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Are Government Expenditure and Private Consumption Substitutes or Complements? : A Literature Review and Panel Data Analysis

Author

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  • Miyazaki, Tomomi
  • Okubo, Masakatsu
  • Tsuri, Masao

Abstract

This paper investigates whether government expenditure, especially government consumption, and private consumption are substitutes or complements using Japanese prefectural panel data. To this end, we estimate the intratemporal elasticity of substitution between government and private consumption. The results show that the intratemporal elasticity of substitution is estimated to be positive and significant when the samples are selected in three ways: the latter part of our sample period (1994-2009), rural areas, and prefectures with high proportions of the elderly.

Suggested Citation

  • Miyazaki, Tomomi & Okubo, Masakatsu & Tsuri, Masao, 2015. "Are Government Expenditure and Private Consumption Substitutes or Complements? : A Literature Review and Panel Data Analysis," Economic Review, Hitotsubashi University, vol. 66(2), pages 115-126, April.
    • Handle: RePEc:hit:ecorev:v:66:y:2015:i:2:p:115-126
    DOI: 10.15057/27511
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    Cited by:

    1. Tomomi Miyazaki, 2018. "Interactions between regional public and private investment: evidence from Japanese prefectures," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 195-211, January.

    More about this item

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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