Research Projects
基盤研究(B)「金融市場の発展とマクロ経済の不安定の関係について」（課題番号21330045）
2009年度から2010年度にかけて、浅野貴央、堀敬一、柴田章久の三人で科学研究費の助成を受けました。このプロジェクトで、我々の研究グル‐プが得た主な研究成果は以下の通りです。
(1) Kunieda, T. and A. Shibata, "Endogenous Growth and Fluctuations in an Overlapping Generations Economy with Credit Market Imperfections," Asia-Pacific Journal of Accounting and Economics 18(3), December 2011, 333-357.
(2) Asano, T., Kunieda, T. and A. Shibata, "Complex Behavior in a Piecewise Linear Dynamic Macroeconomic Model with Endogenous Discontinuity," forthcoming in Journal of Difference Equations and Applications.
(3) 堀敬一, 安藤浩一, 齊藤誠, 「日本企業の流動性資産保有に関する実証研究－上場企業の財務データを用いたパネル分析」, 『現代ファイナンス』 No. 27, 2010, 3-24.
(4) Asano, T. and A. Shibata, Optimal Pricing and Quality Choice of a Monopolist under Knightian Uncertainty," International Journal of Industrial Organization 2, 2011, 746-754.
(5) Asano, T. and A. Shibata, "Risk and Uncertainty in Health Investment," European Journal of Health Economics 12, 2011, 79-85.
(6) Asano, T., "Uncertainty Aversion and Portfolio Inertia," forthcoming in Bulletin of Economic Research.
(7) Asano, T., "Precautionary Principle and the Optimal Timing of Environmental Policy under Ambiguity," Environmental and Resource Economics 47, 2010, 173-196.
(8) Asano, T., "Optimal Tax Policy and Foreign Direct Investment under Ambiguity," Journal of Macroeconomics 32, 2010, 185-200.
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）
髙橋修平（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.