2009 Fiscal Year Final Research Report
On the Existence of the non-Keynesian Effects in Japan
| Project/Area Number |
19730234
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kwansei Gakuin University |
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Principal Investigator |
KAMEDA Keigo Kwansei Gakuin University, 総合政策学部, 准教授 (80286608)
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| Project Period (FY) |
2007 – 2009
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| Keywords | 公共経済学 / 非ケインズ効果 |
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| Research Abstract |
In this study, we tested whether the non-Keynesian effects existed in Japan applying Hjelm (2002)'s methodology, which was based on the solved-out consumption function in turn. All of the previous studies on this topic in Japan were based on the Euler equation ; therefore, it was new at lease in the methodological points of view. The most important results of this study was to detect the existence of the non-Keynesian effects in Japanese economy, and to find that we could obtain 1% increase in private consumption if the ratio of structural primary deficit to GDP decreased by 1% or the cumulative decrease in this ratio for two years amounted to 1.5%.
In addition to this analysis, we studied the following three relevant points : (1)the existence of the non-Keynesian effects using Threshold VAR, (2)empirical analyses on the association of budget deficit/government debt with long-term interest rates, and (3)the productivity of public capital, which would be related to the non-Keynesian effects through changes in expected future income of households. These complements would be useful to understand the main topic of this study and for future studies.
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