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タイトル: The Optimum Quantity of Debt for Japan
著者: Nakajima, Tomoyuki
Takahashi, Shuhei
キーワード: Government debt
incomplete markets
Japanese economy
発行日: 2017年3月
出版者: UTokyo Price Project
掲載誌情報: JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series. No.93, 2017.3
関連URI: http://www.price.e.u-tokyo.ac.jp/researchdata/
抄録: Japan's net government debt reached 130% of GDP in 2013. The present paper analyzes the welfare implications of the large debt for Japan. We use an Aiyagari (1994)-style heterogeneous-agent, incomplete-market model with idiosyncratic wage risk and endogenous labor supply. We find that under the utilitarian welfare measure, the optimal government debt for Japan is -50% of GDP and the current level of debt incurs the welfare cost that is 0.22% of consumption. Decomposing the welfare cost by the Flodén (2001) method reveals substantial welfare effects arising from changes in the level, inequality, and uncertainty. The level and inequality costs are 0.38% and 0.52% respectively, whereas the uncertainty benefit is 0.68%. Adjusting consumption taxes instead of the factor income taxes to balance the government budget substantially reduces the overall welfare cost.
内容記述: 2012~2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号:24223003)
URI: http://hdl.handle.net/2261/72282
出現カテゴリ:063 ワーキングペーパー
Working Paper Series / UTokyo Price Project


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