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OKANO Eiji

    Graduate School of Economics Department of Economics　Professor
Contact： eiji_okanoecon.nagoya-cu.ac.jp
Last Updated :2025/05/13

Researcher Information

Degree

  • PhD in Commerece and Management（2005/03 Hitotsubashi University）

URL

Research funding number

  • 20406713

ORCID ID

J-Global ID

Research Interests

  • DSGE-VAR   Pricing-to-market   Optimal Monetary Policy   Dynamic Stochastic General Equilibrium   New Open-economy Macroeconomics   Policy Cooperation   Currency Union   Inflation Targeting   Bayesian Estimation   New Keynesian   Monetary Policy in an Open-economy   

Research Areas

  • Humanities & social sciences / Money and finance
  • Humanities & social sciences / Public economics, labor economics
  • Humanities & social sciences / Economic policy
  • Humanities & social sciences / Theoretical economics

Academic & Professional Experience

  • 2014/04 - Today  Nagoya City UniversityGraduate School of EconomicsProfessor
  • 2020/04 - 2022/03  Nagoya City UniversityGraduate School of EconomicsDirecter of the Institute of Economic Research
  • 2017/08 - 2018/08  Birkbeck, University of LondonDepartment of Economics, Mathematics and StatisticsVisiting Scholar
  • 2008/04 - 2014/03  Chiba Keizai UniversityFaculty of EconomicsAssociate Professor
  • 2012/07 - 2012/10  University of LuxembourgCenter for Research on Economic Analysis、Faculity of Law, Economics and FinanceInvited Researcher
  • 2008/08 - 2009/07  Columbia UniversityCenter on Japanese Economy and Business, Graduate School of BusinessVisiting Fellow
  • 2005/04 - 2008/03  Chiba Keizai UniversityFaculty of EconomicsAssistant Professor
  • 1993/04 - 2000/04  Fujisawa Pharmaceutical Co. Ltd.

Education

  • 2002/04 - 2005/03  Hitotsubashi University  Graduate School of Commerce and Management  PhD Program
  • 2000/04 - 2002/03  Hitotsubashi University  Graduate School of Commerce and Management  MBA Program
  • 1989/04 - 1993/03  Doshisha University  Faculty of Commerce

Association Memberships

  • JAPAN ASSOCIATION FOR APPLIED ECONOMICS   Japanese Economic Association   Japanese Society for Monetary Economics   

Published Papers

Books etc

  • International Finance
    OKANO, Eiji (Joint work)Toyokeizai Inc. 2016/04 9784492654774
  • グローバル・インバランスと国際通貨体制
    岡野衛士 (Joint editor通貨同盟の維持とグローバル・インバランス)東洋経済新報社 2013/03

