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2018 Fiscal Year Final Research Report

Is government spending under zero interest rates useful? -Theoretical analysis using DSGE model and empirical analysis on Japan and the US

Research Project

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Project/Area Number 16K03707
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Public finance/Public economy
Research InstitutionKomazawa University

Principal Investigator

EGUCHI MASATAKA  駒澤大学, 経済学部, 准教授 (40600507)

Co-Investigator(Kenkyū-buntansha) 岡野 衛士  名古屋市立大学, 大学院経済学研究科, 教授 (20406713)
稲垣 一之  名古屋市立大学, 大学院経済学研究科, 准教授 (70508233)
Project Period (FY) 2016-04-01 – 2019-03-31
Keywords政府債務 / 財政政策 / 財政破綻 / 最適財政政策 / 最適金融政策
Outline of Final Research Achievements

We changed our analysis from the effects of fiscal policy under zero interest rates to the optimal fiscal and monetary policy in the economy with sovereign default risk. This is because the topic of government debt such as Fiscal Theory of Price Level (FTPL) and Modern Monetary Theory (MMT) became hot issues during the research period, we thought it is necessary to take into account the sustainability of government debt for an analysis of fiscal policy. The research have been presented 17 times at international conferences, 1 paper has already been published in international academic journals, 2 paper has been submitted (revise and resubmit), and 2 papers will be submitted.

Free Research Field

財政学、マクロ経済学

Academic Significance and Societal Importance of the Research Achievements

近年、日本のみならず世界中の国々で政府債務の累積が問題視されており、その帰結についての議論に注目が集まっている。本研究では、最先端のDSGEモデルに政府債務のデフォルトリスクを導入し、増税するのか、インフレにするのか、それともいっそのことデフォルトをしてしまうかのいずれが最適となるかを分析しており、学術的にも社会的にも重要な意義がある研究であると自負している。

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Published: 2020-03-30  

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