Updated on 2021/12/08


SASAKURA, Kazuyuki
Faculty of Political Science and Economics, School of Political Science and Economics
Job title

Concurrent Post

  • Affiliated organization   Global Education Center

  • Faculty of Social Sciences   Graduate School of Social Sciences

  • Faculty of Political Science and Economics   Graduate School of Economics



    Waseda University   Graduate School of Economics  


  • Doctor of Economics, Waseda University

  • 博士(経済学)(早稲田大学)

Professional Memberships




Research Interests

  • Macroeconomics


  • The Role of the Wage-Unit in the General Theory

    Waseda Journal of Political Science and Economics   ( 391 ) 13 - 47  2016.09

  • Slutsky Revisited: A New Decomposition of the Price Effect

    Italian Economic Journal   2 ( 2 ) 258 - 280  2016.07

  • On the Elasticity of Substitution in Macroeconomics

    Manabu Kasamatsu, ed., Macro- and Micro Foundations of Economics, Institute for Research in Contemporary Political Economic Affairs, Waseda University     37 - 50  2013.03

  • ピグーの失業理論とケインズの雇用理論

    田中愛治監修・須賀晃一・齋藤純一編『政治経済学の規範理論』勁草書房     151 - 167  2011.03

  • The Harrod Discontinuity and Macroeconomics

    Waseda Journal of Political Science and Economics   ( 375 ) 13 - 44  2009.09

  • Finding Another Linkage between the Short Run and the Long Run in a Macroeconomy

    Waseda Journal of Political Science and Economics   ( 371 ) 2 - 38  2008.04

  • A General Macro Model: An Attempt to Unify Macroeconomics

    Waseda Journal of Political Science and Economics   ( 371 ) 39 - 73  2008.04

  • A Money Demand Function Derived from a Pure Exchange Model

    Weseda Economic Papers   ( 41 ) 21 - 35  2002.12

  • A New Perspective on the Generating Mechanism of the Business Cycle

    Weseda Economic Papers   ( 40 ) 13 - 26  2001.12

  • 利子率と資産市場

    松本正信・片岡晴雄編著『現代経済論叢』学文社     73 - 88  2000.03

  • 経済動学の方法(II)

    早稲田政治経済学雑誌   ( 331 ) 223 - 254  1997.07

  • 経済動学の方法(I)

    早稲田政治経済学雑誌   ( 330 ) 145 - 188  1997.04

  • The Business Cycle Model with a Unique Stable Limit Cycle

    <I>Journal of Economic Dynamics and Control</I>   20 ( 9-10 ) 1763 - 1773  1996.10



    JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION   27 ( 2 ) 213 - 221  1995.07  [Refereed]

     View Summary

    This paper investigates the political business cycle when interest group pressure on fiscal policy is incorporated. Two cases are investigated; one in which only autonomous investment is included and one in which a Kaldor-type induced investment function is incorporated. In both cases chaotic fluctuations can emerge even when the politically motivated fiscal ''forcing term'' is fairly small.

  • Discontinuous Oscillation and the Business Cycle

    <I>Proceedings of the International Conference on Dynamical Systems and Chaos</I> (N. Aoki, K. Shiraiwa and Y. Takahasi, eds.)/World Scientific   1   416 - 421  1995.05

  • 非線形資本ストック調整モデル-グッドウィンの忘れ物-

    現代経済学研究/勁草書房   3   133 - 147  1994.02

  • On the dynamic behavior of Schinasi's business cycle model

    Kazuyuki Sasakura

    Journal of Macroeconomics   16 ( 3 ) 423 - 444  1994

     View Summary

    We investigate thoroughly Schinasi's business cycle model, a disequilibrium IS-LM model augmented by a government budget constraint, in the case of pure money financing. The model has the two- and three-dimensional versions. For the former case, we prove rigorously the existence of limit cycles by the Poincaré-Bendixson theorem and show that three variables of the model, money supply, output and interest rate, correspond to the leading, coincident and lagging indicators of the usual business index, respectively. For the latter case, closed orbits are considered by the Hopf bifurcation theorem and imagination. Finally, the results obtained in the two- and three-dimensional cases are compared. © 1994.