Conference Activities & Talks

  • The Effects of a Money-Financed Fiscal Stimulus in a Small Open Economy with the FTPL  [Not invited]
    OKANO, Eiji
    Southern Economic Association 94nd Annual Meeting (SEA 2024)  2024/11
  • The Effects of A Money-financed Fiscal Stimulus in A Small Open Economy with Fiscal Theory of Price Level  [Not invited]
    OKANO, Eiji
    The 65th Conference of the Italian Economic Association  2024/10
  • The Effects of A Money-financed Fiscal Stimulus in A Small Open Economy with Fiscal Theory of Price Level  [Not invited]
    OKANO, Eiji
    JEA 2024 Fall Meeting  2024/10
  • The Effects of A Money-financed Fiscal Stimulus in A Small Open Economy with the FTPL  [Not invited]
    OKANO, Eiji
    9th Annual Conference of the Society for Economic Measurement  2024/08
  • The Effects of A Money-financed Fiscal Stimulus in A Small Open Economy with the FTPL  [Not invited]
    OKANO, Eiji
    30th Conference on Computing in Economics and Finance  2024/06
  • The Effects of a Money-Financed Fiscal Stimulus in a Small Open Economy with the FTPL  [Not invited]
    OKANO, Eiji
    2024 Spring Meeting of Japan Association for Applied Economics  2024/06
  • The Effects of A Money-financed Fiscal Stimulus in A Small Open Economy with the FTPL  [Not invited]
    OKANO, Eiji
    8th International Workshop on “Financial Markets and Nonlinear Dynamics” (FMND)  2024/05
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection  [Not invited]
    OKANO, Eiji
    The 8th Annual Conference of the Society for Economic Measurement (SEM 2023)  2023/06
  • Understanding the Gains from Wage Rigidity: How Default Risks Work?  [Not invited]
    OKANO, Eiji
    7th International Workshop on “Financial Markets and Nonlinear Dynamics  2023/06
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection
    岡野衛士
    日本金融学会2023年度春季大会  2023/05
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection
    OKANO, Eiji
    Midwest Macroeconomics Meetings  2023/05
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection  [Not invited]
    岡野衛士
    日本経済学会2022年度春季大会  2023/05
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection
    岡野衛士
    日本金融学会関東部会  2023/03
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    Southern Economic Association 92nd Annual Meeting (SEA 2020)  2022/11
  • Understanding the Gains from Wage Flexibility in a Currency Union: The Fiscal Policy Connection  [Not invited]
    OKANO, Eiji
    The 30th Anniversary of the Maastricht Treaty Conference  2022/09
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    27th RSEP International Conference on Economics, Finance & Business  2022/09
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    The 7th Annual Conference of the Society for Economic Measurement (SEM 2022)  2022/08
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    日本経済学会2022年度春季大会  2022/06
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    日本応用学会2022年度春季大会  2022/06
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    日本金融学会2022年度春季大会  2022/05
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy  [Not invited]
    OKANO,Eiji
    29th Symposium of the Society for Nonlinear Dynamics & Econometrics  2022/03
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy
    OKANO, Eiji
    日本金融学会中部部会2021年度第2回研究会  2022/03
  • The Effects of Money-financed Fiscal Stimulus in a Small Open Economy  [Not invited]
    OKANO, Eiji
    15th International Conference on Computational and Financial Econometrics  2021/12
  • Understanding the Gains from Wage Rigidity: How Default Risks Work?
    OKANO, Eiji
    日本金融学会中部部会2020年度第2回研究会  2021/02
  • Understanding the Gains from Wage Rigidity: How Default Risks Work?
    OKANO, Eiji
    日本応用経済学会2020年度春季大会  2020/06
  • Optimal Monetary and Fiscal Policy Rules, Welfare Gains and Exogenous Shocks in an Economy with Default Risk  [Not invited]
    OKANO, Eiji
    日本金融学会2019年秋季大会  2019/10
  • Optimal Monetary and Fiscal Policy Rules, Welfare Gains and Exogenous Shocks in an Economy with Default Risk  [Not invited]
    OKANO, Eiji
    日本応用経済学会2019年秋季大会  2019/10
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    Society for Economic Measurement (SEM), 6th Conference  2019/08
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies
    OKANO, Eiji
    Singapore Economic Review Conference (SERC) 2019  2019/08
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    Computing in Economics and Finance (CEF), 25th International Conference  2019/06
  • Understanding the Gains from Wage Rigidity: How Default Risks Work?  [Not invited]
    OKANO, Eiji
    INFINITI Conference on International Finance  2019/06
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    4th International Workshop on “Financial Markets and Nonlinear Dynamics”  2019/05
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    26th Eurasia Business and Economics Society (EBES) Conference  2018/10
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    14th Dynare Conference, European Central Bank  2018/07
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    8th International Conference on Economics  2018/07
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    European Economics and Finance Society 17th Annual Conference  2018/06  Milan, Italy
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    24th International Conference on Computing in Economics and Finance (CEF 2018)  2018/06
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    35th International Symposium on Money, Banking and Finance  2018/06
  • Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies  [Not invited]
    OKANO, Eiji
    3rd International Conference on Banking and Finance Perspectives  2018/04
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    Eastern Economic Association 44th Annual Meetings  2018/03
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    26th Symposium of the Society of Nonlinear Dynamics and Econometrics  2018/03
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    The 49th Money, Macro and Finance Research Group Annual Conference (MMF2017)  2017/09
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    XXIX Annual Conference of the Italian Society of Public Economics  2017/09
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    The 4th Annual Conference of the Society for Economic Measurement (SEM 2017)  2017/07
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    Singapore Economic Review Conference  2017/07
  • A Role Model of Monetary and Fiscal Policy Rules in an Economy with Sovereign Risk: Evidence from Indonesia  [Not invited]
    OKANO, Eiji
    2017 Spring Meeting of Japan Association for Applied Economics  2017/06
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    Royal Economic Society Conference 2017  2017/04
