<論文>わが国に関する中立命題の実証研究のサーベイ

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The purpose of this paper is to survey the literature on the empirical studies of Debt Neutrality Proposition on Japan. We classify the literature into four categories. The first are concerned with macro-consumption function. The second categories of the literature are about the demand function for wealth. The third is the literature which focuses on the consumption function, that is based on the Euler equation which Aschauer has derived. The fourth is concerned with the consumption function which is based on Blanchard and Well model. The main results of the survey are as follows. In the first place, the estimations using macro data imply that the Debt Neutrality Proposition comes into existence in Japan. On the contrary, the estimations using micro data demonstrate that the Debt Neutrality Proposition does not stand up. The second results are that as for national bonds, the Debt Neutrality Proposition does stand up, however, as for the public bonds including local bonds, the Debt Neutrality Proposition does not come into existence.
関西学院大学の論文
2002-03-20