RIEB セミナー （高麗大学との共催）
RIEB Seminaｒ （Jointly Organized by Korea University）
| 日時： （Date&Time) |
7月4日（木）午後1時30分から午後3時 （Thursday, July 4, 1:30pm〜3:00pm） |
| 報告者： （Speaker） |
宮尾 龍蔵 （MIYAO Ryuzo） |
| 所属： （Affiliation） |
神戸大学 （Kobe University） |
| 論題： （Topic） |
Liquidity Trap and Long-Run Money Demand in Japan |
| 概要： （Abstract） |
Is the Japanese economy really trapped at the zero bound? This paper attempts to answer this question by analyzing the stability of an equilibrium or "long-run" money demand relationship in Japan. It briefly surveys recent contributions on theories of liquidity traps and stresses that in the context of economic dynamics it is important to differentiate between nominal interest rates being "close to zero" and "at the zero bound". It then examines the presence and stability of a cointegrating relation in M1 demand in Japan and argues that the answer seems negative. With the double log specification, the relationship is in fact found to be stable (i.e. no break in the interest elasticity) even in recent years when nominal rates were lowered to a decimal point level or more or less "zero percent". |
| 会場： (Place) |
神戸大学経済経営研究所 会議室 （兼松記念館 新館2階） Meeting Room (New Building 2nd floor) |
| 備考： (Note) |
論文のコピーは当日までにご用意いたします。 |