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    NCU and Chubu JSME Research Workshop on Accounting and Finance  2017/03
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    Third Annual CIGS End of Year Macroeconomic Conference  2016/12
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    The 57th Conference of the Italian Economic Association  2016/10
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    10th Annual Meeting of the Portuguese Economic Journal  2016/07
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    45th Australian Conference of Economists (ACE 2016)  2016/07
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    Asia-Pacific Conference on Economics and Finance (APEF 2016)  2016/07
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    2016 The Korea Money and Finance Association Conference  2016/06
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    日本経済学会2016 年春季大会  2016/06
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    日本応用経済学会2016年春季大会  2016/06
  • Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View  [Not invited]
    OKANO, Eiji
    日本金融学会2016 年春季大会  2016/05
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    OKANO, Eiji
    The 19th Eurasia Business and Economics Society  2016/05
  • Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint  [Not invited]
    岡野衛士
    日本金融学会中部部会  2016/03
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    The 47th Money, Macro and Finance Research Group Annual Conference  2015/09
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    Singapore Economic Review Conference (SERC) 2015  2015/08
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    2015 Australian Conference of Economists  2015/07
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    2nd International Conference on “Financial Markets and Nonlinear Dynamics”  2015/06
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    日本経済学会2015年春季大会  2015/05
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    14th Eurasia Business and Economics Society Conference  2014/10
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    日本金融学会中部部会  2014/09
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    日本金融学会2014年秋季大会  2014/09
  • Inflation Stabilization and Default Risk in a Currency Union  [Not invited]
    OKANO, Eiji
    The 10th Annual Conference, Asia Pacific Economic Association  2014/07
  • Productivity Shocks and Monetary Policy in a Two-Country Model  [Not invited]
    JANG, Taeseok; Eiji Okano
    The 9th Dynare Conference  2013/10  Shanghai University of Finance and Economics
  • Sovereign Risk in the Euro Zone and Monetary Policy  [Not invited]
    Eiji OGAWA; Eiji Okano
    Asia Pacific Economic Association 8th Annual Conference,  2012/06  Nanyang Technological University
  • Optimal Monetary Policy in an Estimated Local Currency Pricing Model  [Not invited]
    OKANO, Eiji; Masataka Eguchi; Hiroshi Gunji; Tomomi Miyazaki
    2012 Midwest Macroeconomics Meetings  2012/05  University of Notre Dame
  • Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing  [Not invited]
    OKANO, Eiji
    10th Annual Advances in Econometrics Conference  2011/11  Southern Methodist University
  • Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing  [Not invited]
    OKANO, Eiji
    The European Conference on Banking and the Economy  2011/09
  • Optimal Monetary Policy in an Estimated Local Currency Pricing Model  [Not invited]
    OKANO, Eiji
    2011 Midwest Macroeconomics Meetings  2011/05
  • Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing  [Not invited]
    OKANO, Eiji
    日本金融学会2011年春季大会  2011/05
  • Optimal Monetary Policy and Nominal Exchange Rate Volatility under Local Currency Pricing  [Not invited]
    OKANO, Eiji
    The 3rd International Conference of Macroeconomics and Policy  2011/03
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    39th Australian Conference of Economists  2010/09  Dockside
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    Money, Macro and Finance Research Group 42nd Annual Conference (MMF 2010)  2010/09
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    第11回マクロコンファレンス  2009/12
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    「財政政策の政治・経済分析」コンファレンス  2009/11
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    日本経済学会2009年秋季大会  2009/10
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    International Conference on Policy Modeling (EcoMod2009)  2009/06
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    The 13th International Conference on Macroeconomic Analysis and International Finance  2009/05
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    The Society for Nonlinear Dynamics and Econometrics 17th Annual Symposium  2009/04
  • Optimal Monetary and Fiscal Policy Mix in a currency Union with Nontradable Goods  [Not invited]
    OKANO, Eiji
    11th Annual Conference on Money and Finance in the Indian Economy  2009/01  Indhira Gandhi Institute of Development Research
  • How Important is the Fiscal Policy Cooperation in a Currency Union?  [Not invited]
    OKANO, Eiji
    Conference on European Financial, Monetary and Fiscal Integration  2008/12
  • Optimal Monetary and Fiscal Policy Mix in a currency Union with Nontradable Goods  [Not invited]
    OKANO, Eiji
    日本経済学会2007年春季大会  2007/06
  • Optimal Monetary and Fiscal Policy Mix in a currency Union with Nontradable Goods  [Not invited]
    OKANO, Eiji
    日本金融学会2007年春季大会  2007/05
  • Inflation--Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    The Journal of Asian Economics Conference on Financial System Reform and Monetary Policies in Asia  2006/09  Hitotsubashi University
  • Inflation-- Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    第4 回現代経済政策研究会議  2005/12
  • Inflation--Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    第2回浜名湖カンファレンス  2005/12
  • Inflation--Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    日本経済学会2005年度春季大会  2005/06
  • Inflation--Output Tradeoffs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    日本金融学会2005 年度春季大会  2005/05
  • Inflation--Output Trade-offs in an Optimization-based Econometric Framework Applied to an Open Economy: The Case of Japan  [Not invited]
    OKANO, Eiji
    日本金融学会国際金融部会  2004/10
  • Has Inflation Targeting Improved Social Welfare in Practice?  [Not invited]
    OKANO, Eiji
    2004 Fall Meeting of Japanese Economic Association  2004/09  Okayama University
  • Has Inflation Targeting Improved Social Welfare in Practice?  [Not invited]
    OKANO, Eiji
    日本金融学会2004 年度秋季大会  2004/09
  • Has Inflation Targeting Improved Social Welfare in Practice?  [Not invited]
    OKANO, Eiji
    第1回浜名湖カンファレンス  2004/03
  • 市場別価格設定行動とインフレターゲティング  [Not invited]
    OKANO, Eiji
    2003 Fall Meeting of Japan Society of Monetary Economics  2003/10  Shiga University
  • 市場別価格設定行動とインフレターゲティング  [Not invited]
    OKANO, Eiji
    日本経済学会2003 年度秋季大会  2003/10

