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Deflation and fiscal deficitsthree questions about Japanese economic policy /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Deflation and fiscal deficitsby Yoshikiyo Sakai.
Reminder of title:	three questions about Japanese economic policy /
Author:	Sakai, Yoshikiyo.
Published:	Singapore :Springer Nature Singapore :2024.
Description:	viii, 73 p. :ill., digital ;24 cm.
Contained By:	Springer Nature eBook
Subject:	Macroeconomics and Monetary Economics.
Subject:	JapanCongresses.Economic policy1989-
Online resource:	https://doi.org/10.1007/978-981-97-0415-6
ISBN:	9789819704156$q(electronic bk.)

Deflation and fiscal deficitsthree questions about Japanese economic policy /
Sakai, Yoshikiyo.

Deflation and fiscal deficitsthree questions about Japanese economic policy /[electronic resource] :by Yoshikiyo Sakai. - Singapore :Springer Nature Singapore :2024. - viii, 73 p. :ill., digital ;24 cm. - SpringerBriefs in economics,2191-5512. - SpringerBriefs in economics..

Circumstances of Questions and Theoretical Background -- Timeline of Economic Policies in Japan -- Structure of Quantitative and Qualitative Monetary Easing and Joint Statement with Government -- Fiscal Theory of Price Level and Modern Monetary Theory -- Answers to Questions 1 and 2: Financial System from Viewpoints of Payment -- Answer to Question 3: Crocodile Mouth Theory vs. Blanchard Assertion -- Conclusion.

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.

ISBN: 9789819704156$q(electronic bk.)

Standard No.: 10.1007/978-981-97-0415-6doiSubjects--Topical Terms:

913170
Macroeconomics and Monetary Economics.
Subjects--Geographical Terms:

381143
Japan
--Economic policy--1989- --Congresses.

LC Class. No.: HC462.95

Dewey Class. No.: 338.952

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520 $a 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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