     View Summary

    On the basis of Olech's theorem we derive conditions on which any solution path starting from an arbitrary initial point in a two-dimensional bounded region ultimately converges to a unique equilibrium point without escaping from the region during a transition period. Then, using the result, we render one proposition more exact from the economic point of view.

▼display all

Research Projects

  • Study of Economic Fluctuations Using the Method of Nonlinear Dynamics

    Project Year :


     View Summary

    (1) One Dimensional Models
    Chaos occurs in a nonlinear cobweb model with normal demand and supply, naive expectations and adaptive production adjustment. We demonstrates the possibility that chaotic fluctuations may be preferable to a steady state for a simple macro disequilibrium model in which inventory can be chaotically fluctuated.
    (2) High Dimensional Models
    We investigate the global dynamics of two-dimensional Diamond-type overlapping generations model extended to allow for government intervention. We identify conditions under which transverse homoclinic points to the golden rule steady state are generated. We examine by mean of analytical method and numerical simulations the properties of three-dimensional Kaldor-type business cycle models in which a parameter is fluctuated by noise. It is shown that noise may not obscure the underling structures, but also reveal the hidden structures.
    (3) New Numerical Approximation Schemes
    Composition methods for autonomous stochastic differential equations (SDEs) are formulated to produce numerical approximation schemes for the equations. The new schemes are advantageous to preserve the special character of SDEs numerically and are useful for approximations of the solutions to stochastic nonlinear equations
    (4) Alternative Approaches and Models
    We investigate various alternative approaches and models. For example, percolation theory is employed to model stock price fluctuations.

Specific Research

  • 非線形関数を用いた景気循環理論の研究


     View Summary

    景気循環理論は大きく外生的理論と内生的理論に分かれる。前者では通常線形方程式モデルが用いられるが、モデルの均衡点は安定である。もし外力がなければ、経済は均衡点から離れてもやがてはまたその均衡点に戻ることになる。そのようなモデルに周期的な動き(景気循環)が発生するためには外力、特に不規則衝撃が必要とされてきた。それに対して後者のモデルは非線形方程式からなり、その均衡点は不安定である。経済は不安定な均衡点から次第に離れていくがモデルの非線形性から発散することはない。モデルが2次元の微分方程式系ならば、ポアンカレ=ベンディクソンの定理を適用することにより、外力がなくとも周期解(景気循環)の存在を厳密に示すことができる。 従来の景気循環理論は以上のような2つの考え方が対立した形で発展してきた。しかしながら、そのどちらが現実をより正確に描写しているかは実証的にも極めて難しい問題である。そこで、両者を二者択一的にとらえるのではなく、それらを統合するようなモデルの可能性を探ることを本研究における主な目的とした。その解決の鍵はポアンカレ=ベンディクソンの定理とホップ分岐定理の併用にある。この2つの定理はいずれも内生的理論を基礎付ける手段として単独で用いられてきたが、併用するという考え方は少なくとも景気循環理論においてはなかったと思われる。こうして得られたモデルでは、均衡点は安定であるにもかかわらず、そのまわりに安定な周期解(リミットサイクル)が存在する。そして経済の初期状況によって、外生的理論あるいは内生的理論が想定するどちらの状況でも記述可能となる。 1997年度ではこの考え方を以下の研究成果として発表した。・ 「経済動学の方法(Ⅰ)」『早稲田政治経済学雑誌』第330号、pp.145-188。・ 「経済動学の方法(Ⅱ)」『早稲田政治経済学雑誌』第331号、pp.223-254。

Overseas Activities

  • 動学的マクロ経済理論の研究


    アメリカ   南カリフォルニア大学



▼display all