MISC

  • 金融政策の変更が与える企業業績への影響 (最終回)
    岡野衛士  中部産業連盟機関誌プログレス  (881)  2024/09
  • 金融政策の変更が与える企業業績への影響 (第2回)
    岡野衛士  中部産業連盟機関誌プログレス  (880)  2024/08
  • 金融政策の変更が与える企業業績への影響 (第1回)
    岡野衛士  中部産業連盟機関誌プログレス  (879)  2024/07
  • 金利平価式
    岡野衛士  中部経済新聞  朝刊10 面  2024/03
  • ヘリコプターマネー
    岡野衛士  中部経済新聞『オープンカレッジ』  (朝刊8面)  2021/06
  • 物価の財政理論とその課題
    岡野衛士  中部経済新聞『オープンカレッジ』  (朝刊10面)  2018/08
  • 『ビッグマックレート』を考える
    岡野衛士  中部経済新聞『オープンカレッジ』  (朝刊8 面)  2017/02
  • 国際政策協調の舞台としてのG20
    岡野衛士  中部経済新聞『オープンカレッジ』  (朝刊8 面)  2015/05
  • 増加続ける中国の外貨準備--「中国脅威論の論拠か」
    岡野衛士  中部経済新聞『オープンカレッジ』  (朝刊8面)  2014/05
  • 岡野 衛士  日経研月報  (406)  14  -22  2012/04

Awards & Honors

  • 2018/10 Eurasia Business and Economics Society Best Paper Award for the Best Paper Award, the26th EBES Conference
     Importance of Awareness of Default Risk on Conducting Monetary and Fiscal Policies 
    受賞者: OKANO, Eiji;Masataka Eguchi
  • 2016/05 Eurasia Business and Economics Society Third Best Paper for the Best Paper Award in the 19th EBES Conference
     Revisiting the Fiscal Theory of Sovereign Risk from the DSGE View TUR international_society 
    受賞者: OKANO, Eiji;Kazuyuki Inagaki

Research Grants & Projects

  • An Analysis on Monetary Policy to Stabilize Inflation and to Suppress Default Focusing on Seignorage
    Japan Society for the Promotion of Science：Grants‐in‐aid for Scientific Research
    Date (from‐to) : 2025/04 -2028/03 
    Author : OKANO, Eiji (Principal Researcher); Masataka Eguchi (Member)
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2023/04 -2026/03 
    Author : 江口 允崇; 岡野 衛士
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2022/04 -2025/03
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2019/04 -2023/03
  • Japan Society for the Promotion of Science：Grants-in-Aid for Scientific Research
    Date (from‐to) : 2019/04 -2023/03 
    Author : 江口 允崇; 岡野 衛士
     
