Government Deficit and Economic Activity:Medium and Long-Term Analysis(in Japanese)

This research stems from ESRI's economic analysis "A series of Policy Research" N 16, released in September 2000, and examines some problems concerning Japan's government deficit from medium and long-term points of view.This research includes both theoretical and empirical analyses of the accelerating increase in government deficit, of the correlation between future macroeconomic policy and Japan's aging population, of the productivity of public investments, of household budgets and reactions of enterprises, of the lobbying activities of special interest groups, and of the maturity structure of bonds and public finance. The research consists of six chapters Chapter 1 "Government Deficit, Public Investment, and Public Capital in an Aging Society" Chapter 2 "Non-Keynesian Effects of Fiscal Policy: A Survey" Chapter 3 "Debt Neutrality Proposition and Private Consumption" Chapter 4 "Analysis of Reconstruction of Fiscal Deficit Within the Framework of a Non-cooperative Dynamic Game Among Local Governments: Attempts of Reconstruction of the Fiscal Deficit and Its Consequences" Chapter 5 "Analysis of Bond Management Policy Concerning the Maturity Structure of Japanese Bonds" Chapter 6 "Debt Management Policy and the Role of Public Finance"