Decomposing Local Fiscal Multipliers : Evidence from Japan

Material type: 文書・図像類

Author: Kameda, Taisukeほか

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

Publication date: 2019-10

Material Format: Paper

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Note (General)：: Recent studies on fiscal policy use cross-sectional data and estimate local fiscal multipliers along with spillovers. This paper estimates local fisca...

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Paper

Material Type: 文書・図像類
Title: Decomposing Local Fiscal Multipliers : Evidence from Japan
Author/Editor: Kameda, Taisuke
Namba, Ryoichi
Tsuruga, Takayuki
Author Heading: Kameda, Taisuke
Namba, Ryoichi
Tsuruga, Takayuki
https://nrid.nii.ac.jp/nrid/1000040511720
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2019-10
Publication Date (W3CDTF): 2019-10
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1065
Volume: 1065
Pages: 1-39
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Fiscal stimulus
spillover
geographic cross-sectional fiscal multiplier
Target Audience: 一般
Note (General): Recent studies on fiscal policy use cross-sectional data and estimate local fiscal multipliers along with spillovers. This paper estimates local fiscal multipliers with spillovers using Japanese prefectural data comparable with the national accounts. We estimate the local fiscal multiplier on output to be 1.7 at the regional level. The regional fiscal multiplier consists of the prefecture-specific components and a component common across prefectures within the same region, which we interpret as the region-wide effect. Converting the latter component into the spillover, we find that the spillover is positive and small in size. We decompose the regional fiscal multiplier on output into multipliers on expenditure components. The regional fiscal multiplier on absorption exceeds 2.0 because of the crowding-in effect on consumption and investment. Moreover, we find that the spillover to absorption is considerable in contrast to the spillover to output.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2019/DP1065.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