    2021年度は、まず前年度に構築した財政政策と金融政策のレジームスイッチを導入したDSGEモデルを日本の1973年から1998年のデータを用いて推定を行った。結果として、財政政策は1970年代後半とバブル期（1980年代後半）には相対的にactiveである一方、それ以外の時期にはpassiveであることが示された。一方、金融政策も1970年代後半とバブル期（1980年代後半と1990年代前半）には相対的にpassiveであり、それ以外の時期にはactiveであることが示された。ただし、レジームが違っていても、財政乗数にはほとんど差はなかった。この理由は、日本のデータでは、金融政策がpassiveなレジームであったとしても、テイラールールの係数は0.9と大きいものであるために、activeな場合とほとんど結果が変わらないことにある。この結果に基づき、財政政策と金融政策のパラメーターの組み合わせによってどのように財政乗数が変わるかをグリッドサーチによって示した。 また、昨年度の今後の方針で述べたように、Gali (2020)で提示された閉鎖経済モデルにおけるマネーファイナンスによる財政政策の分析を、開放経済モデルに拡張した分析を行い、Dynare Working Papersに公刊した。
  • 石井記念証券研究振興財団：研究助成金
    Date (from‐to) : 2018/12 -2020/03 
    Author : OKANO, Eiji
  • Japan Society for Promotion of Science：Fund for the Promotion of Joint International Research (Fostering Joint International Research)
    Date (from‐to) : 2017/04 -2019/03 
    Author : OKANO, Eiji
  • Japan Society for Promotion of Science：Grant-in-Aid for Scientific Research (C)
    Date (from‐to) : 2016/04 -2019/03 
    Author : OKANO, Eiji
  • Japan Society for Promotion of Sicence：Grant-in-Aid for Young Scientists (B)
    Date (from‐to) : 2016/04 -2019/03 
    Author : Masataka Eguchi
  • ウリベ氏のソブリンリスクの財政理論再訪: 動学的確率的一般均衡の視点から
    5. 大幸財団：人文･社会科学系学術研究助成
    Date (from‐to) : 2015/12 -2017/03 
    Author : 岡野衛士
  • Japan Society for the Promotion of the Science：Grant-in-Aid for Scientific Research (C)
    Date (from‐to) : 2013/04 -2016/03 
    Author : OKANO, Eiji
  • Ministry of Education, Culture, Sports, Science and Technology--Japan：Grant-in-Aid for Young Scientists (B)
    Date (from‐to) : 2010/04 -2013/03 
    Author : OKANO, Eiji
     
    This research agenda verifies effects of fiscal policy minimizing welfare costs and implementation rules of that fiscal policy theoretically by developing the model regarding current situation in European Monetary Zone following Dynamic Stochastic General Equilibrium. We found that the higher the share of non-tradable goods the higher the importance of the role of fiscal policy from the view point of minimizing welfare costs, although cooperative fiscal policy is redundant from that view point.
  • The Zengin Foundation：Grant-in-Aid for Studies on Economics and Finance
    Date (from‐to) : 2010/02 -2011/01 
    Author : OKANO, Eiji
  • Social Science Research Council and the Japan Foundation Center for Global Partnership：Abe Fellowship
    Date (from‐to) : 2008/08 -2009/07 
    Author : OKANO, Eiji
  • Japan Society for the Promotion of the Science：Grant-in-Aid for Young Scientists (Start-up)
    Date (from‐to) : 2006/08 -2008/03 
    Author : OKANO, Eiji
     
