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Deflation and fiscal deficitsthree questions about Japanese economic policy /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Deflation and fiscal deficitsby Yoshikiyo Sakai.
其他題名:	three questions about Japanese economic policy /
作者:	Sakai, Yoshikiyo.
出版者:	Singapore :Springer Nature Singapore :2024.
面頁冊數:	viii, 73 p. :ill., digital ;24 cm.
Contained By:	Springer Nature eBook
標題:	Macroeconomics and Monetary Economics.
標題:	JapanCongresses.Economic policy1989-
電子資源:	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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