HUSCAP logo Hokkaido Univ. logo

Hokkaido University Collection of Scholarly and Academic Papers >
経済学研究科  >
雑誌発表論文等  >

Monetary policy arithmetic for a deflationary economy

EL87-2.pdf122.07 kBPDF見る/開く

タイトル: Monetary policy arithmetic for a deflationary economy
著者: Kudoh, Noritaka 著作を一覧する
キーワード: budget arithmetic
発行日: 2005年 5月
出版者: Elsevier B.V.
誌名: Economics Letters
巻: 87
号: 2
開始ページ: 161
終了ページ: 167
出版社 DOI: 10.1016/j.econlet.2004.10.011
抄録: This paper characterizes general properties of an economy that experiences deflation by investigating the long-run government budget constraint. A sufficient condition for deflation in an economy under a balanced budget is that the nominal interest rate is below the output growth rate. With a primary deficit, deflation occurs in a liquidity trap if the government is heavily in debt. Simple budget arithmetic reveals that it is never possible to finance a negative currency seigniorage by rolling over the public debt.
資料タイプ: article (author version)
出現コレクション:雑誌発表論文等 (Peer-reviewed Journal Articles, etc)

提供者: 工藤 教孝


本サイトに関するご意見・お問い合わせは repo at へお願いします。 - 北海道大学