    本年度は日本のデータを用いて仮想的なインフレターゲティングの効果について検証した。手法は以下の通りである。1)開放経済に拡張したDSGEモデルを構築する。2)GDP、生産者物価インフレ率、短期金利の3変数からなるS-VARモデルを推定する。3)理論モデルとS-VARモデルの予測力が等しいと仮定し、構造パラメータおよびショックプロセスを推定する。4)理論モデルの予測力をP-ACFおよびインパルスレスポンスで確認する。5)理論モデルの予測力が相当高いことを確認した上で、4つの仮想的な金融政策、つまり生産者物価インフレターゲティングおよび消費者物価インフレターゲティングそれぞれの公約および裁量解について3変数の歴史的なパス、インパルスレスポンスを導出する。6)GDPおよびショックプロセス、構造パラメータを用いてGDPギャップを求め、社会損失を推計し、それぞれの政策の評価を行う。得られた結論は以下の通りである。1)4つのケースいずれのケースもたらす社会損失は1993年以降実際に採用された政策がもたらした社会損失を下回った。2)中でも公約された消費者物価指数インフレターゲティングが最も社会損失を小さくする。3)最適な金融政策ルールは優位に歴史依存的であり、推定された金融政策は決して歴史依存的ではない。4)消費者物価指数インフレターゲティングは交易条件を安定化させることでインフレ率のみならずGDPギャップをも安定化させる。先行する理論研究は開放経済を謳いながら交易条件のチャネルを消去しているため、生産者物価インフレターゲティングが好ましいとの結論を導いている。7)財間の代替弾力性が高まるとインフレのボラティリティが高まり、社会損失を増大させる効果を有する。

Teaching Experience

  • [Kin'yuseisakuron] Monetary Policy I[Kin'yuseisakuron] Monetary Policy I Nagoya City University
  • [Kokuminshotoku ha do Kimaruka] How National Income Is Decided?[Kokuminshotoku ha do Kimaruka] How National Income Is Decided? Nagoya City University
  • Money and FinanceMoney and Finance Nagoya City University
  • [Makurokeizaigaku Kiso] Basic Macroeconomics[Makurokeizaigaku Kiso] Basic Macroeconomics Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • [Nyumon Keizaigaku] Principles of Economics II[Nyumon Keizaigaku] Principles of Economics II Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy I[Kin'yuseisakuron] Monetary Policy I Nagoya City University
  • Money and FinanceMoney and Finance Nagoya City University
  • [Nyumon Keizaigaku] Principles of Economics II[Nyumon Keizaigaku] Principles of Economics II Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • Money and FinanceMoney and Finance Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy I[Kin'yuseisakuron] Monetary Policy I Nagoya City University
  • [Makurokeizaigaku Kiso] Basic Macroeconomics[Makurokeizaigaku Kiso] Basic Macroeconomics Nagoya City University
  • [Kin'yuseisakuron] Moneyary Policy II[Kin'yuseisakuron] Moneyary Policy II Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • [Makurokeizaigaku Kiso] Basic Macroeconomics[Makurokeizaigaku Kiso] Basic Macroeconomics Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • [Kin'yuron] Money and Finance[Kin'yuron] Money and Finance Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy I[Kin'yuseisakuron] Monetary Policy I Nagoya City University
  • Economics 3Economics 3 Nagoya City University
  • [Kin'yuron] Money and Finance[Kin'yuron] Money and Finance Nagoya City University
  • [Nyumon Keizaigaku ]Principles of Economics II[Nyumon Keizaigaku ]Principles of Economics II Nagoya City University
  • [Makurokeizaigaku Kiso] Basic Macroeconomics[Makurokeizaigaku Kiso] Basic Macroeconomics Nagoya City University
  • [Kin'yuseisakuron] Monetary Policy II[Kin'yuseisakuron] Monetary Policy II Nagoya City University
  • [Kin'yuron] Money and Finance[Kin'yuron] Money and Finance Nagoya City University
  • [Kin’yuseisakuron] Monetary Policy I[Kin’yuseisakuron] Monetary Policy I Nagoya City University
  • Elementary MacroeconomicsElementary Macroeconomics Chiba Keizai University
  • Principles of Economics IIPrinciples of Economics II Chiba Keizai University
  • International Money and Finance IInternational Money and Finance I Chiba Keizai University
  • Principles of Economics IPrinciples of Economics I Chiba Keizai University
  • Elementary MacroeconomicsElementary Macroeconomics Chiba Keizai University
  • Principles of Economics IPrinciples of Economics I Chiba Keizai University
  • Reading Foreign Economic TextsReading Foreign Economic Texts Chiba Keizai University
  • International Money and Finance IIInternational Money and Finance II Chiba Keizai University
  • Principles of EconomicsPrinciples of Economics Chiba Keizai University
  • International Money and Finance IInternational Money and Finance I Chiba Keizai University
  • Reading Foreign Economic TextsReading Foreign Economic Texts Chiba Keizai University
  • International Money and Finance IIInternational Money and Finance II Chiba Keizai University
  • Securities MarketsSecurities Markets Chiba Keizai University
  • Principles of EconomicsPrinciples of Economics Chiba Keizai University
  • Topics on MacroeconomicsTopics on Macroeconomics Chiba Keizai University
  • BankingBanking Chiba Keizai University
  • International Money and Finance IInternational Money and Finance I Chiba Keizai Unversity
  • Reading Foreign Economic TextsReading Foreign Economic Texts Chiba Keizai University
  • Securities MarketsSecurities Markets Chiba Keizai University
  • BankingBanking Chiba Keizai University
  • Macroeconomics IMacroeconomics I Chiba Keizai University
  • Macroeconomics IMacroeconomics I Chiba Keizai University
  • Macroeconomics IMacroeconomics I Chiba Keizai University
  • Macroeconomics IMacroeconomics I Chiba Keizai University
  • Introduction to Information LiteracyIntroduction to Information Literacy Chiba Keizai University

