オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2005/09/01
形態種別 その他
査読 査読あり
標題 Welfare Analysis of Debt Policy during Recessions
執筆形態 単著
掲載誌名 The Seventh ISER-Moriguchi Prize 2005 Awarded Paper, Institute of Social and Economic Research Discussion Papers, Osaka University, No. 642
著者・共著者 Takayuki Ogawa
概要 This paper develops an overlapping-generations model with nominal wage rigidities and examines the welfare effects of debt policy when unemployment exists. Issues of public debt stimulate aggregate consumption demand and create employment. Future generations then face both increased wage incomes and higher taxes. If the amount of outstanding bonds is already large, debt policy deteriorates the welfare of future generations by levying heavy taxes. By contrast, if the outstanding bond issue is relatively small, debt policy can be Pareto improving by creating more employment. Therefore, the welfare implications of debt policy during recessions can be discriminated from those during booms.
researchmap用URL https://www.iser.osaka-u.ac.jp/moriguchi/moriguchi_jp.html