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Osaka School of International Public Policy

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NIWA, Hidekazu

Field of Research

Macroeconomics

Research Topic

Monetary Policy

Overview of Research

 I have conducted theoretical study on monetary policy. In particular, my research focuses on fiscal-monetary interactions. Since the onset of the global financial crisis in 2008, the debt-to-GDP ratio has been growing in many developed economies. While this trend is expected to continue not only in Japan and but also in the U.S., no plans for fiscal adjustments (such as reductions in government spending and/or tax hikes) that would stabilize the debt-to-GDP ratio have been announced (see Figure 1). If the current fiscal situation continues, one of consequences is that public confidence in the fiscal authority’s willingness to stabilize the debt-to-GDP ratio is lost, and the central bank is forced to adjust its policy to ensure the sustainability of public debt, which could have significant effects on inflation and economic activities.

Figure 1: The U.S. debt-to-GDP ratio (Source: Congressional Budget Office)

In standard models for monetary policy analysis (as taught in many textbooks), it is implicitly assumed that the fiscal authority is responsible for maintaining fiscal sustainability. Under this assumption, the central bank can pursue its own policy goals (e.g. inflation target) with no regard for fiscal sustainability. Such a standard analysis is helpful in developing a basic understanding of the role of monetary policy in the macroeconomy.
However, in light of the current fiscal situations in developed countries, it is not necessarily appropriate to make the assumptions standard. My research is based on the assumption that fiscal authorities do not make fiscal adjustments needed to maintain fiscal sustainability. In particular, I have recently been conducting research to investigate macroeconomic effects of unconditional monetary policy measures, especially purchases of long-term bonds by the central bank.

NIWA, Hidekazu
Assistant Professor
Degree: Ph.D. in Economics(Hitotsubashi University)
niwa@osipp.osaka-u.ac.jp

OU Researcher Database

OSIPP Faculty

AKAI, Nobuo

Professor
Public Economics
Hasao-sensei-OSIPP-Osaka-University

HASUO, Ikuyo 

Professor
Global Governance, International Public Administration

HAWKINS, Virgil

Professor
International Politics, Media Studies

HOSHINO, Toshiya

Professor
International Politics, United Nations Studies

IKEFUJI, Masako
Professor

Macroeconomics, Environmental Economics

ISHISE, Hirokazu

Associate Professor
Macroeconomics, International Economics

KATAGIRI, Azusa

Associate Professor
International Relations, Political Methodology

KAMADA, Takuma

Associate Professor
Criminology, Urban Sociology, Social Inequality
Kawamura-professor-OSIPP-Osaka-University

KAWAMURA, Michiya

Associate Professor
Multiculturalism, Liberalism, Migration

KIDO, Eiichi

Professor
Contemporary German Politics, Peace Studies

KOHARA, Miki

Professor
Labor Economics, Applied Econometrics

MATSUBAYASHI, Tetsuya

Professor
Political Science, Political Economics, Social Epidemiology

MINAMI, Kazushi

Associate Professor
International Relations of East Asia, U.S. Foreign Relations, Cold War

MUROOKA, Takeshi

Associate Professor
Psychology and Economics, Industrial Organization, Microeconomic Theory

NAKAJIMA, Hiroo

Professor
History of American Foreign Relations, International History

NISUGI, Kento

Associate Professor
International Law

NIWA, Hidekazu

Assistant Professor
Macroeconomics

OKUBO, Kunihiko

Professor
Civil Law

OTSUKI, Tsunehiro

Professor
Development Economics

SAIRENJI, Takayuki

Associate Professor
EU Law

SUNAGA, Miho

Assistant Professor

Macro Economics

TABUCHI, Yumi

Assistant Professor
History of U.S. Foreign Relations

TAKATA, Hinako

Associate Professor
International Law
takahashi

TAKAHASHI, Hidenori

Associate Professor

Empirical Industrial Organization

WANG,Dongqin

Assistant  Professor
Development Economics, Health Economics

TAKII, Katsuya

Professor
Economics of Human Resource Allocation, Economics of Human Capital and Organization, Search and Matching Theory

WANI, Kentaro

Professor
International Law

ABE, Shuya

Assistant Professor
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