Committee Membership

  • 2019/12 -2022/10   Japan Society for the Promotion of Science   Expert Adviser, Grants-in-Aid for Scientific Research Committee

Media Coverage

  • 名古屋金利 マイナス金利解除でどうなる
    Date : 2024/05
    Publisher, broadcasting station: 名古屋テレビ
    Program, newspaper magazine: ドデスカ+
    Media report
  • 財政の持続可能性を考える (10) 『マネーファイナンスの効果』
    Date : 2023/12
    Writer: Other than myself
    Publisher, broadcasting station: 日本経済新聞社
    Program, newspaper magazine: 日本経済新聞
    やさしい経済学 Paper
  • 講演会『金融政策と地銀の統合～市民のくらしへの影響～』開催 中京大学と共催
    Date : 2019/01
    Writer: Myself
    Publisher, broadcasting station: 毎日新聞社
    Program, newspaper magazine: 毎日新聞
    大学倶楽部･名古屋市立大 Paper
  • ユーロ安定へ『離脱ルール』
    Date : 2011/08
    Writer: Other than myself
    Publisher, broadcasting station: 日本経済新聞社
    Program, newspaper magazine: 日本経済新聞
    経済教室 Paper

Academic Contribution

  • Delegate, Japanese Economic Assciation
    Date (from-to) :2024/05/25-Today
    Role: Planning etc
    Type: Academic society etc
    Organizer, responsible person: Japanese Economic Assciation
  • 日本金融学会中部部会部会長
    Date (from-to) :2019/05-Today
    Role: Planning etc
    Type: Academic society etc
    Organizer, responsible person: 日本金融学会
  • Judge, Kanematsu Prize
    Date (from-to) :2025/01-2025/01
    Role: Review
    Type: Review
    Organizer, responsible person: Kanematsu Foundation for the Research of Foreign Trade
  • 日本金融学会常任理事 (国際交流担当)
    Date (from-to) :2022/05-2024/05
    Role: Planning etc
    Type: Academic society etc
    Organizer, responsible person: 日本金融学会
  • 日本金融学会理事
    Date (from-to) :2016/05-2024/05
    Role: Planning etc
    Type: Academic society etc
    Organizer, responsible person: 日本金融学会
  • A Member of Review Committee, Kanematsu Fellowship (Kanematsu Prize at Present)
    Date (from-to) :2010/02
    Role: Review
    Type: Review
    Organizer, responsible person: Kanematsu Foundation for the Research of Foreign Trade
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of Asian Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: The Singapore Economic Review
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Review of International Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: North American Journal of Economics and Finance
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Macroeconomic Dynamics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Macroeconomics and Finance in Emerging Market Economies
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of Macroeconomics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of Japanese Monetary and Financial Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of the Japanese and International Economies
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of International Financial Markets, Institutions and Money
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of International Economic Studies
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of Economic Dynamics and Control
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Japanese Economic Review
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Japan and the World Economy
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: International Journal of Finance and Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: International Finance
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Central European Journal of Economic Modelling and Econometrics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Applied Financial Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Applied Economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Asian Economic Journal
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Hitotsubashi Review of Commerce and Management
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Journal of household economics
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Review of Monetary and Financial Studies
  • Referee
    Role: Peer review
    Type: Peer review etc
    Organizer, responsible person: Studies in Applied Economics

Other link

researchmap


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