| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2025-10-22 |
| タイトル |
|
|
タイトル |
Low Interest Rates, Growth, and Sustainable Fiscal Policies |
|
言語 |
en |
| 作成者 |
SAKURAGAWA, Masaya
SAKURAGAWA, Yukie
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
|
言語 |
en |
| アクセス権 |
|
|
アクセス権 |
open access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_abf2 |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
This paper establishes a growth theory that enable us to study fiscal policies in economies of low interest rates on debt. In order to explain low interest rates, we introduce financial frictions, namely, uninsurable idiosyncratic risk in capital income and borrowing constraints faced by firms, into a standard endogenous growth model. Interest rates on debt can fall below the economic growth rate, and then the government can sustain debt by running primary deficits. Low interest rates on debt arise from the shortage in liquidity, and thus those low rates are associated with low investment and slow economic growth. The choice faced by the government is either the set of deficits and slow growth or the set of surpluses and fast growth. We show that the current Japanese economy falls into a region of liquidity shortage. We evaluate fiscal policies at aiming fiscal surpluses above zero from the perspective of our model. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
Hitotsubashi Institute for Advanced Study, Hitotsubashi University |
|
言語 |
en |
| 日付 |
|
|
日付 |
2025-07 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_18gh |
|
資源タイプ |
technical report |
| 出版タイプ |
|
|
出版タイプ |
VoR |
|
出版タイプResource |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| 関連情報 |
|
|
関連タイプ |
isPartOf |
|
|
言語 |
en |
|
|
関連名称 |
Discussion paper series ; No. HIAS-E-152 |
| ページ数 |
|
|
ページ数 |
37 |
HIAS-E-152.pdf (909 KB)
