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Deflation and Fiscal Deficits: Three Questions About Japanese Economic Policy (SpringerBriefs in Economics) - Softcover

Sakai, Yoshikiyo

 
9789819704149: Deflation and Fiscal Deficits: Three Questions About Japanese Economic Policy (SpringerBriefs in Economics)
Softcover
ISBN 10: 9819704146 ISBN 13: 9789819704149
Verlag: Springer, 2024

Inhaltsangabe

In this study on the Japanese economy, the author focuses on three problems related to economic policy and presents their answers. The author analyzes (i) what mechanisms exist for fiscal policy and the price level, (ii) whether the MMT proposition that public deficits increase people’s wealth and savings fits into the standard macro model, and (iii) whether Blanchard's assertion that fiscal deficits are net wealth in the US economy can be applied to Japanese economy as well. The propositions of Sims’ FTPL, Kelton's MMT, Japan's Ricardian type argument, and the non-Ricardian type of government by Blanchard have been understood as independent economic perceptions, but they will be theoretically shown as a coherent story. Namely, this study presents a macroeconomic framework that includes the financial sector and derives Sims’ proposition that “fiscal policy can be the sole determinant of the price level.” It also shows that MMT's claim that "budget deficits increase our wealth and collective savings" can inevitably hold within this framework. Furthermore, it presents a model that consistently explains that public debt leads to financial collapse but contributes to economic welfare.

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Über die Autorin bzw. den Autor

Yoshikiyo Sakai is Professor Emeritus, Yokohama City University and Kanagawa University, Japan.

Von der hinteren Coverseite

In this study on the Japanese economy, the author focuses on three problems related to economic policy and presents their answers. The author analyzes (i) what mechanisms exist for fiscal policy and the price level, (ii) whether the MMT proposition that public deficits increase people’s wealth and savings fits into the standard macro model, and (iii) whether Blanchard's assertion that fiscal deficits are net wealth in the US economy can be applied to Japanese economy as well. The propositions of Sims’ FTPL, Kelton's MMT, Japan's Ricardian type argument, and the non-Ricardian type of government by Blanchard have been understood as independent economic perceptions, but they will be theoretically shown as a coherent story. Namely, this study presents a macroeconomic framework that includes the financial sector and derives Sims’ proposition that “fiscal policy can be the sole determinant of the price level.” It also shows that MMT's claim that "budget deficits increase our wealth and collective savings" can inevitably hold within this framework. Furthermore, it presents a model that consistently explains that public debt leads to financial collapse and contributes to economic welfare.

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Verlag
Springer
Erscheinungsdatum
2024
Sprache
Englisch
ISBN 10 
9819704146
ISBN 13 
9789819704149
Einband
Taschenbuch
Anzahl der Seiten
84
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