{"_buckets": {"deposit": "ff364634-537a-4bc0-a27a-7f030a94d76e"}, "_deposit": {"id": "42654", "owners": [], "pid": {"revision_id": 0, "type": "depid", "value": "42654"}, "status": "published"}, "_oai": {"id": "oai:repository.dl.itc.u-tokyo.ac.jp:00042654"}, "item_8_biblio_info_7": {"attribute_name": "\u66f8\u8a8c\u60c5\u5831", "attribute_value_mlt": [{"bibliographicIssueDates": {"bibliographicIssueDate": "2014-08", "bibliographicIssueDateType": "Issued"}, "bibliographicVolumeNumber": "043", "bibliographic_titles": [{"bibliographic_title": "JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series"}]}]}, "item_8_description_5": {"attribute_name": "\u6284\u9332", "attribute_value_mlt": [{"subitem_description": "Benhabib, Schmitt-Groh\u00e9, and Uribe (2001) argue for the existence of a deflation steady state when the zero lower bound on the nominal interest rate is considered in a Taylor-type monetary policy rule. This paper estimates a medium-scale DSGE model with a deflation steady state for the Japanese economy during the period from 1999 to 2013, when the Bank of Japan conducted a zero interest rate policy and the inflation rate was almost always negative. Although the model exhibits equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods. According to the estimated model, shocks to households\u2019 preferences, investment adjustment costs, and external demand do not necessarily have an inflationary effect, in contrast to a standard model with a targeted-inflation steady state. An economy in the deflation equilibrium could experience unexpected volatility because of sunspot fluctuations, but it turns out that the effect of sunspot shocks on Japan\u2019s business cycles is marginal and that macroeconomic stability during the period was a result of good luck.", "subitem_description_type": "Abstract"}]}, "item_8_description_6": {"attribute_name": "\u5185\u5bb9\u8a18\u8ff0", "attribute_value_mlt": [{"subitem_description": "2012\uff5e2016\u5e74\u5ea6\u79d1\u5b66\u7814\u7a76\u8cbb\u88dc\u52a9\u91d1[\u57fa\u76e4\u7814\u7a76(S)]\u300c\u9577\u671f\u30c7\u30d5\u30ec\u306e\u89e3\u660e\u300d(\u7814\u7a76\u4ee3\u8868\u8005 \u6771\u4eac\u5927\u5b66\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1\u30fb\u6e21\u8fba\u52aa, \u8ab2\u984c\u756a\u53f7\uff1a24223003)", "subitem_description_type": "Other"}]}, "item_8_publisher_20": {"attribute_name": "\u51fa\u7248\u8005", "attribute_value_mlt": [{"subitem_publisher": "UTokyo Price Project"}]}, "item_8_relation_25": {"attribute_name": "\u95a2\u4fc2URI", "attribute_value_mlt": [{"subitem_relation_type_id": {"subitem_relation_type_id_text": "http://www.price.e.u-tokyo.ac.jp/researchdata/", "subitem_relation_type_select": "URI"}}]}, "item_8_text_34": {"attribute_name": "\u8cc7\u6e90\u30bf\u30a4\u30d7", "attribute_value_mlt": [{"subitem_text_value": "Working Paper"}]}, "item_8_text_4": {"attribute_name": "\u8457\u8005\u6240\u5c5e", "attribute_value_mlt": [{"subitem_text_value": "Faculty of Economics, Keio University"}]}, "item_creator": {"attribute_name": "\u8457\u8005", "attribute_type": "creator", "attribute_value_mlt": [{"creatorNames": [{"creatorName": "Hirose, Yasuo"}], "nameIdentifiers": [{"nameIdentifier": "98095", "nameIdentifierScheme": "WEKO"}]}]}, "item_files": {"attribute_name": "\u30d5\u30a1\u30a4\u30eb\u60c5\u5831", "attribute_type": "file", "attribute_value_mlt": [{"accessrole": "open_date", "date": [{"dateType": "Available", "dateValue": "2017-06-16"}], "displaytype": "detail", "download_preview_message": "", "file_order": 0, "filename": "wp043.pdf", "filesize": [{"value": "505.9 kB"}], "format": "application/pdf", "future_date_message": "", "is_thumbnail": false, "licensetype": "license_free", "mimetype": "application/pdf", "size": 505900.0, "url": {"label": "wp043.pdf", "url": "https://repository.dl.itc.u-tokyo.ac.jp/record/42654/files/wp043.pdf"}, "version_id": "640bdabc-7cc9-48b1-9876-3aecfeb154a9"}]}, "item_keyword": {"attribute_name": "\u30ad\u30fc\u30ef\u30fc\u30c9", "attribute_value_mlt": [{"subitem_subject": "Deflation", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Zero interest rate", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Japanese economy", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Indeterminacy", "subitem_subject_scheme": "Other"}, {"subitem_subject": "Bayesian estimation", "subitem_subject_scheme": "Other"}, {"subitem_subject": "JEL Classification: E31, E32, E52", "subitem_subject_scheme": "Other"}]}, "item_language": {"attribute_name": "\u8a00\u8a9e", "attribute_value_mlt": [{"subitem_language": "eng"}]}, "item_resource_type": {"attribute_name": "\u8cc7\u6e90\u30bf\u30a4\u30d7", "attribute_value_mlt": [{"resourcetype": "technical report", "resourceuri": "http://purl.org/coar/resource_type/c_18gh"}]}, "item_title": "An Estimated DSGE Model with a Deflation Steady State", "item_titles": {"attribute_name": "\u30bf\u30a4\u30c8\u30eb", "attribute_value_mlt": [{"subitem_title": "An Estimated DSGE Model with a Deflation Steady State"}]}, "item_type_id": "8", "owner": "1", "path": ["9/7435/7439", "62/377/7438"], "permalink_uri": "http://hdl.handle.net/2261/56080", "pubdate": {"attribute_name": "\u516c\u958b\u65e5", "attribute_value": "2015-05-11"}, "publish_date": "2015-05-11", "publish_status": "0", "recid": "42654", "relation": {}, "relation_version_is_last": true, "title": ["An Estimated DSGE Model with a Deflation Steady State"], "weko_shared_id": null}