WEKO3
アイテム
Very Low Interest Rate Policy under Imperfect Capital Mobility
http://hdl.handle.net/10069/28516
http://hdl.handle.net/10069/285160301fd8b-9668-4f83-82e4-371c3cfebce3
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
keizai91_4_119.pdf (322.2 kB)
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| アイテムタイプ | 紀要論文 / Departmental Bulletin Paper(1) | |||||||
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| 公開日 | 2012-04-26 | |||||||
| タイトル | ||||||||
| タイトル | Very Low Interest Rate Policy under Imperfect Capital Mobility | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Global Economic Crisis | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Monetary Economics | |||||||
| キーワード | ||||||||
| 主題Scheme | Other | |||||||
| 主題 | Monetary and Fiscal Policies | |||||||
| 資源タイプ | ||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||
| 資源タイプ | departmental bulletin paper | |||||||
| 著者 |
Kudo, Takeshi
× Kudo, Takeshi
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| 著者別名 | ||||||||
| 識別子Scheme | WEKO | |||||||
| 識別子 | 40559 | |||||||
| 姓名 | 工藤, 健 | |||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | After the global financial crisis, very low interest rate policy, which includes a zero interest rate policy (ZIRP) or a quantitative easing policy (QEP)，spread throughout the United States, Japan, and Europe. International capital movements did not respond to returns sufficiently, because international investors had become more sensitive to risks during the financial crisis. In this paper, we construct a two-country model with imperfect capital mobility and the difference of the price-adjustment speed between countries. We characterize the optimal response of monetary policies to an asymmetric productivity shock by conducting numerical analyses. There were three primary results of our analysis. First, there exists a policy objective trade-off between output stability and optimal allocation of resources. The slightly tight monetary policy was found to be optimal, in the sense of the marginal cost equalization of the two objectives. Second, the higher the sensitivity of international capital mobility to a difference of returns, the smaller the interest cut necessary. Third, if capital is completely immobile between sectors, the policy rule insisted by Aoki (2001) is the optimal response. |
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| 書誌情報 |
経営と経済 en : Journal of Business and Economics 巻 91, 号 4, p. 119-148, 発行日 2012-03-25 |
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| ISSN | ||||||||
| 収録物識別子タイプ | ISSN | |||||||
| 収録物識別子 | 02869101 | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | VoR | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||
| 出版者 | ||||||||
| 出版者 | 長崎大学経済学会 | |||||||
| 出版社別言語 | ||||||||
| 値 | Economics Society of Nagasaki University | |||||||
| 引用 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | 經營と經濟, vol.91(4), pp.119-148; 2012 | |||||||
