预期财政政策冲击对日本宏观经济动态的影响

IF 1.5 4区经济学 Q2 ECONOMICS

Japanese Economic Review Pub Date : 2017-03-06 DOI:10.1111/jere.12140

Hiroshi Morita

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引用次数: 9

摘要

本研究调查了财政政策对日本宏观经济动态的影响，特别关注预期财政政策冲击和安倍经济学近期政策的影响。我们通过结合建筑业的超额股票回报和从理论模型中导出的具有鲁棒符号限制的向量自回归模型来识别预期的财政政策冲击。其主要结果是，GDP和消费对预期的财政政策冲击做出了积极反应。此外，对安倍经济学时期的历史分解结果表明，预期的财政政策冲击对消费动态有积极的贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Effects of Anticipated Fiscal Policy Shock on Macroeconomic Dynamics in Japan

This study investigates the effects of fiscal policy on macroeconomic dynamics in Japan with a particular focus on the effects of anticipated fiscal policy shock and the recent policies of Abenomics. We identify anticipated fiscal policy shock by combining excess stock returns for the construction industry and the vector autoregressive model with robust sign restrictions derived from a theoretical model. The primary result is that GDP and consumption respond positively to anticipated fiscal policy shock. In addition, the result of the historical decomposition that focuses on the period of Abenomics reveals that anticipated fiscal policy shock positively contributes to consumption dynamics.

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来源期刊

Japanese Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Started in 1950 by a group of leading Japanese economists under the title The Economic Studies Quarterly, the journal became the official publication of the Japanese Economic Association in 1959. As its successor, The Japanese Economic Review has become the Japanese counterpart of The American Economic Review, publishing substantial economic analysis of the highest quality across the whole field of economics from researchers both within and outside Japan. It also welcomes innovative and thought-provoking contributions with strong relevance to real economic issues, whether political, theoretical or policy-oriented.