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Fiscal Policy Effectiveness in Japan: Experiences from Recent Policies

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  • Tomomi Miyazaki

    (Graduate School of Economics, Kobe University)

Abstract

This paper examines the effects of Japanese fiscal policy after the 2008 global financial crisis so called Lehman fs fall. A mixed vector autoregression (VAR)/event study approach is used for this purpose. We especially focus on the effects of stimulus packages related to environmental-related policy. The empirical results show that the program of eco-car tax break and eco-car subsidy was useful to stimulate the production of automobile industries.

Suggested Citation

  • Tomomi Miyazaki, 2014. "Fiscal Policy Effectiveness in Japan: Experiences from Recent Policies," Discussion Papers 1416, Graduate School of Economics, Kobe University.
    • Handle: RePEc:koe:wpaper:1416
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    File URL: http://www.econ.kobe-u.ac.jp/RePEc/koe/wpaper/2014/1416.pdf
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    References listed on IDEAS

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    1. Cecchetti, Stephen G & Karras, Georgios, 1994. "Sources of Output Fluctuations during the Interwar Period: Further Evidence on the Causes of the Great Depression," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 80-102, February.
    2. Miyazaki, Tomomi, 2009. "Public investment and business cycles: The case of Japan," Journal of Asian Economics, Elsevier, vol. 20(4), pages 419-426, September.
    3. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    4. Hiroshi Morita, 2012. "Expansionary Effect of an Anticipated Fiscal Policy on Consumption in Japan," Global COE Hi-Stat Discussion Paper Series gd11-219, Institute of Economic Research, Hitotsubashi University.
    5. Olivier Blanchard & Roberto Perotti, 2002. "An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1329-1368.
    6. Miyazaki, Tomomi, 2010. "The effects of fiscal policy in the 1990s in Japan: A VAR analysis with event studies," Japan and the World Economy, Elsevier, vol. 22(2), pages 80-87, March.
    7. Ibrahim Alhulail & Kenji Takeuchi, 2014. "Effects of Tax Incentives on Sales of Eco-Friendly Vehicles: Evidence from Japan," Discussion Papers 1412, Graduate School of Economics, Kobe University.
    8. Tokuo Iwaisako, 2010. "Japanese Macroeconomic Policy Management after the Global Financial Crisis," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(5), pages 795-806, June.
    9. Harada, Nobuyuki & Kageyama, Noriyuki, 2011. "Bankruptcy dynamics in Japan," Japan and the World Economy, Elsevier, vol. 23(2), pages 119-128, March.
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    11. Fujii, Takao & Hiraga, Kazuki & Kozuka, Masafumi, 2013. "Effects of public investment on sectoral private investment: A factor augmented VAR approach," Journal of the Japanese and International Economies, Elsevier, vol. 27(C), pages 35-47.
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    Cited by:

    1. Hiraga, Kazuki & Kozuka, Masafumi & Miyazaki, Tomomi, 2018. "Public capital and asset prices: Time-series evidence from Japan," Finance Research Letters, Elsevier, vol. 25(C), pages 172-176.

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