Effect of Fiscal Policiy on Regional and Sectional Economic Variables

• Project/Area Number: 16K17135
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Public economy
• Research Institution: Tokai University
• Principal Investigator: Hiraga Kazuki 東海大学, 政治経済学部, 准教授 (40528923)
• Project Period (FY): 2016-04-01 – 2019-03-31
• Project Status: Completed (Fiscal Year 2018)
• Budget Amount: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000); Fiscal Year 2018: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2017: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2016: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
• Keywords: 財政政策 / 地域別 / 産業別 / Local Projection Method / ニューケインジアンモデル / 公共投資 / 地域別経済変数 / 産業別経済変数 / ワグナー法則 / VARモデル

Outline of Final Research Achievements

This project investigates effects of fiscal policy on regional and (or) sectoral economic variables in both empirical and theoretical analyses. I obtain the three main research outputs. First output is the investigation of "Wagner's law" in local government. Second is the empirical study of effect of public investment on sectoral stock price returns, and third is the theoretical inspection of consumption tax on final and intermediate goods.

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的意義としては、マクロ政策として行われる公共投資や増税(減税)が産業別、地域別影響を見ることで、政策の定性的・定量的効果を考察・検証することにある。また、社会的意義としては、「地方創生」や「生産性向上」といった現代の政策課題に対し、マクロ政策が地方経済に対してどのような影響を及ぼすのかや、生産性の低い産業の生産性を高める手段として、財政政策は有効であるのかの評価を行うことが可能となることである。

Research Products

• [Journal Article] Unit versus ad valorem tax comparisons in a simple New Keynesian dynamic stochastic general equilibrium model (2018)
  • Author(s): Kazuki Hiraga
  • Journal Title: Eurasian Economics Review Volume: Forthcoming Pages: 1-8
  • Peer Reviewed
• [Journal Article] Endogenous longevity, public debt and endogenous growth (2018)
  • Author(s): Akira Kamiguchi, Kazuki Hiraga
  • Journal Title: Applied Economics Letters Volume: Forthcoming Issue: 15 Pages: 1-5
  • DOI: 10.1080/13504851.2018.1557318
  • Peer Reviewed
• [Journal Article] 地域経済と貸出行動―日本における地方部の県(X県)を事例にした経済変数と個別金融機関要因の定量的評価― (2018)
  • Author(s): 平賀一希、真鍋雅史
  • Journal Title: 金融庁金融研究センター ディスカッションペーパー Volume: DP2018-1 Pages: 1-18
• [Journal Article] Why is the shape of the Laffer curve for consumption tax different from that for labor income tax? (2018)
  • Author(s): Kazuki Hiraga, Kengo Nutahara
  • Journal Title: キヤノングローバル戦略研究所ワーキングペーパー Volume: 18-004E Pages: 1-16
• [Journal Article] Public capital and asset prices: Time-series evidence from Japan (2017)
  • Author(s): Hiraga Kazuki、Kozuka Masafumi、Miyazaki Tomomi
  • Journal Title: Finance Research Letters Volume: 近刊（forthcoming) Pages: 1-5
  • DOI: 10.1016/j.frl.2017.10.017
  • Peer Reviewed
• [Journal Article] Wagner’s law, fiscal discipline, and intergovernmental transfer: empirical evidence at the US and German state levels (2017)
  • Author(s): Yoshito Funashima Kazuki Hiraga
  • Journal Title: International Tax and Public Finance Volume: 24 Pages: 652-677
  • Peer Reviewed
• [Journal Article] Public Capital and Asset Prices: Time Series Evidence from Japan (2016)
  • Author(s): Kazuki HIraga, Masafumi Kozuka, Tomomi Miyazaki
  • Journal Title: Graduate School of Economics, Kobe University Discussion Paper No.1625 Volume: - Pages: 1-40
  • Open Access
• [Journal Article] Wagner's Law, Fiscal Discipline, and Intergovernmental Transfer: Empirical Evidence at the U.S. and German State Levels (2016)
  • Author(s): Yoshito Funashima, Kazuki Hiraga
  • Journal Title: TGU-ECON Discussion Paper Series #2016-4 Volume: - Pages: 1-36
  • Open Access / Acknowledgement Compliant
• [Presentation] Stock Market Response to Public Investment under the Zero Lower Bound: Cross-industry Evidence from Japan (2018)
  • Author(s): Kazuki Hiraga
  • Organizer: 2018 Asian Meeting of Econometric Society
  • Int'l Joint Research
• [Presentation] Can the Laffer curve for consumption tax be hump-shaped? (2018)
  • Author(s): Kazuki Hiraga
  • Organizer: 2018 China Meeting of Econometric Society
  • Int'l Joint Research
• [Presentation] What Prices Should Be Targeted by a Central Bank? A Case in Vat Increase (2017)
  • Author(s): Kazuki Hiraga
  • Organizer: 2017 Asian Meeting of Econometric Society
  • Int'l Joint Research
• [Presentation] What Prices Should Be Targeted by a Central Bank? A Case in Vat Increase (2017)
  • Author(s): Kazuki Hiraga
  • Organizer: 18th conference of Association for Public Economic Theory
  • Int'l Joint Research
• [Presentation] Wagner's Law, Fiscal Discipline, and Intergovernmental Transfer: Empirical Evidence at the U.S. and German State Levels (2016)
  • Author(s): Yoshito Funashima, Kazuki Hiraga
  • Organizer: International Institute of Public Finance
  • Place of Presentation: Lake Tahoe
  • Year and Date: 2016-08-09
  • Int'l Joint Research
• [Funded Workshop] Pan Pacific Conference in Economic Research (2018)