総需要の利子弾力性と金融市場の不完全性(一ノ瀬篤教授退任記念号)

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概要

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• This paper empirically investigates whether the responsiveness of aggregate demand to the nominal interest rate, or the slope of a New Keynesian IS curve, changed in Japan in the 1990s. Our model shows that given the constant intertemporal elasticity of substitution, this responsiveness can reduce as a result of deterioration in the financial market's efficiency. Using the data of the Japanese financial market since the 1980s, our results suggest that the efficiency of the Japanese financial market deteriorated significantly in the 1990s, which led to a reduction in the responsiveness of aggregate demand to the nominal interest rate.

• 2010-02-25

著者

• 中川 竜一

  関西大学経済学部

関連論文

• 総需要の利子弾力性と金融市場の不完全性(一ノ瀬篤教授退任記念号)

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