WEKO3
アイテム
The Optimum Quantity of Debt for Japan
http://hdl.handle.net/2261/72282
http://hdl.handle.net/2261/722829cb52d88-4d93-43b4-9c77-b21fa4bc3d8e
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp093.pdf (220.8 kB)
|
|
| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2017-04-26 | |||||
| タイトル | ||||||
| タイトル | The Optimum Quantity of Debt for Japan | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Government debt | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | welfare | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | incomplete markets | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Japanese economy | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Nakajima, Tomoyuki
× Nakajima, Tomoyuki× Takahashi, Shuhei |
|||||
| 著者所属 | ||||||
| 著者所属 | Institute of Economic Research, Kyoto University | |||||
| 著者所属 | ||||||
| 著者所属 | Canon Institute for Global Studies | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | 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 | ||||||
| 内容記述タイプ | Other | |||||
| 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) | |||||
| 書誌情報 |
JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series 巻 093, 発行日 2017-03 |
|||||
| 出版者 | ||||||
| 出版者 | UTokyo Price Project | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.price.e.u-tokyo.ac.jp/researchdata/ | |||||
