Research Programs: Macroeconomy and Low Birthrate/Aging Population

Macroeconomic Policy and Political Philosophy toward Economic Growth

Project Leader/Sub-Leader


KOBAYASHI Keiichiro (Faculty Fellow)



We conduct comprehensive analysis of the policy measures that aim at enhancing economic growth in Japan. To this end, we focus on macroeconomic policy and political philosophy. For the macroeconomics aspect, we analyze the hypothesis of secular stagnation using standard neoclassical macroeconomic theory to find the policy implications for Japan and other developed economies. For the political philosophy aspect, we pursue a framework for political decision-making towards effective policy agenda formulation with a time horizon that extends beyond one or two generations. Furthermore, we evaluate the significance and potential of policy-making and decision-making in the interests of future generations by deeply discussing the mechanism known as future design, which originated in Japan. Concerning the issues on corporate governance, we investigate the implications of increasing shareholdings by employees and envision the governance system, which would be consistent with the multi-stakeholder type capitalism, which will be dominant in the near future.

April 1, 2020 - March 31, 2022

Major Research Results


RIETI Discussion Papers


RIETI Policy Discussion Papers


RIETI Discussion Papers