1016/j.insmatheco.2019.01.006).

Asano, Takao and Masanori Yokoo, “Chaotic Dynamics of a Piecewise Linear Model of Credit Cycles.” Journal of Mathematical Economics 80 (2019): 9-21 (DOI: 10.1016/j.jmateco.2018.11.001).

Hiraguchi, Ryoji. "Wealth Inequality, or r-g, in the Economic Growth Model." Macroeconomic Dynamics 23 (2019): 479-488 (DOI: 10.1017/S1365100516001206).

Asano, Takao and Hiyoyuki Kojima, "Consequentialism and Dynamic Consistency in Updating Ambiguous Beliefs," Economic Theory 68(1) (2019): 223-250 (DOI: 10.1007/s00199-018-1121-0).

Kunieda Takuma and Nishimura Kazuo. "Endogenous business cycles in a perpetual youth model with financial market imperfections." International Journal of Economic Theory 15 (2019): 231-249 (DOI: 10.1111/ijet.12233).

Asano, Takao and Yusuke Osaki. “Portfolio Allocation Problems between Risky and Ambiguous Assets.” Annals of Operations Research, 284(1) (2020): 63-79 (DOI: 10.1007/s10479-019-03206-1).

Nakajima, Tomoyuki, and Shuhei Takahashi. "The Effectiveness of Consumption Taxes and Transfers as Insurance against Idiosyncratic Risk." Journal of Money, Credit and Banking 52 (2020): 505-530 (DOI: 10.1111/jmcb.12597).

Atsushi Kajii and Stephen Morris. "Notes on “refinements and higher order beliefs.”" Japanese Economic Review 71(1) (2020): 35-41(DOI:10.1007/s42973-019-00006-x).

Takahashi, Shuhei. "Time-varying wage risk, incomplete markets, and business cycles." Review of Economic Dynamics, forthcoming (DOI: 10.1016/j.red.2019.11.001). 

Kunieda Takuma and Nishimura Kazuo. "Does Financial Development Amplify Sunspot Fluctuations?." Pure and Applied Functional Analysis, forthcoming.