Fiscal Policy under Long-run Stagnation : A New Interpretation of the Multiplier Effect

Material type: 文書・図像類

Author: Murota, Ryu-ichiroほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2015-05

Material Format: Paper

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Note (General)：: We develop a Keynesian cross analysis with a dynamic optimization setting that explains long-run stagnation caused by aggregate demand deficiency. We ...

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Paper

Material Type: 文書・図像類
Title: Fiscal Policy under Long-run Stagnation : A New Interpretation of the Multiplier Effect
Author/Editor: Murota, Ryu-ichiro
Ono, Yoshiyasu
Author Heading: Murota, Ryu-ichiro
Ono, Yoshiyasu
https://nrid.nii.ac.jp/nrid/1000070130763
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2015-05
Publication Date (W3CDTF): 2015-05
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 937
Volume: 937
Pages: 1-30
Text Language Code: eng
Subject Heading: Aggregate Demand
Consumption Function
Keynesian Cross
Multiplier Effect
Persistent Unemployment
Target Audience: 一般
Note (General): We develop a Keynesian cross analysis with a dynamic optimization setting that explains long-run stagnation caused by aggregate demand deficiency. We show that an increase in government purchases boosts GDP through a multiplier process, but the implication is quite different from the conventional Keynesian one. It works not through an increase in disposable income but through moderation of deflation. Thus, countries that have lapsed into long-run stagnation should expand government spending that directly creates employment in order to reduce the deflationary gap.
References (URI): http://www.iser.osaka-u.ac.jp/library/dp/2015/DP0937.pdf
URI
http://www.iser.osaka-u.ac.jp/library/dp/2015/DP0937.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華