UTokyo Repository 東京大学
 

UTokyo Repository >
117 経済学研究科・経済学部 >
10 経済理論専攻 >
Working Paper Series / UTokyo Price Project >

このページ(論文)をリンクする場合は次のURLを使用してください: http://hdl.handle.net/2261/72640

タイトル: Why Has Japan Failed to Escape from Deflation?
著者: Watanabe, Kota
Watanabe, Tsutomu
キーワード: deflation
price stickiness
Phillips curve
inflation expectations
inflation norms
quantitative easing
menu cost models
sectoral price data
発行日: 2017年6月
出版者: UTokyo Price Project
掲載誌情報: JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series. No.96, 2017.6
関連URI: http://www.price.e.u-tokyo.ac.jp/researchdata/
抄録: Japan has failed to escape from deflation despite extraordinary monetary policy easing over the past four years. Monetary easing undoubtedly stimulated aggregate demand, leading to an improvement in the output gap. However, since the Phillips curve was almost flat, prices hardly reacted. Against this background, the key question is why prices were so sticky. To examine this, we employ sectoral price data for Japan and seven other countries including the United States, and use these to compare the shape of the price change distribution. Our main finding is that Japan differs significantly from the other countries in that the mode of the distribution is very close to zero for Japan, while it is near 2 percent for other countries. This suggests that whereas in the United States and other countries the "default" is for firms to raise prices by about 2 percent each year, in Japan the default is that, as a result of prolonged deflation, firms keep prices unchanged.
内容記述: 2012~2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号:24223003)
URI: http://hdl.handle.net/2261/72640
出現カテゴリ:063 ワーキングペーパー
Working Paper Series / UTokyo Price Project

この論文のファイル:

ファイル 記述 サイズフォーマット
wp096.pdf363.35 kBAdobe PDF見る/開く

本リポジトリに保管されているアイテムはすべて著作権により保護されています。

 

Valid XHTML 1.0! DSpace Software Copyright © 2002-2010  Duraspace - ご意見をお寄せください